5 Ways to Discover a New Product
Before you launch your new product, you must first find a product that is innovative and in need. Finding fresh and great sources of new product ideas for your business is easy if you open your mind and observe things around you. Where can these ideas be found? Keep reading and find out.
1. Educate yourself
One of the ways to come across a brand new idea for a product/service is to educate yourself. Read articles, newspapers, ads and other sources that you think are relevant to your quest. Maybe you will come across companies who are looking for people to sell or distribute products they already created. Don’t miss publications for businesspeople to find about the latest trends and product offers.
2. Explore foreign publications
This source of new products is an amazing opportunity for starting a successful business. Foreign countries have a number of corporations who are looking for US distributors. They have thousands of products and they want to expand their market into other countries. Therefore, you need to find a product that is popular somewhere and bring it into your market area. The fact that 90% of products are sold only in the country where they are manufactured is very encouraging. Start looking now.
3. Mingle with the right crowd
The easiest way to find out what the industry trends are and how to find a new product is to talk to people who can help you achieve your goal. Find out what they are offering, where the market is going, what is in, etc. Their experience and knowledge can help you discover new trends. Build connections.
4. Trade shows and trade magazines
Visit trade shows and read trade magazines to find new products. Focus on your area of expertise. You can participate in trade shows with your business card only. You can find trade magazines and subscribe. This way you will make sure to obtain top business development tips.
5. Spread the word
Your friends, family and acquaintances can help you find a new product to sell or distribute. Let them know that you are searching for fresh product ideas. Ask them to keep their eyes open because they might see something you don’t. Any help is more than welcome.
There are many sources for finding ideas for a new product. Magazines, foreign publications, trade shows can help you regarding you new product launch. Gather information and be confident to ask for the right to distribute in your market area. Use other entrepreneurs’ experience and advice. Ask friends for help. You will pull out news ideas before you know it. Good luck!
7 Sure Fire Ways to Sell a Product
Admit it, it’s very difficult to sell a product. You need to be creative, witty, persuasive and aggressive. You have to spend long hours coming up with strategies to get your niche to buy and avail of your products and services. Basing from experience, there are definitely a million ways to sell a product.
Primarily, it’s not all about selling; it’s more on building a rapport irreplaceable of what you can really offer. You may be simply selling a pen, but if you can offer your customer an opportunity to change his life through your pen, then he won’t think twice about buying it.
When I was starting off as a sales agent, I was very shy and reserved. Eventually, I was trained to speak well in front of a many people. It may be hard at first, but once you get to know the system, you will never be afraid of letting someone know what you know. The important thing is to know what you’re saying and be confident about your product. I figured that it’s best to share my experience in order to teach people how to make a sale. There are a million ways but I will only give a few to guide you in figuring out the rest of the techniques in the future.
1. Know your brand.
No matter how hard it is to sell a product or a service, if you do not know what you are talking about, it’s like talking to a wall. Research your brand and know its strengths and weaknesses. The secret is to use your brand’s weaknesses and turn them into something positive for the customer.
2. Build rapport with your client.
Have a small talk with your client before you present anything to him. Make sure that you are not only in for the business, but have the honest intention of helping them.
3. Honesty is the best policy.
Never make up stories to give your product a good image. Let them know its upside downs but make sure to back up your facts with the better features of the brand.
4. Love what you do and they will see that in you.
Show your clients that you are passionate in what you’re doing. Never present in a boring manner. Let them know that you are your own product and you are more than willing to invest energy on this kind of product.
5. Have an evaluation of how you sell a product.
After talking to clients, check out how well you did and see the areas where you can improve.
6. Learn from your projects.
Do not be disappointed in yourself whenever you fail a sale. It’s best to improve on yourself first and take each step at a time.
7. Show your customers that you want to solve their problems.
Always take care of your customers and do not disappoint them. Know what’s keeping them awake at night and know their problems. And lastly, always be available for their questions and comments.
Going International – How To Export Your Product Overseas
Now that your small business is performing well at home, how about expanding your operation and trading overseas? This step is clearly a big one and there are pitfalls you’ll need to avoid. Here’s some advice for those thinking of going global.
1. Take stock
Carry out a review of all your accounts. Examine your administration procedures; look at sales trends and values. Your pricing structure must be up-to-date for both domestic and international markets and any discount strategies you have in place must be flexible enough to accommodate every market, home and abroad.
Now that you have your key, most active client accounts identified, focus on their development. Weed out markets and products that are at the bottom of the scale when it comes to profitability and keep your attention on those that are more likely to develop sales and increase margins.
Is there scope within your current systems to streamline your operation so that it is more effective? Do you have the necessary management information to hand on a weekly basis and can you react quickly to emerging trends within your business sector? If the answer to any of these questions is “no”, then you need to address the issues before pressing on with your export plans. Although consultancy in this area can be expensive it would be a worthwhile future investment and a different perspective from an experienced professional could prove invaluable.
3. Think outside the box
Most companies focus their sales efforts on a specific demographic within their business sector. Consider whether other sectors may have an interest in a product or service you offer or a variation of one which you could adapt. A little research could reveal a whole new client base whose potential for revenue generation has until now remained untapped. It may be that some of your products or services may require a small degree of modification to make them more attractive to new buyers but this could well be worth the effort in the future.
In addition, a wider portfolio can sometimes be preferable to retailers or buyers who prefer a single source supplier as this keeps their supply chain operation more efficient and cost effective.
The best way of assessing and researching potential new markets is to get out and visit them. Get your face and your company name seen at industry events too, both at home and abroad. Networking is an extremely valuable tool for anyone seeking to expand their business overseas. If you’re not fluent in the native tongue, arrange for someone who is to travel with you. This could prove a very worthwhile investment if you secure a deal.
Don’t neglect existing customers. Over half the buyers surveyed recently said that lack of contact is the main reason they have for not re-ordering. If you don’t look after your clients, you can bet that the competition will!
5. Talk their language
If you are hoping to attract custom from overseas, look carefully at your website and tailor it to attract foreign clients. Give consideration to multi-language sites or foreign URLs. It’s a big mistake to assume that every overseas company has at least one member of staff who speaks fluent English and you could be alienating your business from potential customers by not providing easier communication channels.
Would your business be better placed to attract overseas trade if you had a small office based in the centre of your main target area, or perhaps a call centre staffed by workers fluent in local languages? An arrangement like this would also enable you to keep your finger on the pulse of competitor activity, the emergence of potential new customers and shifts in demand trends.
6. What about new markets?
Carry out a review of your market coverage. It could be that the current exchange rate offers you a competitive advantage in some overseas markets which until now you had not considered. Involvement in such ventures will help spread your financial risk and cash in on growing markets.
7. Cost management
How you price your product internationally must relate to the costs of managing your overseas customer accounts. Freight costs can be negotiable and better rates are usually obtainable from logistics companies which are specialists in your business area.
It’s worth discussing financial services and products available with your bank and asking them to help you devise a risk strategy to hedge your risks.