More brains than brawn
Entrepreneurs must be their own advertisers and generate as much free publicity as they can Q: I’m not sure I’m doing the right thing in getting my product to market. Everything seems to be in place but this has not registered on my bottom line. I seem to have hit a wall on this. Any ideas ? A: It’s not easy but with a little push, you can trade punches with the best of them. Here are some things to keep in mind when looking to bring your product to market Start your business with just a few samples Set up deals and make plans to distribute your product to customers before you spend a lot of money trying to execute your ideas, says Columbia Business School professor Cliff Schorer. He recommends surveying potential customers to see whether they’d buy it, and how much they would buy. Avoid inventory buildup. A lot of startup owners mistakenly think they need to produce outrageous amounts of product to start out with. Good merchandising is essential. It can grow your business and draw customers back to shop. Author and educator Linda Gorchels says merchandising companies are useful because they can help make your product stand out. But be aware: merchandising companies may charge you as much as 30% of the total shipment. Customers and retailers purchase products cyclically There are also certain times of the year retailers buy certain products. Learn those cycles and time your product pitch and launch. It won’t matter if you have the best product in the world if retail buyers have already made their decisions. Don’t be afraid to set up a meeting with a buyer. Department stores and boutiques need you as much as you need them. Without your products to sell, they’d have nothing to profit from. Free publicity is always good Large manufacturers pay to get the word out about their products with advertising, but many startups don’t have those kinds of resources, says Gorchels. She advises entrepreneurs to be their own advertisers and generate as much free publicity as they can. The Word of Mouth Marketing Association (www.womma.org) may be a helpful resource. Use the Web This is a relatively inexpensive and often effective way to reach customers.
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"More brains than brawn"