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Tag: Product Ideas

  • How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

    How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As business leaders, we’re often faced with the difficult and overwhelming task of deciphering exactly what leadership strategies and practices are most effective. Besides just being an expert in your respective field, you have to be responsible for overseeing the business and team.

    Creating bookends in life means establishing a routine that supports each side of your day, but what exactly does this look like in business settings? Bookending in business is a simple yet highly effective technique leaders can use to support productivity and create meaningful success in their roles.

    While some entrepreneurs may be familiar with the concept of bookending, the vast majority do not realize just how valuable it is. By implementing even a few strategies into their workday, entrepreneurs and startup founders can level up their leadership skills and stay on top of business priorities.

    Related: 5 Goal-Setting Frameworks to Help You Live Your Dream

    Make your mindset work for (not against) you

    It all starts with your mindset. Your ability to adopt the right mindset indicates how productive you will be and implore your team to be. For me, the ideal mindset encompasses a positive approach, accountability and transparency. Ideally, these tenets are a preface for working towards a desired outcome. This is especially important in situations where you are responsible for making difficult decisions, and there are circumstances beyond your control.

    For you, this could mean continuous self-improvement, learning from your mistakes, adapting your business or attempting to master new skills. For example, you may be unable to control the fact that you must have an uncomfortable conversation later that day or tomorrow. However, by controlling your mindset going into the meeting, you are contributing to the overall productivity of it. This practice allows you to hone in on your priorities and avoid getting sidetracked.

    Having the right mindset is part of the blueprint for productivity in business and can lead to exponential shifts in outcomes. In other words, consistency is key, allowing you to seize new opportunities. The next part is ensuring that you set clear goals.

    Related: 6 Tips for Goal-Setting That, Trust Me, They Don’t Teach You in College

    A roadmap to leading with intention and goal setting

    Now that you’ve prefaced your ‘routine’ with the right mindset, setting intentions and clear, measurable goals will help you stay on track. There are a few ways to put this into practice, but generally, this means outlining a roadmap for achieving desired outcomes to maximize productivity throughout each interaction, initiative or project.

    Take, for instance, networking as a goal. You can go into events or conversations by reframing the outlook of networking as solely transactional. Instead, consider what an engagement or experience may afford and align your expectations accordingly. In doing so, compartmentalizing short-term or immediate actions based on how they tie into long-term goals will ensure you make the best decisions.

    Related: Effective Networking: The Difference Between Access, Opportunity and Being a Part of the Noise

    It’s also important to note that goals should be realistic and achievable for where you are. As I mentioned, a mindset of accountability and transparency is at the start. Without it, you run the risk of making misaligned decisions. While some goals may be achieved faster than others, it does not mean they are less valuable to the overarching business picture. Remember, you already have a strong sense of judgment, so trust your instincts and consider the goals as a guide.

    Reflect on the results

    Reflecting on your results ensures productivity. Allowing time for daily reflection will create new insights that drive new behaviors, decisions and outcomes. Part of reflecting is assessing what worked and what didn’t, essentially establishing the ‘bookend’ of your day. This will allow you to create a clean slate for maximizing your time and efforts the next day.

    Ask important questions and consider how your goals compare to the outcomes. Reflect on each relevant action that day and ensure they return to an intention. Understanding that not everything will go as planned, be prepared to pivot directions and evolve your goals as necessary. When this happens, it is always valuable to bookend with reflection as a means of reverting back to the necessary mindset.

    Practicing self-reflection is an ongoing task. However, in doing so, you will hone in on your strategic thinking skills, improve your levels of self-awareness and improve the quality of your relationships with investors and your team, all of which are invaluable. This is all to say: lead by example and frequently check in with yourself.

    Establishing your mindset and reflecting on performance are the bookends of productivity. Your ability to create efficiencies and execute on goals will set yourself, your team and your business up for success. While it takes time and effort, the work that really matters is mastering the techniques you are using to ensure each day is as productive as the last. Focus on the bookends, and the right decisions will come in between.

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    Mike Carpenter

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  • How to Design and Produce Products from Scratch | Entrepreneur

    How to Design and Produce Products from Scratch | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Creating a successful product from scratch is the stuff that entrepreneurial dreams are made of, but it’s a journey that’s equal parts challenging and thrilling. From identifying a consumer pain point to delivering a refined product onto the market, the process requires dedication, innovation and meticulous planning.

    I’ve traveled this road time and time again with my cat brand tuft + paw, creating everything from an award-winning litter box to a mid-century modern cat tree. In this article, I’ll take you through the steps I’ve followed to bring our designs to life and build a thriving ecommerce company.

