Getting a new business on its feet is not an easy task these days. With so many businesses emerging on a daily basis, the market has gotten incredibly competitive and, despite that, there’s always profit to be made if you offer a great product/service and advertise it the right way.
It may be especially difficult to break through when you’re basing your business on a single product, but it can also be a positive thing.
If you think you have an amazing product and are convinced people will buy it, you can give it your absolute attention, both in marketing and quality improvement. We’ll try to give you a few pointers on how to start your business if you’re basing it on this single amazing product of yours.
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Know Your Target Audience
One of the most important aspects of starting a business is getting the right idea of who your target audience is, advertising your product in all the right places, and targeting the customers that are most likely to buy it.
If you do it right, it will not only boost your profit but also reduce the cost of marketing, since you’re not trying to reach everyone and be everywhere.
Building a good customer base also has a way of becoming a great (and free) marketing tool on its own, since your loyal customers will recommend your products to others.
Building a Brand
One of the upsides of having a single product business is that it will have your undivided focus. Now, every business today needs a website, and while businesses with a variety of produce can seem more like catalogs than advertisement tools, you can build a stylish page that shows all the characteristics of your product, compelling the audience that they should choose your brand over the others for this and that reason, by showing off all its features in one place.
Be sure to have great photos of your product (the best way to go is hiring a design professional) and to have a distinctive logo for your brand. Rest assured that creating a single product website, and a great one, will give you amazing marketing. And advertising it in the right places can make your profits skyrocket before you know it.
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Great companies like Amazon have become so great, among other reasons, by being trustworthy. A great part of achieving success is having stability, you must always work on maintaining quality in order to get great reviews. Accumulating positive reviews helps draw new customers (it’s much easier to trust a product after reading praises from people who have already bought/tried your product).
You should think about incorporating a section for reviews directly into your website’s main page, so a potential customer has no reason to leave the site in the process of deciding if they’ll make a purchase.
Pricing and Potential for Expansion
Once you’ve decided you have a great product, and you’re finished with all the preparations, you’ve figured out all the technicalities, established a great marketing base, you will have to think about the pricing.
You have to calculate everything carefully, how much will the production, marketing, and delivery cost you, and decide on a price that will make you a good profit but not turn potential customers away.
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Another good idea is to make an online discount, make your product cheaper online than in the physical store (if you do have an actual store and are not selling exclusively online). It doesn’t have to be a great difference in price, just a little perk for your online customers.
Now, you may also be thinking about the future of your business, where you may eventually want to expand your product line. Now, this is a great direction to think in, but firstly you want your first and main product to turn in great revenue.
Only once you’re stable and earning some good money should you think about taking the risk of including a new product or adding variations of the existing product.
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The bottom line is that it is possible to start a great, profitable business with a single product. One amazing idea can make you set for life if executed correctly, and with the right planning and a lot of patience, who knows, you have a chance of building an empire on that single product.
Try to maintain the quality you initially present and stay focused on a goal or set of goals you’ve set. Maybe there will be no need for expanding, staying on this set course isn’t a bad thing, there are countless businesses that never expanded beyond their initial product and are very successful.