The overriding aim of setting up your business is to make the brand a household name. To be able to hold your own in the ever increasingly competitive global market, your game plan should and must be centered on a win-win situation. Right from the planning stages to the time your product finally hits the market, all your actions must be primed for a “killer” ROI.
It is absolutely possible that the brand you want to introduce into the market may not be setting the pace. For most brands, there are already similar products on the market but they are there slugging it out and making sure they are not conceding a foot. They are ready to give it all it takes.
What you need do is leverage on your inherent competitive advantage by bringing to the fore your ingenuity. The fact that you are well versed with the market trends and are adequately prepared for the onslaught is a very big plus for your brand.
To make this an achievable goal, however, you must put in place these fundamental factors that will make your business go viral.
1. Adequate funding
Your business will revolve around the amount of funding that you are able to sink into it. From the feasibility studies to the actual take off, you need bucks and more bucks. This may sound terrifying but you can’t cut corners here.
The advent of venture capitalists and angel investors has, however, made the acquisition of capital to propel your business a lot easier. The overbearing attitude of banks and other financial institutions has been held in check. The most important thing is to plan your business in such a way that you will be making a massive return on your investment.
The venture capitalists even go an extra mile to extend advisory role that will ensure you don’t get enmeshed in the murky waters of the business world, by taking part in the decision making.
2. A realistic marketing campaign
You don’t need to rush your product into the market. You must endeavor to create the necessary market awareness for your brand. Gauge the feelings of the consumers and be absolutely sure of when to launch your product. The correct timing is of the essence.
Work on your ROI conversion rate and ensure you are abreast of the Federal Trade Commission guidelines and regulatory standards for both internal and external bodies. Your product must be tailored to meet the consumers’ needs, interests, and wants.
3. Complete understanding of the market
The market is where all is happening. A complete understanding of the market cannot be overemphasized. You should be able to grapple with all the trends that abound in the market.
You have the fact going for you that the internet usage is becoming more domiciled in homes with the report that 54.4 percent of the world population are connected to the internet. The internet affords you the opportunity to reach your potential consumers and gauge their feelings even from the comfort of your room. There is no longer any need to traverse the globe to garner information.
From the social media and the interaction of people, you can easily identify your target group and region which are absolutely important for your product to make the required impact. The rate of penetration of the social media is not the same for different regions just as the population growth can’t be expected to be the same.
These parameters are arsenals you should be armed with and are incidentally at your disposal before plunging headlong into the market. The Statista reports that the number of social networking users worldwide as of January 2018, places Eastern Asia as the highest with over a billion monthly users.
4. Proper utilization of influencers
Using any form of metrics as a yardstick, what 94 percent of marketers say cannot be far from the truth, since they are talking from a prior knowledge. Influencer marketing has come to stay and you need to harness it to augment whatever other plans and proposals you have of cornering your fair share of the market.
You need not, however, join the bandwagon. You must find out how it’s going to work out for your brand. Don’t be in a rush to join the queue. Before engaging the services of any influencer marketer it will be in your own interest to painstakingly do all the necessary paperwork and ensure that you’ve got all the angles right.
What do you want as your object of the campaign? The terms of the contract, building a solid relationship to avoid leaving your shin uncovered when probably you have disengaged the influencer, all these and more are the necessary angles you must cover. You must also ensure that the subject matter you are engaging the influencer for resonates with your target audience.
5. Quality product
This actually is the make it or mar it. The case of garbage in and garbage out is at the fore here. All hands must be on deck to ensure that what you send to the market speaks volume of your firm. You can’t play pranks on the quality of your product and can’t afford to cut corners.
The absolute truth is that if you decide to shortchange your consumers you will only end up digging your grave. There are no two ways about this fact. Any time you have a substandard product introduced into the market, you run the risks of losing all your consumers as well as the lawsuits that will ensue from it.
The quality of your product and services play an entire role of PR which you may have to need other sources of logistics to come by.
Nothing and absolutely nothing stops your business from going viral if you decide. You have all the tools, you only need to hit the nail on the shed.