    Related: A 3-Step Process for Creating Great Products Every Time

    1. Identify a need/problem

    The foundation of any successful product lies in addressing a specific customer need or solving a problem. Start by conducting market research in your industry to identify gaps and common issues with existing products or services. Talk to potential customers, conduct surveys, and analyze industry trends to understand the pain points of your target audience. The more clearly you define the problem, the more focused your product development process will be.

    2. Conceptualize your idea

    Once you’ve identified a need, it’s time to unleash your creativity. Brainstorm designs, materials and features that can fulfill the identified need effectively. Don’t be shy at this stage — innovation always looks crazy at first. If an idea is good, it will survive to the later stages of the development process. Pay special attention to the uniqueness of your product and how it will stand out from the competition.

    Once you’ve settled on a concept, find an industrial designer to create mockups that visualize your ideas and transform them into tangible designs. I’ve had success using online platforms like Upwork which provide access to a pool of talented industrial designers. It often takes time to find the right person, but once you do, they’ll be able to help you refine the design and meet your aesthetic and functional requirements.

    3. Validate your product concept

    Before diving deep into the production process, it’s absolutely essential to validate your product concept. As long as your product doesn’t involve some sacred intellectual property, share your idea with potential customers. Consider offering pre-sales, even if it’s to friends and family, as this can serve as a strong indicator of demand. If there is a positive response and interest from potential customers, you can proceed with confidence. It’s understandable that some entrepreneurs may be hesitant to reveal their ideas, but receiving feedback and gauging interest early on can save you valuable time and resources in the long run.

    Related: How to Take Your Product From Idea to Reality

    4. Find a manufacturer

    After validating your concept, the next critical step in the production journey is finding the right manufacturer. Websites like Alibaba offer a vast array of manufacturers, but you’ll have to exercise due diligence to separate the strong contenders from the weak. Start by tracking down manufacturers who make a product similar to your design, then narrow the field based on their track records, customer reviews and pricing.

    Order samples from potential manufacturers to verify the quality of their products. Evaluate the samples carefully, considering aspects like materials, workmanship and functionality. Once you have chosen a suitable manufacturer, clearly communicate your modifications and specifications to customize the product according to your vision.

    5. Exercise patience and expect multiple iterations

    Producing a high-quality product always requires several iterations and adjustments. Be patient throughout the process because, barring a miracle, it almost always takes considerable time to achieve the desired outcome. Expect at least three months for each new product iteration, from refining the design to receiving the final sample. Maintain open communication with the manufacturer, sharing photos, drawings and detailed explanations of the desired changes. Clear communication will help minimize misunderstandings and ensure the manufacturer accurately implements your vision.

    6. Put your product into the wild and solicit feedback

    Before finalizing the product for mass production, put it out into the wild to gather valuable feedback from potential customers. Offer prototypes or limited editions to selected individuals or groups, and encourage them to provide honest feedback. This step allows you to gain insights into how customers perceive your product, identify any shortcomings and make final improvements. Even the most thoroughly conceived product may have unexpected flaws or specific use cases where it doesn’t perform as expected. There’s simply no substitute for in situ testing.

    Related: 3 Simple Product Development Lessons All Entrepreneurs Should Remember

    I know from experience that designing and producing products from scratch can be an incredibly rewarding experience as an entrepreneur. It’s no cakewalk, but if you follow the general steps outlined here, you’ll be well-equipped to take any product from dream to reality.

    It all starts with identifying a need, but every step along the way requires your utmost attention — from conceptualizing the idea to finding the right manufacturer to gathering feedback from prototype testers. As long as the pain point you’ve identified is true and solvable, your persistence will pay off. Stay dedicated to your goal, be open to learning, and embrace the evolution of your product as it takes shape.

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    Jackson Cunningham

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  • How to Find the Right Product to Sell | Entrepreneur

    How to Find the Right Product to Sell | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, finding the right product to sell can be a daunting task. It’s arguably the most important step towards building a successful business, and choosing the wrong product could seriously limit your company’s potential. Over the last ten years, I’ve successfully started three different brands, ranging from cat furniture to masquerade masks to suspenders (diverse, I know). In that time, I’ve made my fair share of mistakes, but I’ve also dialed in on a process for choosing the right product to sell that I believe can work for anyone starting an ecommerce business.

    Before we get into the steps themselves, here are the four criteria I look for when identifying a potential product to sell:

    1. The product is hard to find on Amazon and in the USA in general: When diving into the choppy waters of ecommerce, you want to give your business a fighting chance and avoid competing with the biggest fish in the pond.

