Setting up a business is a very big step for a lot of people and it's not something that is easily done. There are a lot of factors to consider when setting up, and most of the time the investment in terms of time and dollars that you will be putting in is no joke. That is why devoting time and energy to researching your market is a critical step to making sure your business will flourish.
So how do you make sure that you have a market for your product, which in this case is home made soap? Or rather, how do you make sure that your product will fill a need of your target market?
Here are 5 points to keep in mind when you are doing your preliminary research.
2. Check out your competition. Another way to figure out what people want is to look at what's already selling. You can also try to find out what new products they'll be offering soon. This will give a good starting point to develop a product that is better or that carries a higher value proposition to your market.
3. Define Your Brand. In order to stand out and appear unique is to develop your own brand identity. Your brand identity is simply who you are and why you are different from everybody else. What will your products stand for? When defining your brand, look not only at the functionalities or physical properties that will differentiate your products, but also at the kind of emotional reaction you want your target market to have to your product. Also, look for the benefits that your target market values the most and let that guide you as to what kind of brand identity you should establish.
4. Focus on service. As more and more products become generic or easy to copy, your level of service becomes an important way to differentiate yourself from the crowd. Do you make it easy for your customers to buy from you? Do you seek out their comments and actively look for ways to exceed their expectations? Will you offer extra services that will keep them coming back for you? These are the things you would want to define to help you succeed in selling your own soap products.
5. Leveraging on the internet and other "FREE" marketing mediums. When reaching your customers nowadays, it's not always necessary to start out with a brick and mortar store. You can leverage on the power of the internet to sell your products from the comfort of your home. Aside from lower set up costs and investment on your end, you also get access to an international audience or market for your soap products. Aside from using the internet, you could also explore the option of tying up with established merchants who can offer your product to their customers (for example party planners who can recommend your soap as a party favor). This is another way to start your business without too much risk on your part.
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