Provided you plan carefully you can build your own brand with a moderate investment. The steps to take before buying or producing your products are:
Walter
** P.S. When breeding cattle I learned that some buyers would pay a massive price just to acquire bragging rights. The animal had to be very high quality, but they were happy to pay for more than the quality. This attitude is more prevalent in society than many would guess, and it works in a lot of product areas besides cattle.
- If you intend importing your product, find something unique, or at least one that has never before been imported into your country.
- Make sure the product is of good quality, and deserves a stand out label. Don't try to gild the lily. Offer real value.
- Choose a product type and devise a niche where you can develop a Unique Selling Point.(USP)
- Study your potential customers. This must include getting to understand the emotions behind people wanting such a product.
- Choose a brand name that will appeal to those emotions.
- Design a logo that will attract those people you have identified as prospective customers.
- Register your brand name and logo.
- Choose a slogan that will stir them to want to “own” that brand. Make them want to belong.
- Design a label or in-built logo that can become part of the product. You don’t have to be a designer, but you should describe to a designer not only what the design should look like, but even more importantly, what message you want your logo to convey to the customers.
- Retain control of the design process. Graphic artists are often more interested in displaying their skill than following instructions to convey a message. You will rarely find one who understands the nuances of emotional appeal in a design. You know your product and your target market, so insist that they follow your instructions.
- Select the kind of labeling you want from the 26 different types of labels I describe in my book. The book also shows you where to source the different types of label.
- Arrange to have the label attached or embedded in the product. NOTE: It is often less costly to have that done in your own country rather than by an overseas manufacturer.
- If you plan on selling online, decide on which marketing platform to sell - eBay, Etsy, Amazon, or your own eCommerce site. You can sell on both Amazon and your own site. If you need to know how to do that without breaching Amazon’s TOS, just ask.
- Work out your marketing plan, including how to advertise in a targeted way.
- Carefully calculate your costs. This should include advertising.
- Once it all looks good in theory, validate the idea. A lot has been written on the forum about validation, so use the search facility.
- Don't be afraid to set a high price. If your product really is top notch, the high price will attract buyers provided your appeal to the emotions is on target. **
- Don't attempt to sell on the basis of product features. If you have carefully thought out why a customer will feel the urge to buy that particular product......
- Feed that urge.
Walter
** P.S. When breeding cattle I learned that some buyers would pay a massive price just to acquire bragging rights. The animal had to be very high quality, but they were happy to pay for more than the quality. This attitude is more prevalent in society than many would guess, and it works in a lot of product areas besides cattle.
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