Research

How To Launch Your First Physical Product

/ nancyrubin

The world of business is changing. Years before, it could take a lot of time and thought in order for you to get your business off of the ground. You could spend years doing your research and raising the funding you need to create your product and put it out into the market. However, now, you can also work on your craft at the same time. Because launching a content website is often the first step. When you have a blog, social channel, or online magazine, you’ll find that you’re able to create an audience, generate an income, and really get your research together before you launch that product. Sometimes, you don’t even have the intention or launching anything until you discover that there’s a need for it. So, your next project begins. But when it comes to actually launching that physical product, how should you go about it?

  1. Use Your Research

As we’ve lightly touched on, your research here is going to be crucial. When you’re working with an audience that you know well, you’ll have a lot of insight into who they are and what they want. You’ll even have the data to back it up. So make sure you pull all of your analytics data and any feedback you have to work out what they want. You can even ask them directly, just to make sure that the first product you launch is exactly what they want.

  1. Source A Manufacturer

When you do know what product you’re going to go with, you then need to find your manufacturer. The beauty of the modern world is that you don’t have to do any of this in-house. You can work with a dedicated supplier that will design, produce, and ship this product for you. Just make sure you pick out a company that you trust, that you can work well with, and that you think will do the best job.

  1. Design Your Packaging

While this is all starting to take off, you’re going to want to decide on your packaging design. For this, you might need printed labels for the actual product itself, boxes or outer packaging, shopping packaging, and even tags. Regardless of what you need, just make sure that everything fits with your brand.

  1. Anticipate The Launch

From here, you’re then going to want to make sure that you’re ready for your product launch. A great way to do this is to build up your product launch email list. Not only will you get to see what kind of interest there is, but you can market directly to the interested parties when you’re about to launch.

  1. React

And finally, you have to be able to react too. When you see how well your product is selling, you’ll want to determine whether you need to place another order, or start to work out whether you should launch another product and when. By reacting to what your customers want, you’ll always be able to ensure that your products are a success.

4 Ways Market Research Helps Your Business

/ nancyrubin

Market research represents a number of activities conducted in order to gather valuable information about customers and competition. It is commonly done by businesses that want to get more familiar with their target groups. Typically, market research is not the research of the entire market, but is concerned with just one bit of it that’s of most interest to a certain company or industry. It should be a part of every business strategy and implemented at various stages, starting well before you launch a new product or even before you start a business altogether. Here a few basic ways one can benefit from it.

Learning about your customers

Naturally, in order to reach your potential customers, you need to know very well what your target group likes, and what their habits, passions and preoccupations are. Getting acquainted with their opinions on your industry, your brand and various products is indispensable. Before investing in anything at all you’ll need some very concrete and straightforward feedback about all this. Without doing proper analysis that will provide you with some exact numbers it’s impossible to design a thorough and serious business plan.

Knowing your market doesn’t come down only to what people think about your branch or your newest line of products. It’ also about getting familiar with more general habits and practices of the target group in question. This will help you genuinely understand people that make up your target group and get some fresh ideas on how to stay close to them. Also, find out who their role models and idols are – this info can be very useful when it comes to choosing a potential influencer you’d like to link to your brand.

Market research can help you find practical advertising solutions for different segments of your target group. Finding a common interest or habit for different groups of people you wish to reach can be very beneficial. Also, have in mind that the market is a living, dynamic entity that changes over time. Teenagers today don’t want the same things as teenagers ten years ago. Finally, target groups for specific industries and products change as well. For instance, companies that make gadgets of all sorts didn’t use to address older generations back in the days, but today these people make up a significant share of their market.

Analyzing the market has been made much easier with the development of new technologies. There are all sorts of tools you can use in this respect, but having a direct, authentic feedback from particular individuals is equally important as having comprehensive stats, graphs and numbers. Focus groups and phone surveys are traditional, common methods used for decades for this purpose. Among relatively new methods, using paid surveys online as a means of market research has many advantages and is definitely worth considering.

