What You Need to Know Before Launching a New Product

I hear people all the time saying that they have developed a new product or service that they know is going to be a hit.  I can’t tell you how many times I’ve heard someone say, “It`s going to sell!  It`s going to make money!”  Well, maybe it will, but don`t make the mistake of getting tunnel vision with your own product.  You’ve developed this product and put your heart and soul into it.  This is your baby so of course you want the world to know how fantastic it is.  But before you spend even $1 of your marketing budget on promotion you need to do some research.

 

Some of the basic things you need to know before launching a new product, service or business are:

1.       Is there a market for your product?

2.       Who is most likely to purchase the product?

3.       What kinds of similar products are already on the market?

4.       Would your customers recommend the product to a friend?

5.       What do consumers like and dislike about the product?
 

Getting access to in-depth market research databases can be both time-consuming and costly.  And unless you understand how to read and analyze the information you may not be getting a true picture.  However, there are a few ways you can at least get some basic information without breaking the bank.  And at least this way you can customize your research to your specific product.

1.       Implement market surveys.  These can be done by phone, by email, through social media or in person.  Make sure the questions you ask are:

a.       relevant to your product

b.      not overly lengthy or complicated, and

c.       not skewed towards a positive outcome

2.       Hold focus groups.

3.       Do a product test launch

4.       Host a free promotional event where you let people sample your product.  Ask people for their honest opinion by giving them a short (3-5 multiple choice/yes or no questions) questionnaire.  The more feedback you get the better.

The information gathered will help you narrow down your target market, make appropriate changes to the product, and give you a starting point to developing your marketing strategy.  Now that you have a better understanding of what your customers want, you can go about giving them exactly what they want.

However, all of this research might show that there really isn’t a market for your product.  If that’s the case, find out why.  If you’re still convinced that this new product needs to be on the market, find out what concerns your potential customers have with the product.  This information will give you a better insight into what changes you can make that might make the product more marketable.  But if your research indicates that there isn’t much of a market for your product right now, that’s okay.  It just means that you will have saved a lot of money on the promotion of a new product only to have it sit on store shelves.

So, before you spend any money on promotion, be sure to allocate some money to research.  It’s just as important, if not more important than your advertising spending.  Get your head out of the clouds and really look at things from the consumer’s point of view.  It will be well worth it.

 

Things You Need to Know Before Hiring a Marketing Consultant

Have you ever watched the show Dragons Den?  Or the American version, Shark Tank?  I’m addicted to watching those shows every week.  There are a few of the Dragons and Sharks that I would love to partner with in business and some that I could do without.  Some of the Dragons and Sharks have changed over the seasons and some have made a big impact on my own business decisions. 

I think what’s really amazing to me when I watch Dragons Den or Shark Tank is the sheer number of people who come on the show completely clueless about doing business.  Time and time again, people have spent countless hours and money developing a new product.  But they obviously have not done their research first.  People go out there on national television absolutely, solidly believing in their product but it’s clear that the market doesn’t want or need it.  Their valuations are often ridiculous too, usually because they have valued their company at a million dollars or some other crazy number but they haven’t made any sales yet.  But what really gets me (and I think it’s because I’m a marketer) is the people who go out there and have no clue who their customer is.  They go into this dramatic sales spiel about their product but then one of the dragons cuts them off and says, “But who’s going to buy it?”  It amazes me that they often can’t answer that question.

Whether you’re going on Dragons Den or Shark Tank to pitch a product or you’re approaching a consultant to help you move your business forward, there are things you need to do to prepare for this meeting.  So, here are some thoughts about what you need to know before hiring a marketing firm.

·         Do you have a business plan?  If you don’t have one that’s an issue because it shows me that you haven’t taken the time to do your research.  And if you wrote a business plan 5 years ago and haven’t looked at it since, you need to do that and update it.

·         Do you know your numbers?  You need to know how much it costs to produce the product, how much to sell it for, what your expenses are, what your profit will be and an accurate sales forecast for the next 12 months.  You also need to know how much you will be allocating to marketing expenses.  I can help you with that, but you need to come in prepared.

·         What are your marketing objectives?  Many clients come to me and say, “I need help with my marketing.”  Well, that encompasses a lot of things, so what exactly do you want help with?  What are your goals and how do you think various marketing activities will help achieve those goals?

