Do Business Well

• How will you package your product/service?

Your packaging is an extension of the product itself. It is often the first impression that a prospect gets of your product. That’s why it is so important that the way you package your product/service is attractive yet functional. If it does not turn the customer on, the chances are the customer won’t buy it. The packaging of some products is so distinctive that the packaging almost becomes a reason to buy the product (think Pringles). Unique packaging can be patented.

• How will you deliver your service? Develop a separate “service plan”

If you are providing a service, you need to focus on the tangible delivery of your service to the prospect. You need to demonstrate why your service delivery will win over customers. Develop a separate plan showing how you will gain the competitive edge through customer satisfaction.

Your literature and presentation must be impeccable, colourful, high quality and professional.

• How will you store your product?

This will depend on the nature of your product. Is it perishable or not? Is the product big and bulky? You might need warehousing facilities. This can be rented or outsourced. If you are supplying customers, consider the difference between warehousing or delivering directly to the customer.

One of the realities of services marketing is that services can not be stored. To compensate for this, many service providers have special promotions in off-peak time, like special rates on hotels in the off-seson and on midnight flights. The objective of these promotions is to encourage usage because in the service business, you’re selling time. And once that time has passed, you can’t get it back. You need to work out when your service business will experience downtime and how you can compensate for this.

• How will you distribute the product/service to your customers?

What will it take to get your product from the point of manufacturing (or purchasing) to your end customer? Determine whether you will need vehicles and extra staff to manage distribution of the product. Distribution is all about getting the product to your customer - the way they want to receive it. It’s all about speed, convenience and doing it better and faster than your competition. Efficient and reliable distribution of yourproduct/service alone may be a powerful competitive advantage where service delivery is so bad.

• How will you render after-sales service?

What does after-sales service entail and where will it happen (e.g. at the customer’s home or at your premises). If you provide guarantees, make sure that you can deliver on them.

Remember, customers buy relationships not just products or services. The more valuable your product or service is, the more important the relationship. Many entrepreneurs succeed in the beginning but then they fall down on after-sales care. The customer wants to be taken care of.

Loyal customers will also become your biggest assets. So concentrate on doing whatever it takes to keep your customers happy.

What will your product or service cost to manufacture and distribute? You need to consider the cost of manufacturing every component and detail of your product from raw material to the distribution of the final finished product into the hands of the consumer.

In the case of services, you need to establish the cost of designing your service, packaging your service and delivering the service to the customer.

• Can you patent and protect the unique benefits of your product?

Make sure that you have registered your brand name. And patent anything that is patentable, from physical design to packaging.

Have you developed a compelling, distinctive brand name and look?

The most powerful way of ensuring the success of your business is to differentiate yourself effectively from the competition. Chances are that no matter what business you are in, you will be heading into a highly competitive marketplace. You need to stand out from the crowd by creating a unique Brand Identity that attracts
customers to you.

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Making a Plan: how to construct a simple and workable business plan part 2

• Making a Plan: how to construct a simple and workable business plan part 6
• Making a Plan: how to construct a simple and workable business plan part 1
• Making a Plan: how to construct a simple and workable business plan part 3
• Making a Plan: how to construct a simple and workable business plan part 5
• Internet Banking Strategies
• Mobile commerce & Internal communications
• How Will You Promote Your Product or Service?
• Managing your promotions
• E-commerce Branding as part of Integrated Marketing Communication Strategy
• Digital Television

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