    2. It’s easy to ship: As your company scales up, shipping efficiency can make or break your business. Do yourself a favor at the beginning and focus on products that can be shipped and stored at a reasonable cost.

    3. It has a retail value of $100 or greater: Higher priced items will help you generate more revenue as a small business compared to small-ticket low-margin items that require massive scale to be profitable.

    4. It has something distinct or unique about it: Pretty self-explanatory! Your product needs to catch the eyes of potential customers online. If it photographs well, you’re already ahead of the pack.

    A personal example is my DTC cat brand tuft + paw. When I adopted my cat in 2016, I was disappointed by the lack of quality cat furniture on the market. The offerings on Amazon and big box stores were ugly, poor quality and just generally lacking in inspiration. I sensed an opportunity and got down to researching. Here are the steps I followed:

    Related: How to Choose Your First E-Commerce Product

    Step 1: Brainstorm

    The first step towards finding the right product is to brainstorm ideas. Take some time to jot down all of the ideas that come to mind, no matter how wild or crazy they may seem. There are no consequences at this stage, so it’s the time to get as creative as possible. This process can be done alone or with a group of friends or colleagues, as bouncing ideas off of others can often lead to new and exciting concepts. Feel free to use conversational AI tools like ChatGPT to get the ball rolling.

    One of my favorite (and frankly underrated) brainstorming techniques is to search Reddit for souvenirs from a specific country or region. For example, if you search “Japan souvenir ideas Reddit,” you may come across some unique products that are highly valued but hard to find in the U.S., such as high-quality kimonos. Just remember that you’re looking for high-quality souvenirs (i.e., products that retail for $100+), not tchotchkes or novelty items.

    Once you have a list of potential products, start a new Google Sheet to track all of your ideas. At first, this document should include the name of the product and a brief description, but as you get deeper into your research you can add details like estimated production costs, potential retail price and any other relevant information.

    Step 2: Narrow it down

    Once you’ve got a list of possible products, it’s time to weed out the weak ideas and identify the promising ones. At this stage, SEO tools like Ahrefs and Semrush become invaluable. By typing in a product keyword, you can see other related keywords that people are searching for. This can help you identify potential niches or products that have a high demand but low competition.

    Before settling on a product to sell, make sure that there’s enough variety and volume of searches around the general category. Instead of focusing on a single keyword, look for broader categories that have a high demand. This will help ensure that there’s a market for your first product and you can continue to generate new sales as you expand your product range.

    Let’s say you start in a niche (e.g., kimonos) but then expand to a broader category (e.g. Japanese-inspired clothing) as your business grows. This will allow you to establish yourself in a specific market before branching out to other areas. Think of it like growing a tree — the initial planting spot needs to be good, but there also needs to be room for the tree to grow as it matures.

    Related: 6 Key Things to Consider When Bringing a Product to Market

    Step 3: Connect your ideas with your passion

    Finally, it’s essential to choose a product category that you find interesting. Building a successful business takes time, and it’s important to enjoy the work that you’re doing. If you’re passionate about the product you’re selling, you will be more motivated to put in the time and effort to grow your business. Sure, the U.S. kimono market might have lots of potential, but if fashion bores you, you’re setting yourself up for failure.

    The opportunities are out there!

    The ecommerce world is competitive and absolutely gigantic. Every day, thousands of new products hit the market, and I can guarantee the vast majority of them are nothing special. That’s because identifying the right product to sell and targeting the right audience are really difficult things to do — but by starting with these three steps, you can at least give your fledgling business the best possible chance of surviving.

    Don’t forget, this is 2023, and we’ve got so many immensely powerful tools to help us, whether that’s ChatGPT for brainstorming or using Ahrefs for keyword research. Leverage these tools, identify your niche, and you’re well on your way to building a successful business.

    Related: Before Falling in Love With Your Great Idea, Find Out If Anybody Wants It

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    Jackson Cunningham

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  • 9 Steps to Creating a Product Line Extension | Entrepreneur

    9 Steps to Creating a Product Line Extension | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Expanding a product line and scaling a business can be a challenging but rewarding process. Nevertheless, it is a complex process that entrepreneurs often get very wrong. However, by following the correct steps and principles, entrepreneurs can successfully launch new product lines and enter new markets.