·         What makes your product so different and special?  I can help you further define your differentiating factors and help you align those with the right target market, but you need to be able to clearly tell me why this is such a fabulous product and why anyone would buy this from you as opposed to buying it from a competitor.

Marketing is one of the most time consuming and expensive aspects to operating a business and it is absolutely crucial to any business.  But you can’t expect to sit back and just let it happen.  You need to do your homework first.  Here is also a list of questions to ask your marketing consultant before signing any contracts with a marketing firm.

Reaching Life's Milestones

Reaching important milestones is a big part of life.  Now that the kids are back in school and focused on their school work and activities it’s time for us to refocus, to set goals and to reach for some of our own milestones in life.  About a month ago, I celebrated a very big milestone in my career.  My company, Small Business Marketing Solutions celebrated its first birthday!! 

Over the past year in business I have learned a lot about myself and what I’m capable of achieving.  And anyone who has a dream but doesn’t think they have what it takes should read these lessons learned and know that you can absolutely achieve anything you set your mid to.

1.       Don’t let anyone stand in your way.  A year ago there was a person in our community who was hell-bent on destroying me.  Because my career hinges on my reputation, I was terrified of what other people thought of me, especially those that had never met me.  I soon learned that the vast majority of people actually wanted me to succeed.  I had given way too much power to this one person and I needed to regain that power back.  So, as scary as it was, with my head held high I mustered up the courage to make some really key phone calls and I walked into meetings and networking events with confidence.

2.       Believe in yourself and others will too.  When you believe in your abilities and what you have to offer, you will attract other like-minded, positive people.  If you honestly believe that you are capable of providing an exceptional product or service, don’t be afraid to share that with everyone.  But there is a difference between having confidence and being full of yourself.  Confident people just exude that confidence and positive people are drawn to them.  They don’t go looking for admiration from anyone who will give it to them. 

3.       Persevere when things get tough.  I knew that going into this business was not going to be easy.  Having kids to take care of and bills to pay along with juggling work responsibilities is part of the world we live in today where the vast majority of women work outside the home.  I’m not going to say it’s easy to balance it all, but keep your goals in mind in everything you do.  Just keep plugging through, giving 100% in everything you do, whether it be your business, your finances, your family, or your friendships.

4.       Stay focused on your goals.  Sometimes it’s difficult to remember why you started this venture in the first place.  I knew that going into this I was opening the only marketing communications consulting firm north of Sudbury.  My goal was to give small businesses throughout northern Ontario the opportunity to adequately plan their marketing strategies with the assistance of a local marketing firm who understood their needs.  Just because we’re a little off the beaten path doesn’t mean that businesses in this area shouldn’t have access to the same resources as businesses in other areas of the country.  Keeping that focus top of mind throughout the year has helped me stay on track as to why I chose to start this company.

 

5.       Don’t settle for less.  Don’t sell yourself short.  Setting goals and achieving them is what keeps me motivated to do more.  I may not have achieved all of my goals by the timeframe I had originally set out but that doesn’t mean I’ll never reach them.  It may just take a little longer to do that.  I know what I want to achieve in my life, my career and my business.  And there is no way I’m going to settle for anything less.  I have goals set, but more importantly I have a plan of action to achieve those goals.

6.       Build a strong support system.  This may sound harsh, but there are people in your life right now that are weighing you down.  Surround yourself with people who genuinely care about your success, people who you can bounce ideas off of, people who will share in your big moments and be there to listen when things start going south.  I’ve had to part ways with “Negative Nellies” and I’ve been fortunate to have found people in the business community who have become real champions of my business.  The friends I have are people who genuinely like me for who I am and want to be friends with me.  I don’t hide my emotions well, so I don’t have patience for phony people.  But the one person I know that is always backing me up is my husband.  Having been together for 12 years, our marriage has been through a lot of good and a lot of not so good.  I don’t do this job (or anything else for that matter) for the recognition, but it’s nice to know that at the end of the day, someone is proud of me.

I once had someone tell me that they admired me for having the guts to start my own business.  I never really looked at it as having the guts to do something that other people may be afraid to do.  But it really does take a certain personality to run a successful business.  Not everyone is cut out for it, nor do they want to.  But if you’re anything like me and you want to make a contribution to business community in any way, just go for it. 

Olympic Style Training for Business

Once again, the Olympics are upon us.  Hopes and dreams of hundreds of athletes are either achieved or shattered.  And all it takes is one mistake or one flawless performance.  Think about how much time and effort these athletes have put into their chosen sport, how dedicated they are, but how unbelievably rewarding it is in the end.

