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Successful new Product!

Step 1: Market study

Every day new products and services come to life but still many of them don’t work out and fail in the end and that is because the creators don’t know the market. Doing a market study can be the thing that will make your product successful, and it shouldn’t be ignored, it will help your product launch to hit “the right buttons” in the client and will make sure that it will satisfy the customers’ desire.

So before launching your new product, consider these 5 steps of market research:

 

1. You should know your market and your competition.

With a product launch you should know your competitors, and what products and services they are proposing. Though you might think there’s no competition for your new product, you need to think like the client and consider what they could buy instead of what you’re preparing to offer. Check your competitors’ marketing materials, and estimate how your new product will compare against what’s available. Where will you shine? Which companies or products are the biggest threat to an effective launch?

 

2. Target your customer. 

To get the best results for your marketing with the minimal price, it’s vital to focus on those who are most likely to buy from you. Maybe they are at the moment thinking about buying a similar product and will appreciate your new product’s added features. The best clients realise they have a need for your product, have the capacity to buy it and have already shown a willingness to purchase (perhaps by buying from the competition). Usually, it is easier to fulfil an existing need than it is to create a new one.

 

3. Plan your unique value proposition.

What is the reason as to why people want to buy from you, compared with the competitors? What are you offering that makes you stand out? Not only does your new product or service have to be outstanding and meet your customers’ wishes and needs, but you must be able to explain why and how it does so. This is your Unique Value Proposition, and an easy way to find one is by talking with customers and see what they value and want.

 

4. Establish your marketing strategy.

At this point, you should already know your market and how you should sell your product or service.

What channels should you use — via retailers? Catalogues? Online? Using multiple channels is, as most marketers know, a crucial step. Nowadays, online marketing is one of the most popular ways to promote your product so make sure to be informed on that.

 

5. Finalize your marketing campaign.

When the day comes to launch, you should employ advertising and public relations to maximise the effect of your new product launch. Media relations, for example, can help you get articles and publicity. Just make sure that your product is completely ready for purchase — because if the product isn’t in stock when the publicity hits, you risk that consumers may be disappointed and lose them.

You shouldn’t forget about your market research, especially in the first few weeks, you’ll want to watch the results of your campaign and solve the problems of your strategy and focus on what works best.

 

Step 2: Create a product

The difference between successful and bad products happens during product development. Many inventors have great ideas, but the ability to transition those ideas to salable products, might be harder. You can master to create your product into something that will sell, arrange testing, and develop into a successful enterprise. 

 

1. Design your new product.

To start off, you need to find out what you’ll produce and analyze what your customers will be needing in order for your product to not fail. What’s missing from the marketplace? What do people want?

 

2. Collaborate with designers and come up with multiple options.

It is already a good start to have your concept but you’ll need someone to help you with the design, depending on your skills you might need some help. 

A good innovator fabricates a great product to satisfy a consumer’s need. A great innovator comes up with five options. Try to study the issue that you’re trying to fulfil from different directions, considering about as many alternative ways of solving the issue. Don’t be pleased with just a single model to work with, try to find more, in case a model should fail.

 

3. Create a prototype.

Once you’ve found some good ideas and collaborated on designs, get a working prototype together and start testing it out. Depending on the nature of the product, this might take some time, or maybe in the best case scenario it will be quickly. 

Perhaps, you’ll also need to find funding for your prototype maybe by presenting the idea to investors. 

When you have your prototype, you’re ready to start developing and testing.

 

4. Test your product in the market and your overall approach.

How will your product come off when your clients use it? In the end, the customer’s reaction will define which features to emphasise and which marketing approach to use, so product testing is vital. The most simple product test is to have a research participant try a single product and fill out a survey on the key performance indicators. Another test is to go into the various sensory qualities (appearance, flavour, etc.) and try sophisticated video recording and observational techniques.