Learning about your competition

Analyzing your competitors can be a very effective method to get to know your market. You can learn a lot by studying the brands that belong to the same niche as yours. Watch the big players, their business and marketing strategies and check how they differ from yours. Monitoring the feedback for different companies from your industry is also valuable – avoiding repeating their mistakes can give you some competitive advantage over them. Try to spot new trends and recognize what the industry is lacking at the moment. At the end of the day, just delving into workings of your competition and trying to understand how they function is thought-provoking in itself and can result in some new ideas for your business.

Optimizing investments

A natural consequence of getting acquainted with your customers and competitors is minimizing unnecessary expenses. Investing money in something that your target group is obviously not interested in would be pure madness. Just knowing the scope of your market and the financial capability of the people you want to reach is invaluable. Studying all these factors is absolutely crucial for making any serious financial projections for the future.

Choosing the right timing

You might have a product that’s brilliant and ground-breaking, but then again, this product might sometimes be a bit too ground-breaking to be profitable. There’s the right time for any new brand, product or service to be launched and sometimes it’s just too soon for that. For instance, you want to invest a great deal of money into an app that adds great features to a certain social network. However, if that social network is still not popular or developed enough, no matter how innovative your app is, you might end up losing a lot of money. Sometimes good ideas and solutions need to wait for the right time to be introduced, and you need to do proper research to be sure if this is the case with your project.

All in all, market research is not just a useful little business strategy, it’s a must for any serious company. Sometimes your instincts and intuitions will be helpful but you’ll also need concrete info and deep knowledge of what people you’re targeting feel, need and want. Try listening to them carefully. Caring about your customers is necessary if you want to reach them properly, keep them interested, build your brand and make your business grow steadily.

Guest Author, Raul Harman, s a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing.  While he’s not enjoying travel, football and great food, you can find him on Technivorz.com.

 

Things to Know When Starting Your Business

/ nancyrubin

Starting a business is more difficult than people normally realize. Once you set off in the business world, you’ll face many obstacles on the path to success. Many entrepreneurs decide to start their own business and be their own boss. However, a lot of businesses fail because their owners weren’t properly prepared for challenges that awaited them.

In order to avoid failing, you have to know what lies ahead, so that you can be ready to face it on time. The startup stage of your business will be the most difficult one and it will demand a lot of attention and a lot of effort from you. Nevertheless, if you get well informed before you begin, you’ll be able to handle any situation much more effectively. Here are a few things you should know about starting your business.

Be thorough with the research

Research is the most important step you have to make when starting your business. Understanding the market, the audience and how it all fits together is fundamentally crucial for business success. Through research, you’ll be able to determine your target market and who your target audience is. This is vital, because you want to offer your products or services to people who are actually interested in them.

Furthermore, you’ll know who your competitors are and what you will have to do in order to outrun them. Moreover, you need to research what you want to sell. For instance, is there a similar product or service on the market already? Is it doing well on the market and are people interested in it? Is there a way you can make people more interested in that product and will your business flourish if you opt for that idea? You can answer all of these questions and more, by conducting a thorough research and understanding the market.

Start networking

It’s important to expand your network of contacts when starting a business, especially if you’re new to the business world. Your network should consist of more than just friends and family, although they can be helpful as well. Try to find relevant people with experience in your industry and get them to help you out a bit. Any advice or any bit of information you manage to acquire will prove to be invaluable. Furthermore, they might introduce you to more key figures and even potential customers.

In order to expand your network, you’ll have to maintain your presence on social media and attend social gatherings and business forums that are related to your specific industry or niche. Make sure that you never hesitate to approach people that may prove to be helpful. After all, you may approach someone who is willing to invest in your business or even start a partnership with you. Moreover, you may even meet a mentor who will guide you and help you overcome any business obstacle you might be faced with.

Market your business early on

It’s never too early to start with the marketing. Just because you haven’t launched your business yet, it doesn’t mean you can’t start marketing it. The sooner you start promoting your business and improving its visibility, the better. For instance, social media and networks are best places to start things off. Not only can social media help you promote your business but it can also help you familiarize with your target audience. Your audience is the best source of information, especially if you want to start an early marketing campaign, test your ideas and gather feedback.

The best way to know if your product is going to generate enough interest is to ask your audience what they think about it. Moreover, you need to start marketing your business in person, like networking for example. You can use the traditional methods, such as giving out business cards to your business associates and potential customers. Just make sure you invest in effective printing services beforehand, because no one will take you seriously if your business cards aren’t designed well.