The same can be said about your business.  You can’t expect your business to be successful right out of the gate.  A lot of small business owners start their business with a grandiose idea of what their sales forecast will be for year 1, 2, and 3.  Rarely are those numbers realistic.  Why?  Because as a new business owner, you are absolutely determined that your product or service is the best and everyone needs it. 

Put that into perspective of the Olympic athlete.  When a 10 year competitive athlete says they’re going to make the Olympics one day, they’re generally just brushed off as having a “dream”.  Lots of kids have dreams of making it to the Olympics (that’s their grandiose sales forecast of life), but only a very select few will ever achieve that goal.  But, you can be one of those “kids” who grows up to be an Olympian in your own sport.

You have a business concept that you know is good, just like the kid who know he has an athletic gift.  But what you do with it will determine how far you can take it.  So, what do you need to do?

·         Dedication – If you want to make a name for yourself, dedication is paramount.  How hard are you willing to work?  Olympic athletes train 5+ hours a day, 6 days a week, with a solid focus on the goal they have set for themselves.  You can’t expect to compete in the OIympics by watching from the sidelines.  Nor can you expect to be successful by just sitting around waiting for customers.

·         Key Partnerships – Athletes have built relationships with the top coaches and doctors in the country to ensure that they are in the best possible shape.  Partnerships with carefully selected sponsors helps to fund all the training and travelling involved.  As a business owner, you need to make some very key connections as well.  Develop cross-promotion opportunities with other businesses, practice your communication skills to help you establish connections at networking events, reach out to your customers in a way that makes them feel like you really care.

 

·         Patience and Persistence – Any athlete who has been training for 15+ years has dealt with numerous set-backs.  If you expect to beat out the competition, you’ll need to have lots of patience, knowing that there will inevitably be set-backs and hurdles to deal with.  How you handle those will determine your future.  Handle difficulties with class and patience instead of getting upset and giving up.

So, use the Olympic athletes as inspiration.  Find that Olympian inside you and give it your all.  In time, you will also be basking in the glory of a very successful business.

Is It Just a Dream or an Actual Goal?

With the new year upon us, everyone is making New Year’s resolutions… lose weight, get out of debt, stop smoking.  Personal goals are important, but what about your business goals?  Every business owner has dreams of what they want to achieve, but unless you have a plan in place, those dreams will never become a reality.

Running a business requires a great deal of planning.  My husband laughs at me because I am the queen of lists and schedules, but that’s just the way my brain works.  But it’s a good thing I’m wired that way.  That’s what keeps me so organized with all of the marketing activities going on with my own business as well as my clients’.  Make your calendar your absolute best friend.  Here is what I do for myself and for my clients.

Plan things out on a yearly, monthly, weekly and daily basis.  Start off by setting some goals you would like to achieve for the year.  Maybe you want to see a 10% increase in sales this year.  Maybe you want to get your book published by end of the year.  How are you going to achieve that? By doing things on a daily, weekly and monthly basis until you’ve achieved what you set for yourself, that’s how.

Whatever your goal is, make sure it’s a SMART goal.  Most people are familiar with SMART goals, but here’s a quick refresher.  First, it needs to be SPECIFIC.  Don’t just say you want to increase sales (everyone wants that!).  How much do you want to increase it by?  Next, make sure your goal is MEASURABLE.  If you don’t have a plan in place to track and measure your results, you will never know how close or how far you are from achieving it.  Is it ATTAINABLE?  Make sure the goal you have set is actually REALISTIC.  Good for you that you want to increase sales, but if you’ve decided you want to increase sales by 200%, you might likely be setting yourself up for failure.  And finally, make sure you have a TIMELINE.  By setting a timeline, you are essentially giving yourself a deadline.  That makes your plan an actual goal, not just a dream. 

By building tasks into your daily, weekly and monthly schedules that are geared around your goals, you can achieve your goals slowly and systematically.  Schedule every hour of your day and follow your schedule.  If your personal goal is to lose 100 pounds this year, you’re going to need to follow a strict schedule of workouts and planned eating.  Your business is no different.  If you want to see success you need to build it into your schedule every single day.  So, get that calendar out and start using it.  I want you to achieve all of your goals this year!!  Happy New Year everyone!