Don’t forget to test your marketing message and marketing materials too. You’ll be spending a lot of money on advertising, so make sure your ads, publicity and packaging will be well-received by the customers. You might want to do traditional focus groups to small intercept studies or more importantly online research. 

 

5. Check your product’s lifecycle.

Finally, if you’ll start to see points of diminishing return that means that you should start to change your marketing campaign, verify the packaging, modify the product itself, or even start thinking about what is in store for your next big idea.

 

#business #businessgrowth #strategy #entrepreneur #entrepreneurship #startup #businessowner #consulting #motivation #success #marketing #setup #structure #leadership #luxembourgbusiness

Step 1: Market study Every day new products and services come to life but still many of them don't work out and fail in the end and that is because the creators don't know the market. Doing a market study can be the thing that will make your product successful, and it shouldn't be ignored, it will help your product ...
business Business

Advantages of setting up your company in Luxembourg

Luxembourg is often chosen when setting up a company. Its particular geography is not the only reason to consider when setting up a business in Luxembourg.

If you are considering setting up your business in Luxembourg, you will consider these 8 advantages:

Political and social stability under a parliamentary monarchy

– A high standard of living where Luxembourg ranks first in terms of GDP per capita even before Switzerland, the United States, Japan and the Emirates. In addition, Luxembourg also has a high growth and low unemployment rate (around 5%).

– A population of 590,667 inhabitants and 47.7% of its inhabitants are of foreign nationality and speak different languages such as French, German, Luxembourgish, English, Dutch…

– Perfect for data centres because of its geographical location and low electricity costs. It is the ideal location for technology companies, video game companies and e-commerce companies.

– Exemplary fiscal and social competitiveness: 

Weekly working hours: 40

The social security rate for employees is 12.45% and for employers is 12.16%. The combined social security rates vary between 25.72% and 28.25%, which is one of the lowest rates in Europe. 

– The corporate tax rate is 15% of the operating result for income below €175,000 and 17% for income above €200,000 

– The basic municipal business tax is 3%. 

– VAT (value added tax.):

Super discounted rate: 3% for food (including restaurants except for alcohol) and some products and services such as shoes or children’s clothes, transport of persons.

Reduced rate: 8% for hairdressing, certain works of art, flower sales…

Intermediate: 14% for printed advertisements and made-to-measure clothing;

Normal: 17% for all other goods and services

Luxembourg is often chosen when setting up a company. Its particular geography is not the only reason to consider when setting up a business in Luxembourg. If you are considering setting up your business in Luxembourg, you will consider these 8 advantages: Political and social stability under a parliamentary monarchy - A high standard of living where Luxembourg ranks first ...
business Business

9 reasons why technology is no longer a want but a need.

It is clear that businesses nowadays can’t survive without technology. They are dependent on it. It is the key for the operations to run smoothly and efficiently. To have a good workflow, businesses need to implement advanced technologies designed for business operations. Innovation nurtures businesses and they need technology to survive no matter what size your business is. The main goal of technology in business is to have growth and improve operations. 

 

Here you can find  9 reasons as to why technology is no longer a want but a need:

 

1. Improved communication

Businesses count on different applications and communication software. Progress in communication and in information technology have helped companies stay connected around the clock, accumulating their efficiency, productivity and the abilities to react when complications occur.

There are so many from which you can choose for your company, for example phone services as they provide quality voice with consistency or video conferencing, instant messaging, etc. If those communications are efficient, motivation increases too because employees will be well-coordinated and well informed about the tasks.

 

2. Globalisation

Clearly technology makes it possible to have a broader reach in the international market. Nowadays it is possible to do business anywhere in the world, e-commerce has grown so much over the years. Due to technology, production networks are easier and less expensive. It is so quick that real-time trading and collaboration is possible.

 

3.Improved security

Nowadays, it is easier to keep important data safe and less unprotected to vulnerabilities. Every owner should place measures and shields in order to detour cybercriminals to easier targets and also by intensifying the security of their online accounts with important information and data.

