Secrets to Small Business Success
Small Business Success1st key to small business success - Creation of a flagship product
Nowadays, the increasingly saturated market has changed the face of competition from brutal to throat-cutting. In order for small enterprises to stay afloat, small businesses need to occupy a territory of their own, establishing their market position as soon as possible.
Your business success stories lie in your flagship product
There is no doubt that product innovation underpins the successes of most businesses. Particularly in small enterprise development, taking into account of limited resources, to break through current competitive market, it's patently obvious that creation of a flagship product like Samsung Galaxy S III or iPhone 5 becomes more important than ever before.
With limited resources, the barriers to small businesses success include lack of experience, human resources and most importantly funds. If you cannot quickly open up your own territory, opponents will easily drive you to to the verge of quitting the market altogether. Therefore, it is crucial to find a shortcut to success.
Oversupply of products and market saturation
Today's market is not a commodity-scarce era, in fact the supply far exceeds the demand. The biggest problem encountered by consumers is no longer getting access to products, but to choose which products that provide the greatest value. If your products do not stand out among the crowd, for instance, no obvious benefits or advantages compared to other competitors or lack of their own distinct characteristics, even if you spend every single penny left on advertising, you might not see the results as much as you would like.
A flagship product, with obvious signs of innovation compared to rival products, will ensure its competitive edge in the current saturated market. In small businesses, if the scanty resources are not well dispersed, this may result in many aspects failing to do well. The precious resources, I mean time, funds, staffs, talents and etc need to concentrate on a specific area to make a breakthrough. Having said that, selecting which products to focus on is very demanding.
Why do I need a flagship product?
To find out the shortcut to small businesses success, the main hindrance is the lack of monetary funds, which are essential for marketing. As a result, competing with other products with high cost marketing is not feasible. Nevertheless, putting the right product on shelves is different.
1. Creating a competitive flagship product does not necessarily take a lot of money. However, it does take a lot of effort and time. Bear in mind that if the product is superior, everything else is not a problem.
2. A flagship product that is unique to your company holds great significance to your entire product line. If the 'super' product is the among the best in your market, there will definitely be people willing to buy your products. Not only will your exclusive flagship product bring success in your small business, but also increase the sales of other related products.
3. Having a wide range of products without a single one that can separate your company from other competitors will not bring you great success that you can potentially achieve. This is because, more often than not, your customers will easily switch to other alternatives which offer slightly lower price.
Features of your potential flagship product
Exclusivity
First of all, Identify the product with the greatest potential which can provide great value to your customers. Ideally, they have many distinct features that other competitors are lacking or any technology which is exclusive to your brand. For instance, Nike storm-fit fabric or Adidas clima cool clothing.
Higher price tag
Secondly, they should be some higher end product, meaning higher price tag. As a result, you can scale your earnings better than your other products when the sales is good.
Sustainability
Apart from that, what you want the most is repeating customers who will keep buying your products like your faithful dog. However, brand loyalty is not easy to establish. In order to get repeating customers, you have to ensure your product keeping well with current competition. You should be able to launch new generations of your flagship product with regard to time. Everybody knows Samsung Galaxy S II or III, but does anybody care about the Samsung Galaxy S I? Apparently, people are attracted to products with some number attached to them as they create the false impression of good product sales of previous version.
2nd key to small business success - Efficient Marketing
Cost of superior offline marketing
With a limited budget available for marketing, it's undeniable that finding the great salespersons, spokepersons and creative directors for your advertisement proves to be very difficult. The cost of an effective offline advertisement, be it outbound, inbound or whatever it is does not come cheap. In fact, they are quite pricey. When you cannot compete with others by having more volume and better quality of your conventional marketing, you need to think of some other ways.
Potential of internet marketing in your small business success
Panic not, with the advent of internet, solutions to costly traditional marketing become so apparent than before. There are so many things you can do with online marketing. For example, search engine marketing, email marketing, video marketing and the most popular yet very cost efficient one social media marketing.
Efficient internet marketing
When i'm talking about efficient marketing, I refer mainly to cost and time needed to promote to your highly targeted audience. Internet marketing is such a powerful tool to grow your business exponentially. First and foremost, you are able to reach a massive young internet users. Internet marketing is so important because they still have many years to live on this planet and hence its great potential to be your repeating customers. What else is so great about internet marketing? Well, another main reason of its efficiency is the time needed to get across your advertisement or message to the right people.
Getting started in internet marketing
After talking all the fantasies about internet marketing, I am going to show you how you can fully utilise this cheap yet powerful tool.
Personal Branding
First of all, your proven product innovation, the fundamental to your success, needs a personal branding, ie you or your company. You can do this by creating your personal website or writing a blog consistently to create credibility. In fact, blogging is the best public relations campaign and one of the most effective advertising for the business in the long run. The downside of blogging is that it doesn't pay off quickly enough for you to keep going.
Search engine marketing (SEM)
Some companies promote their business through paid placement on search engines like Google, Bing, Yahoo, Facebook etc. In contract to a credible and reputated company website, these advertisements appear in the sponsored section of the search engine rather than the organic search results that a website has. This is also known as Pay Per Click Advertising or PPC.
Social media marketing (Free)
Everybody likes free stuffs. What could be better than having your products advertised for free. The easiest way is going to the relevant Facebook groups and offer some information valuable to them. Therefore, they will be curious to check out your sites and your products.
Video marketing (Free)
The best way of video marketing is undoubtedly through YouTube. Most importantly, it's free. This free marketing strategy is so influential and able to reach many people regardless of their location. Furthermore, your advertisement can go viral like Gangnam style if your creative video advertisement is very successful.
Relationship building
This is achievable by having subscribers on your website so that you can regularly send emails with relevant product descriptions to them. As i said earlier, everybody likes free stuffs. Give some free sample targeted to specific individuals and entice them to your website to check out more products
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