Business Planning – Tips for Successfully Running a Dropshipping Business

If you ask any successful internet marketer, or search the many forums and websites, you will soon discover that they all agree on two points. Firstly, ensure that you are using the services of a reliable and well established dropshipping company. This is vital and cannot be stressed enough. Put yourself in the other persons shoe’s as they come to your website and order a product that they want. Rather than wait a day or two for it to arrive, they receive an out-of-stock notice, which, as far as they are concerned, you should have sent this as soon as they placed the order. As a result they are not very impressed with the service provided by your website. Do you think they will return and buy from you again? Would you? Making sure you sign to the services of a good dropshipping company is paramount, not only to their success, but to yours as well.

Secondly, as you research your supplies, research your market as well. Understanding the buying habits of the general public can have a dramatic effect on the success of any market. Look at your competition and their prices, achieving a good profit margin can be acquired by either selling luxury, high cost goods but with few sales, or cheaper products with a lower profit but sold in greater volume. Understanding the economics and geography of your target market can tip the balance between making a few sales, and becoming an on-line entrepreneur.

People are becoming more and more critical of the internet, and websites particularly. With the rise in popularity of cheap hosting and easy to build websites, the design can often be a deciding factor in whether or not that person buys the product they are searching for from you, or the next website they visit. Many people get into the habit of installing as many flashing banners on their sites and web pages in the belief that all the flashing colors and lights will attract them to buy. In fact, recent studies have shown that this actually deters would-be buyers as they feel too distracted to read the reviews or product descriptions placed around these adverts.

Choosing the right Dropshipping supplier, together with a well-built and thought-out website, advertising the right products, to the right people, at the right time will ultimately lead to a successful career as an on-line entrepreneur and internet marketer. If these are your dreams and ambitions visit our website today and find out more about how to be a successful dropshipper.

5 Fatal Errors of New Product Development

Successful new product development is key to a healthy manufacturing business, but typically only about 30% of products launched onto the market actually deliver the returns that were expected of them.

So I want to take you through the 5 top mistakes which I see made time after time again, not just by small and medium sized manufacturers, but large global players as well. The difference is that the global players tend to be able to ride out their mistakes and disguise them more easily than organisations with less cash to throw away.

So here they are:

1. Failing to have a strategic plan for the future

New product development is all about creating the future. Designers and engineers work in the future all the time, so it makes sense that if the designers and engineers are to have a place to aim for, then there needs to be a strategic plan which will lead the way for future product developments.

2. Developing a product where the technology is not ready for launch

Using new technology is always a good way to keep the competition at bay, but if the technology is not fully developed or even if it is well established but new to your company, then it is likely to be high risk. There are so many things that can go wrong in these situations and they will, more often than not, result in the project going significantly over budget and missing the intended launch date.

3. Over-estimating the sales volumes

It is easy to get caught up in the excitement of a new project or idea, but it is essential to remain objective at the early stages in order to ensure that the right resources are spent on the most appropriate opportunities. Over estimating the sales volumes can be more dangerous than under estimating them.

4. Developing a product for wrong market time

Products are often developed in response to the demands of the current market. However, unless the product development process is very fast, it is likely that the market will be demanding different products by the time your product has reached the market.

5. Trying to be all things for all people

This is normally brought about by manufacturers who really don’t understand their market well enough to be able to segment and target specific market groups. Adding features simply because competitors have them is rarely a good idea and typically features do not always translate into customer benefits anyway.

Perhaps you recognise some of these errors from past projects, but have a look at your new products which are currently undergoing development and check that you are not making the same mistakes again.

Enjoy the opportunity!

How to Sustain Profits by Creating New Products and Services Related to Your Business

One of the most important ways to sustain profits in your niche-related business is to create new products and service that your targeted audience will be eager to buy. You can accomplish this in a number of ways.

The most obvious is the new product launch. If you know your niche well, chances are you should have a pretty good idea of what they really need and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell.

If you are not sure, take the time to survey the people on your email list/s or poll them at Facebook to ask which options they would find most useful. Let them pick from a range of choices. The answers may surprise you. They will certain stop you from wasting a lot of time and effort and perhaps money creating product A when they are really eager to get their hands on product E.

In terms of launching the product, have a soft launch and a hard launch. The soft launch should be to those in your inner circle. They can get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to deliver them, send in reviews, and ask questions.

Let your Joint Venture partners know that the new product has arrived and let them have first look as well. Ask them for feedback so your product will be attractive to their audience as well.

Once you are sure your product is as good as it can be at the correct price point for your niche audience, then you can widen your audience through your hard launch. Offer a free webinar, guest blog, have your JV partners interview you and promote the product, and more.

Webinars can prove very useful for product creation. Record each session and offer it as paid product or promotional item. Have a transcript made to sell as is. Turn it into a free ecourse, special report, or an e-book of insider secrets. If you interact with the audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.

If you have a lot of content at your site or blog, consider putting e-books together by topics. How to titles are extremely attractive to most audiences. Consider different levels of learners in your niche, such as beginners, intermediates, and advanced students. You can present information in a sequential way, or go into more depth for those beyond beginner level.

Look at what your competitors are selling, and at what price points. In this case you have 2 choices. Charge less and give the same type of information, or charge more due to your expertise and the excellent bundle you will be offering.

Bundling works for all paid products. Again, you have 2 choices. You can sell one main product and bundle a range of very attractive bonuses together, such as worksheets, hand-outs, templates, infographics and more. Or you can group 2 of your most popular products and services together to create an all new offer that your niche market will be eager to buy. Add some fabulous bonuses on top of that and see how much profit you can make from your niche-related products and services.

3 Tips for Setting a Price for Your Product or Service

Trying to set a price for a product can be awkward if you don’t really know where your product fits within the market. Before you can justify a price tag, you need to understand your product completely. Given below are three simple tips to help you price your products better.

Market the product as exclusive so you can capitalize on upper class or high end sales. People are willing to pay more if they believe it puts them in a more exclusive group. People that belong to this elite crowd won’t mind paying a higher price just to remain exclusive. One option to consider is offering a full featured product at a higher price point and a “lite” version that offers fewer features and/or services. This option offers the emotional fulfillment of getting a little bit more to those who have the “elite” mindset. People in your target market will find this particular psychological trigger hard to resist. This is a tactic that doesn’t suit all products on the market but it is very applicable to many of them. Be alert for new products being released within your niche. There will always be marketers on the search for new niches to exploit. You have to keep an out for anyone that’s launching out a product because you obviously don’t want their price to affect your sales. It’s easy to do this with a simply Google Alert or even by subscribing to your competitor’s newsletter or blog to help keep you up to date on their offers. Competition is a good thing in any industry, but don’t let them stop you from improving your own offers.

Last but not the least; keep an eye on the competition and find what kind of special deals/discounts they are having and on which days. This gives you a chance to tweak your own offer to make sure yours is a better deal. If you watch what your competitors are doing with their strategy you have a clearer idea what you need to do to continue standing out from the crowd.

You should be learning from their strategy and then using the information to enhance your own marketing efforts. If you ignore this simple tip, you risk giving your competitors the edge over you, so stay ahead of them whenever possible and offer better value. Now you can see why setting the right price is so important for your product. Changes in price are simply ineffective when it comes to boosting sales. It’s best to set the right price from the start if you want to enjoy greater overall profits.