Get some help

There are things you simply can’t do on your own and it’s always the best option to get some help. There are things about your business that you may not be aware of and professional assistance can be of great help. For example, you should hire or consult with a lawyer concerning your legal obligations. They will inform you about licenses and insurances you need to obtain to successfully start your business. On the other hand, you should also hire an accountant or a bookkeeper for your business operations.

If you don’t know what you’re doing, then accounting is best left to someone who does, because one missing to pay your tax bill or forgetting to pay an outstanding invoice may result in financial trouble you don’t really need. Moreover, you can also consult with financial experts that may help you improve your credit score. After all, a bad credit score may result in banks refusing to give you a loan when you need it the most.

Starting a business isn’t fun and games. The promise of a lucrative career comes with many challenges and many obstacles. The best way to grow your business is to be well-informed about what awaits you once you start out.

 

13872754_216673402067420_8351045990919298170_n

Guest Author is Alex Williams is a journalism graduate, and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to wider audience, getting the chance to showcase my expertise and receiving recognition. I am a regular contributor at Bizzmark Blog

3 Ways the Internet Can Make Your Life Easier

/ nancyrubin / 1 Comment

Are you someone who uses the Internet in some capacity or another? If so, include yourself among many people nationwide doing the exact same thing.

That being the case, the amount of Internet usage of course varies from person to person.

Someone who meets a lot of people on a regular basis can use the worldwide web to get more information on them.

In conducting a background check, you learn more about each person you meet. So, are you ready to have the Internet play a role in making your life easier?

Put the Worldwide Web to Work

Remember these three ways to put the worldwide web to work for you:

  1. Searches before meeting people

As mentioned, doing online searches can benefit you in ways you might never have known before.

For instance, are you getting back into the dating world? If so, you want to make sure that the person you agree to go out on a date with is who they claim to be.

A fair number of people behind computers are not always honest with those on the other end of online dating. As a result, the latter can be victims in more ways than one.

When you do a background search of the person you are contemplating going out with, you are more informed. By knowing their name, you can plug that into the computer and start searching away.

Another example would be if you are considering rooming with someone.

As many Americans look to save money these days, the idea of having a roommate or two has picked up.

Once you have a potential roommate’s name, do a quick online search of them to make sure they check out. In doing so, you will feel better about your decision to go with them or move on to someone else.

  1. Securing your family

When you have a family to protect, you will do anything it takes to keep them safe and sound.

With that in mind, you can use the Internet in more ways than a background search to protect them. As valuable as that search is, it can’t help your child when he or she is sick or injured (see more below).

That said medical emergencies with kids do not always come at the best times of the day. As a result, you can’t always get in touch with your family doctor.

There are online medical sites offering basic tips to care for a child with various symptoms. As such, you can make them more comfortable until they can get in to see your doctor.

Such online information can also prove quite valuable in a medical emergency. Sites provide info on dealing with everything from the flu to if your child ingests poison.

By using the Internet at a moment’s notice, you could improve your child’s condition, even save their life.

  1. Knowing your rights following a vehicle accident

Unfortunately, many American families will be in vehicle accidents this year. With that being the case, it is important to know where to turn for both medical and legal help.

When it comes to the former, those injured in your family may need long-term physical rehab to recover. Countless medical facilities offering services in the rehab business are online with informative websites waiting to assist.

Once you have done some searches of those in your area, you can whittle them down. From there, decide which one best suits the needs of the person or persons requiring them.

With your legal rights, what happens if a family member is in a serious accident where the driver leaves?

With a hit-and-run accident, you could end up footing the bill. That is unless you get their license plate and/or have an eyewitness.

In a license plate lookup following a vehicle accident, you can pin down a responsible party.

When it comes to the Internet, these examples are but a smidgen of how the web can make your life easier.

About the Author: Dave Thomas covers business and technology topics on the web.