    Why product line development is important

    As a manager, your fundamental responsibility is to grow shareholder value. Value, which is the sum of the present values of future expected cash flows, can be grown by improving the company’s performance in terms of growth and return on invested capital (ROIC). These improvements in company performance come about as a result of specific decisions taken by management around the introduction of new products, expanding the existing business, increasing market share in growing markets, competing for market share in stable markets and acquiring businesses. Of these initiatives, developing new products creates the most shareholder value, while acquisitions usually create the least. The reason is that new products generate the most improvement in ROIC.

    These are the nine essential steps you must follow when considering developing a product line.

    Related: How Product Launch Strategies Help Businesses Determine If They Are Ready to Enter the Market

    1. Is it worth it?

    There are pitfalls to product line extensions, which are variations of an existing product line that are introduced to capture new market segments. Researchers have found that there are three primary benefits of product line extensions: increased market coverage, reduced advertising and promotion costs and enhanced customer loyalty. However, product line extensions can lead to the cannibalization of existing products, market saturation and loss of brand identity. Therefore, it is important to take into account several issues when considering product line extensions, including maintaining the brand’s core identity, avoiding overextension of the product line and carefully selecting the right products to extend the line.

    Related: Your Step-By-Step Guide to Planning a Minimum Viable Product (MVP)

    2. Develop the concept

    Any product line concept that the company develops should be aligned with the existing business goals, brand and values. If you’re a furniture store, this might mean introducing new types of garden furniture, such as outdoor dining sets or lounge chairs, that are made with sustainable and eco-friendly materials.

    3. Screen against established criteria

    Once the business has developed a concept, it will need to screen it against established criteria to determine its feasibility and potential for success. Here, it will be important to conduct rigorous market research to identify customer needs and preferences. It’s important to analyze the landscape to see how competitive the industry is and if the firm will enjoy competitive advantages. Competition might be great for customers, but it makes it harder for businesses to be profitable.

    4. Plan the development process

    After screening the concept, the business will need to plan its development process. This means identifying the resources and budget required to develop and launch the new product line and setting timelines and milestones for each stage of the process.

    This could mean investing in new manufacturing equipment and hiring additional staff to support the production and distribution of the new product line. The business might also need to allocate resources for marketing and promotion, such as creating a new website or launching a social media campaign. It will be important to develop a robust budget. The size of the budget should reflect the estimated ROIC that the firm expects to earn from the product line.

    Related: How to Create a High-Converting Product Landing Page

    5. Test the concept

    Before launching the new product line, it’s important to test the concept and gather feedback from potential customers. A limited product launch with a minimum viable product should be enough to test the technical and commercial feasibility of the product. This can be done through focus groups, surveys or product demos. At this stage, what the team should focus on is getting product/user fit right: It needs to develop the right products for the right user.

    An example initiative could be hosting a pop-up store or showcasing the new product line at a trade show to gauge customer interest and collect feedback. A business’s primary goal here is to prevent itself from making the worst mistake a business can make: launching a product that nobody wants.

    6. Design the product

    Once you have gathered feedback and validated the concept, the business will need to design the product or service. This includes creating prototypes, selecting materials and colors, and finalizing product packaging and branding.

    If the product line is to work, it has to offer customers something that they cannot get anywhere else that they are desperate to get. If there is product/market fit, or what Marc Andreessen calls, “the only thing that matters”, the business’s biggest problem will be struggling to meet demand. This is a problem that the team must work hard to give itself.

    7. Develop a marketing plan

    Once the business has designed the product line, it will have to develop a marketing plan. It is essential to communicate a new product line in a way that aligns with and enhances the brand. One way to achieve this is by creating a marketing mix that aligns with your customers’ preferences.

    First, the marketing team will have to identify the target audience and understand their behavior, preferences and needs. This data can be obtained from customer surveys, market research and social media analytics.

    Next, it will determine the best channels to reach the target audience. For example, if the customers are more active on social media, they might want to use platforms like Instagram and Facebook to advertise the products. Alternatively, if the customers prefer to shop in physical stores, they might want to work with local retailers to carry the products.

    In addition to the promotional strategy, the marketing plan should also include pricing and distribution decisions. Pricing the products competitively will help attract price-sensitive customers while also ensuring that the business can generate a profit.

    Related: How User Research Can Help You Win Before You Launch New Products and Services

    8. Scale up

    After successfully testing the new product line and developing a marketing plan, it is time to scale up the business. Scaling up involves increasing the production capacity, expanding distribution channels and increasing marketing efforts. This is done in response to product/market fit. Often, managers overestimate demand, so it is better to be cautious about scaling up and have customers complaining that the business is out of stock, rather than to create too much capacity and end up with a large inventory, lots of debt and unhappy shareholders.

