Secrets to Small Business Success

Small Business Success

1st 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

Thanks for reading.

Why a Business Backup Plan Is Crucial

You have worked very hard to get your business where it is today. It took time, sweat and tears but you are now holding your own. You’re not just treading water anymore, your swimming! If this is you, congratulations!! After all the hard work you put in, wouldn’t it be a shame if some unforeseen event kept you from running your business even temporarily? Even a short and brief emergency that caused you to stop working for a week could destroy everything you worked for. The best way to avoid this nightmare situation is to have a business backup plan. What if you wanted to take a vacation with your family? Do you have a plan in place so you can do this? This is something that many business owners must address.

So what is a business backup plan? Think of it like a seat belt, or a motorcycle helmet. You really don’t want to need it, but you will be very happy when it saves you from a major setback. In short, a business backup plan is a contingency plan that you have in place to deal with either planned or unforeseen events that may cause you to stop working. Obviously, you will need someone to fill in for you while you are away. Having a trusted business colleague that understands your business and how to temporarily run it is ideal. One of the best choices is to befriend one of your colleagues early on. If they are in the same or a similar industry, it will be much easier for them to fill in. Another good choice is to have a trusted and competent subcontractor help with the task. If you outsource work to them early on before you take leave, it will be very easy for them to fill in.

They will be used to working on or in your business so filling in will be easy. You should take some time before you leave to brief your replacement on every last detail they need to understand. Having a written policies and procedures manual for this person to follow is the key to the success of your backup plan. The plan you give them should provide them important information regarding your business and how to manage it for a short time while you are gone. Things that should be included in this plan are usernames and passwords, client information including all tasks that you do for each of your clients. The last thing that you want is for them to need to contact you because you didn’t give them everything they required to run your company.

The circumstances for needing a backup plan can vary widely. Here are some of them:

An illness: This is never a pleasant experience and it’s typically unexpected so it’s very important to have a plan already in place so you are not scrambling at the last minute.

A pregnancy: This one is much easier because in most cases you only need to have a replacement for the delivery and perhaps for a short time afterwards. Because of the nature of pregnancy, you will have ample time to find and prepare someone.

A vacation: This should be an easy event to handle. You have no excuse to not plan for this as most vacations are not a last minute decision. Take time to plan your vacation, and take time to find and prepare a substitute as well.

A death in your family: Dealing with a family member passing if never easy and you don’t need to compound the grief by being unprepared. This will give you the time you need to grieve without feeling the added pressure of your business suffering.

Getting Started In Your Own Mail Order Business

Probably, one of the great things to earn money is through a business. In businesses, you are the boss. You do not have to follow instructions because you are the ruler of your own world. Since you are the ruler of your own business, you are the sole person responsible for solving issues that will come along and with every issue there’s an opportunity. This much is true when it comes to a brick and mortar/storefront type business, but if you come starting your own mail order business, you would probably find higher rates of success.

What is a mail order business?

The first step to making your very own mail order business is to be familiar of the business itself. Mail order business is one of the ways of promoting business in a distance. The seller and the customer do not have to meet in order to make a deal. Internet marketing is an example of this type of business approach.

How will this work?

If you are touching on the internet world, this one works through advertisements. There is not much effort needed in making advertisements through the online world. You can just post your products on social media networking sites and you just got a market for your products. If you have friends working online you can ask for their help by advertising on their sites. There are also certain sites that you can pay for your store to be posted.

How will you find success in mail order business?

The best thing to succeed in this kind of business is to focus on a certain product. For instance, if you fancy gadgets, better stick to gadgets. Be on the business that you know and not just the business that you have heard to be a profitable one. If you know the business, the tendency is that you will never lose sight of your end goal and that you will not be swayed by difficult circumstances.

If you feel like you have got the skills in business, you can add up products from time to time and see if you can manage to add more. The key to this is to test the waters first before you put your full blown effort. Starting your own mail order business can be tough at first but as you progress you will be well versed with the craft.

How do you start this kind of business?

Since internet is so popular nowadays you would better make use of it. Start on the social networking sites to post your products. This way, your business will be promoted online to a bigger market without having to spend at all on the advertisements. If you have enough cash generated from your business and if your business has grown, better build your own website and start making your own online store. This would require you to spend on domain names but this is totally worth it because you have the site that you can call your own.

Generally, starting your own mail order business approach is worth the try. There are more business enthusiasts who can attest to the benefits of having mail order business. IF you have got a business, why not try this approach for yourself.