The Future Is Now: Fantastic Ways The Internet Has Revolutionized Business

/ nancyrubin

future1

Picture: Pexels

Can you remember back to 2000 when the Internet was starting to really take off, and many households were installing it into their homes? Back in the day, it was just a way to retrieve information. However, right now in 2016, it has completely revolutionized our lives. It makes everyday life a whole lot easier, thanks to the various apps and devices we can now use around the home. But there is one area in which is has completely turned everything upside down for the better. And that is in business. Gone are the days of pushing papers and having to navigate various time zones to call clients. The Internet has made things super easy for business owners now. Here’s how.

Communicating Has Never Been Easier

You can now easily send a message to your colleagues across the globe using email. At the click of a mouse, your message can be instantly in their inbox. Thanks to this, you don’t have to pay to carry out an expensive international phone call or wait a few days for your letter to arrive on their desk. This has now made business a lot more efficient than what it once was. This also helps customers as well, as they can content customer service advisors in a matter of seconds thanks to more and more companies welcoming emails and offering live online chats.

Improved Marketing Techniques

Gone are the days of having to walk around your town or city sticking up posters and handing out flyers to get people’s attention. Now all you need to do is sign up for social media to get your name out into the public’s attention. That’s not all, though. As SEO continues to be super important for businesses, it is now also a major marketing player. Get your search engine marketing spot on and you will be reaching an audience of potentially thousands!

Outsourcing Has Never Been Easier

As we are now no more than a mouse click away from each other, outsourcing certain tasks and jobs has never been easier. In fact, the Internet has helped boost the number of contractors and freelancers available, so you don’t have to worry about most of the major talent only looking for full-time positions. You can now easily outsource your accounts, HR, and legal as well as so many other areas of your company. This can help you cut costs as well because you won’t need to employ full-time staff and provide office space for them.

Simple Market Research

Need to know some facts or figures? Easy! Just Google for them! The Internet puts a whole world of information and statistics right at the tips of our fingers. After a few clicks, you could potentially have all of the market research that you need. You will also be able to keep a keen eye on your competitors. Just watch their Internet presence to try and judge their next move. By doing this, you can always try to be one step ahead of them!

Your #Marketing #Strategy Needs These #Research Methods

/ nancyrubin / 1 Comment

Market research is an essential staple of any strong digital marketing strategy. After all, your product or service is designed to fulfil a given need. If you’re not familiar with the people who have this need, you’re not going to do too well at meeting it! If you want to start doing some market research but you’re feeling completely lost, then here are some effective techniques you should be using.

survey1

Image: Wikimedia

First of all, surveys. By drafting a survey made up of some basic, straightforward questions, you can find out all kinds of handy insights into the way your target market perceives the products or services they pay for. In-person surveys are the more traditional way to go about this, and allow you an extra marketing opportunity, as you’ll have representatives talking directly to your target audience. However, these can be costly and time-consuming. Telephone surveys are another more traditional method, but you may find that a lot of the consumers you’re targeting are extremely hostile to telemarketing and anything that smells like it! Online surveys are probably the most efficient and affordable, but the results can be very erratic if you conduct the survey yourself. Fortunately, there are several services which will do all the hard work for you. For a reasonable fee, you can grab info at Pollfish or another service, and start using it in no time.

Another popular method is using focus groups. In one of these, a designated moderator will read out a series of scripted questions or prompts, and direct a discussion about them within a group of people. Rather than the unpredictable environment of a public survey, focus groups operate in neutral environments, usually blank rooms with a few video cameras, and perhaps a one-way mirror. I know, it sounds like an interrogation. Believe me, the tone’s a lot more friendly. The point is, when people are left to trade notes and debate on a certain part of your business, you can get even deeper insights into how your ideal customer feels about the products or services you’re dangling. There’s a pretty helpful article on setting up focus groups on Chron.

Finally, we have personal interviews. These are something of a middle ground between mass surveys and focus groups. Like focus groups, these are less structured, and open-ended. A typical session will last for about an hour, and be recorded. Compared to surveys, a series of personal interviews will provide your marketing team with much more subjective data. When they’re taken out of the environment of a focus group or public place, many people will also give more honest opinions about the niche your business occupies. The only real issue with personal interviews is the time and money it takes to set them up. Because you have a limited pool of people, the data you collect may be more detailed, but won’t be statistically reliable. This is why personal interviews are usually used in conjunction with another tactic.

If your target audience seems like a complete mystery to you, then try one of these methods now!