    With that in mind, the business will need to invest in additional resources, such as hiring more employees, purchasing new equipment and increasing the marketing budget. It is crucial to manage resources effectively to ensure that a business can sustainably scale up the business.

    9. Continually improve the product

    To ensure the long-term success of the product line expansion, it is crucial to continually improve the product. This involves analyzing customer feedback, monitoring competitors’ actions and innovating the products to meet evolving customer needs.

    One way to continually improve your product or service is by investing in research and development (R&D). R&D can help you identify new product features, improve product quality and reduce costs. By continually innovating, you can stay ahead of the competition and ensure that your customers remain satisfied.

    Expanding a product line is an exciting opportunity to grow your business and reach new customers. By following these nine steps, a business can develop, test and launch a successful product line expansion. Remember to remain customer-centric, continually innovate and manage your resources effectively to achieve sustainable growth.

    Related: How to Create a Product That Sells Itself (Even in A Recession)

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    Mark Pierce

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  • Entrepreneur | How User Research Helps You Win Before a New Product Launch

    Entrepreneur | How User Research Helps You Win Before a New Product Launch

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    Opinions expressed by Entrepreneur contributors are their own.

    Creating and launching new products is an exciting yet daunting period for both startups and enterprises. If the new product succeeds, it will lead to huge sales and business success. However, this is not always what happens. According to research from Harvard Business School, 95% of new products introduced each year fail.

    When you’ve poured millions of dollars and immeasurable labor into launching a new product, and it tanks, this is a crushing blow for the business.

    While there is no definitive way to guarantee success with a new product launch, you can dramatically improve your chances by understanding your users and their needs. It seems obvious, but you’d be surprised to know that 50% of businesses still don’t invest in deep user research.

    When you understand your users’ goals, struggles and anxieties, you will not have to guess what to build. Read on to dive deep into how to conduct user research correctly so that you can read your user’s mind and build successful products and stronger startups.

    Related: How to Nail a Successful Product Launch

    1. Deeply understand your user behaviors and motivators

    Have an idea for a new product? It’s easy to think that’s what your users want, and that’s why most businesses start with a solution. But if you want to create products that your users want, it’s crucial that you don’t put solutions in front of potential users while doing user research.

    Instead, spend your time deeply understanding the space you’re trying to operate in and the people for whom you’re trying to solve it. A deeper understanding of your users will help you avoid confirmation bias, and it will help you create products your users need, not just something you need to sell. If you fail to do this, you won’t be able to launch a successful product.

    Remember, it’s easy to get attached to an idea or solution you’re sure will be great without getting the real users’ input; it happens to the best of us. But creating and launching successful products requires listening to your users and adapting to their needs.

    2. Focus on the right users — don’t build for everyone

    Building great products is difficult — we all know that. But do you know you reduce your chances of launching a successful product if you make it for multiple users?

    Why? Because not all users are equally important, especially in the enterprise world of buyers. So, to launch successful products, you must make the hard decisions about which users are more critical.

    Still, many businesses don’t differentiate, so they don’t make hard decisions. But to succeed, you must be clear about which users are crucial for your product and business success.

    So, the first step to creating and launching a successful product is not just to understand your users but to understand all the people who are going to use your product. So, you can pick and build your product for the right users.

    Related: Why Research Is Key to Startup Growth and Customer Centricity

    3. Combine qualitative and quantitative research

    Most new products fail because companies take shortcuts and don’t invest in collecting data — mainly qualitative data. They feel they “know” their users or that the collection process is too expensive or time-consuming. So, they rely on quantitative research, which helps them confirm their assumptions.

    Remember, it is crucial to collect qualitative data when exploring new opportunities. In fact, qualitative research is vital for every business’s success. With qualitative data, you can get a deeper understanding of user attitudes about product adoption and interest.

    With today’s integrated market research platforms becoming more accessible, affordable and faster, there’s no reason to launch products under a cloud of dust and gas. You can collect data about people’s perceptions of an idea, product or brand. If you use qualitative information to calibrate the quantitative research before launch, you will be more likely to start down the right path.

    4. Pay attention to the user’s unstated responses

    Most new products fail because, while researching, we discount users’ unstated preferences. You should never discount users’ unstated preferences — even when the data says something completely different.

    Before you invest time and money into creating a new product, you need to confirm your product is something people want. And gathering unstated feedback will help you refine your original idea and can even generate a pivot to an entirely new and better product idea. It’s not a step you want to skip.