 

4. Optimized management

Technology makes it possible to have a broader reach in the international market. Nowadays it is possible to do business anywhere in the world, e-commerce has grown so much over the Technology is already changing resource management and ultimately will transform how we work. It doesn’t matter what your company is, business size or primary activities, technology allows chances to optimize management and production. Small businesses can now compete with bigger companies in operational efficiency due to technological material and digital tools.

 

5. Efficiency

It is clear that technology increases efficiency of the business. Because of artificial intelligence, businesses can benefit from different things like for example chatbots that will be representatives of the company and answer to clients. All in all it will save you time and effort.

Moreover, employees will be equipped with the latest equipment to work as efficiently as possible and the results have been better than never. It can help you cut or eliminate duplicates, mistakes and delays in the workflow, and also help you speed up by automating tasks.

 

6.Unlimited amount of knowledge

There is no limit when it comes down to technology. The supply of information is endless and so easy too, just by going to a website and searching for the things that you are looking for. Plus, it is good for the company because that way you’ll be in a better position to deal with customers and see what your competitors are doing and stay close to them to adapt to the latest trends.

 

7.Increased staff engagement

Technology makes some things possible such as telecommuting and collaborating with each other by sharing important files and essential information. Also, it is proven to be a stress reducer because technology reduces workload when the tasks are completed. 

Moreover, it increases flexibility, workers will be able to stay connected to work with their phones and can perform their work tasks from anywhere they like and when they want.

 

8. Necessity for expansion

Through automation and AI, technology has become the most vital element behind the success of every company. Even though it is a big-ticket in terms of money, the value it brings finally surpasses the high cost. Besides, the purpose of the latest technology grants the company a competitive edge, which makes it a better business than the rest of the competition in the market. This enhances the image of the brand and upgrades its perception among the clients, which is crucial for expansion.

 

9. Increase the capacity of the business

Technology makes it possible for businesses to reach more clients in less time than they normally would, meaning that they’ll be able to serve more clients than before. Furthermore, it is easier for companies to coordinate with their suppliers in case they need supplies to restore their inventory.

 

As you can see, there are several reasons as to why businesses should prioritise their technology solutions, it is a good investment.

 

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It is clear that businesses nowadays can’t survive without technology. They are dependent on it. It is the key for the operations to run smoothly and efficiently. To have a good workflow, businesses need to implement advanced technologies designed for business operations. Innovation nurtures businesses and they need technology to survive no matter what size your business is. The main ...
business Business

7 steps to becoming an Entrepreneur

Being an entrepreneur is a risky position, which can also prove to be very profitable. 

If you want to be a successful entrepreneur, you are looking at the right article. Just follow these 7 steps and you will be on your way.

 

Step 1: Choose a unique idea

Ask yourself, how can you make life easier for people with your idea.

You need to either offer a unique product or a unique service to stand out in the market. So the most important thing is to do your due diligence and research what already exists. How is your offering different from other similar products or services?

 

Step 2: Educate yourself

Ask yourself: What should I study to become an entrepreneur? Do I even need a formal or special education?

You need to learn about the basics of business and develop your vocabulary, but also gain a solid understanding of business sense. Problems frequently arise when starting a business and knowing how to overcome them is vital for the entity to prosper.

 

Step 3: Plan your business

Draw up a business plan setting out how you will deliver your plan. What are your steps to becoming an entrepreneur? A business plan sets out all the goals you have and your strategy for achieving them. 

This plan is important to attract investors to your business. A business plan also measures the success of your business.

 

Step 4: Financing

Although it is possible to raise additional capital, experts advise that new entrepreneurs should have a decent amount of savings, as they risk losing money on their first business. 

You also have other options such as applying for a loan or finding investors. 

 

Step 5: Find your Target Audience

Research which group fits your business model best and then attract that demographic

Open your business based on the age, gender, income, race and culture of your target group.

 

Step 6: Build Networks

Those who take the time to network and make new connections can gain valuable benefits. 

