Would you love your own product business but don’t know where to start? Or maybe you’ve got your own biz but there are parts of the process missing and you just don’t know what your next steps should be?
If you identify with this then what I’m sharing with you here will help you get focused, ready to take the next step. Lets face it as an entrepreneur we know the key is to keep moving forward even when it feels hard or you are feeling overwhelmed. It’s the inspired action that has driven my businesses to success, it’s the inspired action that catapulted my fashion buying career to the dizzy heights of Head of Buying for Boohoo.
The biggest mistake I see entrepreneurs making is missing out the key steps in the product selecting process, the first step to building your business foundations. It’s fab that you’ve got an idea or a passion for a product so started a business around it. It’s a brilliant way to start a business because you’ll have that fire in your belly BUT this stage is all about research, being objective, pulling together the learning’s from it to create your strategy as well as form your brand.
I’ll break it down further;
Researching your product idea -why do you want to offer this product? Who does it serve and exactly how does it serve? Is it going to be an emotional purchase for your customer base? Will they want it in their life like a mulberry handbag! or will they need it in their life like deodorant!!
Researching your competition – As a buyer I would never attempt to buy a range without understanding competition. We would use bench marking tools to measure price points from entry to exit, we would action range mapping documents to understand the competitions offer, their product value. Just those 2 exercises alone would give us huge insight which we could then apply to our ranges to make them better! Genius!
Who is She/he? – Guessing who your ideal customer is, is dangerous because its human nature to make assumptions. What we think and the reality can be slightly off which in sales terms will mean we are talking to crickets, potentially getting no sales and feeling stuck, overwhelmed and disheartened. You have to get in front of your audience. When I show my clients the actions they can take to make this happen I see them grow in confidence because it gives them factual insights they can build on.
Understanding your Unique selling proposition – What value can you add to your product that makes it stand out? Is it a unique organic blend of bath salts you can shout about? Is it a kitchen appliance that makes cooking easy for mums who are rubbish in the kitchen (Like me) When you nail your USP it helps pull together your marketing story further down the line.
This is the first phase of launching products successfully. In fact it’s just 1 part of the onboarding training in The Product Members Hub. My monthly membership for women building physical product businesses. (Join the waitlist here) If you are ready to transform your product business or turn your dream into a reality now is the time to be part of the Product Members Hub.
If you’re sick of hearing yourself say’ ‘I don’t know where to start’ or ‘if only I knew I was on the right track’ then I’d highly recommend you taking a look here at exactly what the product members hub has to offer. Transform your year and start off 2019 on fire!
Tomorrow I’ll be sharing the second stage of How to launch Your product Biz Successfully. Leave a comment below if you are a business owner or female entrepreneur and you want to hear more..