    Now, I am not saying you shouldn’t listen to what users say. But you should pay equal attention to what they do as well.

    Deeper user research will allow you to discover your users’ true needs, wants and motivations, which will help you create successful products — the ones your users really want and need. And with solutions such as eye-tracking and facial coding, it has become easy to read your user’s minds and uncover their true responses.

    Related: Developing a New Product? Here’s How to Make It a Hit Success

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    Reshu Rathi

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  • How to Provide a Must-Have Product In a Do-Without Economy

    How to Provide a Must-Have Product In a Do-Without Economy

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    Opinions expressed by Entrepreneur contributors are their own.

    Consumers might not be putting the brakes on their spending. However, they’re certainly letting up on the gas.

    According to Deloitte’s most recent State of the US Customer report, around 75% of buyers remain concerned about prices. This is nine fewer percentage points than seven months prior. Nevertheless, it’s still a reason for company leaders to take notice. And with 47% of people worried about their savings, consumers could quickly tighten their purse strings.

    There’s a shiny silver lining, though: As long as your product is needed, you can expect sales. Think about what happened in 2020. Shoppers didn’t stop purchasing items they considered “must-haves,” including home gym tech, machines, and accessories. This caused a lasting trend that’s pushed the expected CAGR of the fitness equipment market to 5.2% until 2028.

    So what does this mean for your product or service lineup? You need to make sure that you are providing something that seems necessary to target users. “Seems” is the operative word. Were Pelotons necessary during pandemic shutdowns? Not from Maslow’s hierarchy of needs perspective. But don’t tell that to the customers who pushed the brand toward the billion-dollar revenue mark.

    Related: This Is the Framework to Make Your Product a Smash Success

    To help you review and revise your marketing in a do-without economy, take these recommendations into consideration.

    1. Solve a recession-proof need

    People change their behaviors during recessions and near-recessions. Nevertheless, the dad who switches to generic grocery labels may still buy his kiddo the more expensive bike. Why? Maybe it has earned higher safety marks. Perhaps it’s the same brand as the one he rides. Either way, he views the higher bike investment as necessary because he can justify it.

    Take a moment to think about what your company sells. What recession-proof need could it satisfy? You may want to work backward to come up with an “Aha!” answer. CitizenShipper, for instance, connects private drivers willing to move pets and precious items across the nation for people interested in bypassing the big shipping companies. One of the biggest requests the company fulfills is the need for reliable, personalized ground transportation of pets. When pet parents need to relocate their pets, they will pay a reasonable price in order to be able to do so.

    While you’re undergoing this exercise, don’t be afraid to think about niches within your current target customer base. With a little digging, you may be able to uncover smaller consumer segments that would see your offerings as a must-have. Once those segments are identified, you can begin marketing to them.

    Related: 3 Tips for Using Consumer Data to Create More Personalized Experiences

    2. Go for the feels

    We’d like to think that we make purchasing decisions solely based on objectivity, data and logic. We don’t. Our brains are wired to take the information into account but add a modicum of emotion to the mix. With that in mind, head back to the drawing board regarding your sales and support. The more of an emotional connection you can make with leads, the more likely they will return.

    One way to add more of an emotional link between you and your customers is with personalization. About seven out of 10 people told McKinsey they wanted more personalized engagement with their preferred brands. Your job, then, is to find ways to make the customer journey more of an individualized experience.

    Are you looking for inspiration for personalizing a product or service? Check out Sephora. The company has consistently won kudos for its personalization machine. You can book an appointment online with a conversational “assistant.” You can find the right foundation shade in the store using Sephora’s software. You can become an Insider and get extra rewards. It’s personalization all over — and that’s why Sephora, which isn’t “need to have, “is still seeing incredible revenue growth.

    Don’t instantly picture that your team will need to babysit every email or text. You can leverage tech tools that integrate with your existing systems to make interactions feel more one-to-one. That way, you don’t have to exhaust your human resources to offer up Sephora-level personalization.

    Related: Why People Buy What They Buy

    3. Explain your value-added differentiators

    Now isn’t the time to hold back on all the differentiators that set you apart from your competition. The more value you can bring to consumers, the more likely they’ll be to pick your products over others’. For best outcomes, make sure that the differentiators you pick matter.

    Case in point: If you sell socks, you could point out the many benefits your socks provide. These could include added cushioning, reinforced heels, moisture-wicking qualities, quick-dry technology, etc.

    For the past few years, Chipotle has been a solid case study for the power of differentiation. Its growth continues into 2023, despite other fast food chains like Burger King losing their luster. Chipotle’s key to remaining a top pick for hungry eaters is a mixture of picking top ingredients, making everything fresh and offering flavor consistency.