You can meet other people who may have skills you can use in your business. In addition, it will also help you find potential investors to get your business model off the ground. Once you start your business, your network can also support you by sending new customers.

 

Step 7: Build Your Business Slowly

It will allow you to learn and make adjustments before plunging headfirst into the business

Conclusion: The life of an entrepreneur is not always easy, but it is rewarding. So stop sitting on the sideline dreaming about becoming an entrepreneur and take the first step to achieve the life you’ve always wanted.

 

#advensys #advensysconseil #luxembourg #weareadvensys #performancematters #smallbusiness #finance #service #advisory #business #businessgrowth #strategy #entrepreneur #entrepreneurship #startup #businessowner #consulting  #motivation #success #marketing #setup #structure #leadership #luxembourgbusiness #strategies #entrepreneuriat #entreprise #consultant #succes #motivation #travail #artisan #formation #entrepriseluxembourg

Being an entrepreneur is a risky position, which can also prove to be very profitable.  If you want to be a successful entrepreneur, you are looking at the right article. Just follow these 7 steps and you will be on your way.   Step 1: Choose a unique idea Ask yourself, how can you make life easier for people with ...
business Business

What are the 5 P’s of Marketing?

The 5 P’s stand for Product, Price, Promotion, Place and People and they are known as the marketing mix. 

They are the key marketing factors used to position a business strategically. That way managers and directors can control the satisfaction of their clients in their target market, add value to their business and they can differentiate themselves from their competition. 

 

Product

The product indicates the product or service proposed by a business. To be exact, when talking about a product different variables need to be addressed such as the quality, function, packaging, appearance, warranty, etc. Explain the features, advantages and benefits of your products and services and how they specifically benefit your customers.

You’ll also need to find out how your product or service differs from your competitors .  Understanding how your product deals with your customers’ problem in a way that is different from your competition is necessary. Do some research to see what similar products are going for and how successful they are at different price ranges.

 

Price 

An important aspect of the price is having a favorable pricing strategy for products or services. You’ll need to be aware of how it will affect your clients. It doesn’t just mean the selling price but also the discounts, credit terms, payment deals or any other price-matching benefits given by the business.  Investigate to see what identical products are going for and how lucrative they are at different price ranges. This will help you to choose the way that you want to act with the pricing of your product as you’ll be able to market accordingly.

 

Promotion

How will you market your product or service? Promotion means the activities that make your business more popular and known for people. It can be for example sponsorships, advertising, public relations activities, etc. 

The costs for promotion can be quite high so you should definitely do some analysis when you’re doing promotional decisions. It is vital to understand the value of a client and if it is worth creating promotions to acquire them.

 

Place

Where will the product or service be sold, seen, made or distributed? Will you offer your product or service globally, locally, or regionally? You need to consider how reachable the product or service is and make sure that clients can easily find you. The product or service must be available to clients at the right time, at the right place, and in the right quantity.

 

People

One of the most important things is to have a good relationship with your customers and you’ll need to focus on giving the best customer experience. Make sure that your staff, salespeople and those who work for your business are well trained to give your clients the best service possible. 

The five Ps will help you concentrate on what you need to do in marketing, and also, give you tips when things aren’t working. If you make sure that these 5 concepts align and remain consistent with your overall goal and you will be sure to succeed.

 

#advensys #conseil #luxembourg #weareadvensys #performancematters #smallbusiness #service #advisory #business#businessgrowth #strategy

#entrepreneur #entrepreneurship #startup #businessowner #consulting #success #marketing #setup #structure #leadership #luxembourgbusiness

#strategies #entrepreneuriat #entreprise #consultant #succes #motivation #travail #entrepriseluxembourg

The 5 P’s stand for Product, Price, Promotion, Place and People and they are known as the marketing mix.  They are the key marketing factors used to position a business strategically. That way managers and directors can control the satisfaction of their clients in their target market, add value to their business and they can differentiate themselves from their competition.  ...
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