    Related: Why Your Business Idea Should Sell Itself

    Want to dive deeper into your differentiators and perhaps uncover some you didn’t know were important? Consider surveying your employees and customers. A well-written survey can highlight what matters most so you can lead with it in future “here’s why we’re the ONLY choice” campaigns.

    Even if inflation causes prices to creep upward more, consumers will still spend money. Your diligence and strategic planning today could ensure that some of their disposable income goes toward your products and services.

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    Kimberly Zhang

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  • The Pros and Cons of Expanding into International Markets

    The Pros and Cons of Expanding into International Markets

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    Opinions expressed by Entrepreneur contributors are their own.

    My company, Educate Online, specializes in online education. We are actively expanding the geography of our presence: Latin America, India, China, Nigeria and other emerging economies.

    All markets are unique, but there are some common things that you should know before reaching new destinations. Today I want to share with you some experience and insights that I gained during the launch of a product in new, foreign markets.

    Reasons to look for new markets

    First of all, why should you even consider entering new markets? It is not a simple question. There might be many reasons. Here are a few of the main ones below:

    1. New markets mean new opportunities: As the business flourishes and the company’s market share increases, the entrepreneur can face growth constraints. After all, in many cases, the local market has a limit. The most important thing here is not to miss the moment you have reached a particular ceiling. At this point, you either actively develop, look for a new product, grow or stagnate, and then your competitors outperform your company. Remember that a business that wishes to be the top enterprise must continuously spread its roots.

    2. Diversification protects you from risks: Do not put all your eggs in one basket. Every investor knows you cannot invest all your money in one asset. The same rule works for businesses. If your company’s profit depends on only one market, then in the event of an economic, political or any other crisis, you risk losing all your money. A problem like this will not affect your business if your company has sources of income in other markets.

    3. You can quickly gain a competitive advantage: Entering new emerging markets means that you can receive substantial competitive advantages. A successful start can ensure the company’s prosperity for many years. It often happens that we look at a foreign market and immediately understand that this market could be our lucky ticket. Any delay could play into the hands of our competitors.

    The benefits of entering a new market seem apparent, but what about the disadvantages? Are there any? And what should you keep in mind when starting a business in an unfamiliar country?

    Related: When Is the Best Time for My Company to Enter a New Market?

    Risks of entering new markets

    Do not think that gaining a foothold in a new market is quick and easy. Entering a new market carries several risks and difficulties our company has faced. Here they are below:

    1. Cultural risk: The discovery of a new market is always accompanied by a search for a new product that would satisfy the client’s needs. The preferences and financial capabilities of the audience are very different, so it’s tough to say which product will be successful in advance. In addition, the mentality and cultural preferences of the customers in a particular country are of great importance. You need to speak with the audience in one language, understand their problems and needs, and be patient and delicate with cultural traditions.

    2. Need for a new team: Each new market requires upgrading business processes and hiring a unique team of specialists who know the specifics of the local market. All your employees must be immersed in the market knowledge and understand how to interact with new clients. Finding such professionals is a puzzle that can take weeks or months.

    3. Country risk: It would help if you remember that there is always a possibility that significant economic or political changes may occur in the country where you do business. As a foreign citizen, you should never forget that your business will always be at high risk in a foreign country. In this case, you can invest money and time — and at the same time, not understand the returns that you’ll get.

    Related: Here’s How to Make Your Expansion Into New Markets a Success

    As for me, I realized that it is worth looking for new markets only when you already have a successful and sustainable business. You must have a foundation upon which you will build something new. If it is not there, you may fail in the new market and lose your position in the old one.

    In addition, when entering a foreign market, you must immediately determine the timing of the search for the minimum valuable product (MVP). The main mistake is to get bogged down in the market in the endless search for MVP. So, try to create a product that will have a unique benefit for your client worldwide. This way, you can significantly increase the chances of your company’s success.

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    Alexander Zheltov

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  • How Product Launch Strategies Help Businesses Determine If They Are Ready to Enter the Market

    How Product Launch Strategies Help Businesses Determine If They Are Ready to Enter the Market

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    Opinions expressed by Entrepreneur contributors are their own.

    Most business owners want to quickly launch a new digital product and achieve instant market success. In practice, enchanting growth hacking is the result of hard and long-term marketing activities. How relevant is a product launch strategy? How can you use it to check whether your business is ready to enter the market?

    A product launch strategy is planned work to bring a new product to market. It begins long before a release. A marketing team convinces consumers of the value of an offer and thus seeks to generate demand.

    When implementing a promotional plan, the team performs the following actions:

    • Specialists tell potential buyers about a product

    • Provoke a stir around the novelty

    • Work on branding

    • Shape an audience that’s loyal to the brand

    • Set the stage for quick sales

    For example, say an educational center has a product — a course titled “How to become a developer in one month.” If the center doesn’t advertise it, it is unlikely to be sold. And even if the course does sell, the process will be very slow without a product launch strategy. The company needs to launch an advertising campaign and tell potential clients about the teachers and the most important features of the course.

    Related: 8 Steps for the Perfect Product Launch

    You should know your buyer persona

    According to CBInsights, 35% of projects fail because there is no market demand for products. That is, customers don’t need a product, so sales aren’t successful.

    Mistakes like this happen when a business doesn’t know the target audience able to provide the necessary revenue stream. Other companies, on the contrary, know their potential customers. But they have so many buyer personas that their focus is scattered, and a dispersed marketing strategy leads to failure.

    But there is an effective solution. You can focus on one buyer persona with the most “hungry” potential customers. They are waiting for your product to enter the market and are ready to immediately buy it. Steve Blank, a successful American entrepreneur and Silicon Valley‘s “godfather,” suggests “creating customers” alongside the development of a successful digital product. This requires four steps:

    • Finding customers (understanding their problems, preferences and purchasing behavior)

    • Checking customers (developing a sales process)

    • Creating a client (generating demand and attracting buyers)

    • Scaling up a business plan

    Your product efficiently solves a specific problem

    Judging by the experience of successful and long-lasting companies, initially, they released products to solve specific problems. For example, Amazon started as an online bookshop and didn’t sell everything from A to Z. Microsoft first sold only an operating system and then moved into cloud computing and side projects.

    To evaluate a launch strategy in this vein, you should set achievable goals and benchmarks that signal success. For example, if potential customers discuss product features on social networks, this is a good sign that the strategy is built correctly.

    Related: Will Your Product Launch Be a Success? 4 Signs It Won’t Be.

    You know how to position your product in comparison to your competitors

    Without proper positioning, consumers will not know if your product is better than its market analogs. You should conduct a thorough analysis of competitors to know how to profitably stress the benefits of your solution. Consumers must see the benefit of purchase, and this will encourage them to buy the product.

    Avert situations when:

    • Customers are not familiar with a product or don’t know anything important about it due to under-positioning

    • Consumers have a narrow view of a brand due to over-positioning

    • Buyers are not able to associate a brand with something due to confused positioning

    • Customers are not confident in a brand due to doubtful positioning

    Your customers are waiting for the release of a successful digital product

    Apple, Nike, Red Bull and other well-known brands practice teaser advertising. They intrigue buyers by showing only part of the functionality or hinting at the unique properties of their products. From the outside, it looks like a psychological trick that makes people stand in a queue.

    To make customers look forward to the release of a product, you need to carry out pre-launch marketing. Here are a few tips:

    • Create a landing page to collect customer emails

    • Put ads on the landing page to make it visible on the web

    • Keep a blog that reveals the benefits of your product, which is good for SEO promotion on the internet

    • Launch a PR campaign to gain attention in the market

    Related: These Product Launches Tell Us Exactly How To Go About It

    You are ready to improve the product based on user feedback

    Even having studied the market and the target audience in detail, a business cannot guess the wishes of customers with 100% accuracy. Therefore, successful entrepreneurs are moving from standard development methodology to lean manufacturing. This means that after completing product discovery steps, they move on to creating a minimum viable product.

    With basic functions in an app, the product will be released to the market. An IT team collects customer feedback, finds out what they lack for the convenience of working with the platform and adds the missing features.

    You know when the market is ready for your product

    When a product comes out too early, users may perceive it as not good enough. If you release a product late, then your business risks missing out on opportunities and losing to competitors.

    This is what happened to the Vreal platform in 2018. This startup aimed to create a VR environment for video game streamers to interact with viewers. The project seemed interesting and gathered investments, but the market was not ready for such an innovation. Equipment and technology were not developing as fast as the startup needed. Therefore, its activities came to an end. The product was ahead of its time and failed.

    For a successful start, you should know what customers think about your brand and your new product — and whether they expect the product to appear on the market. Consider a competent promotion strategy, and analyze results at every step. Using the six milestones listed above, you can determine if your business is ready to enter the market with the help of a product launch strategy.

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    Alexandr Khomich

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