Entrepreneurship 101: Pricing, Build Awareness, Create Your Business
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The story of your brand is what you’re going to want to tell people when you’re making your product. The more open you’re willing to be about who you are and what you stand for, the more likely it that people will relate to you and therefore your product.
Ask yourself, where are you gonna get the most awareness in priority? Is there a podcast that is going to speak directly to your customers? Is there a tv show that you could aspire to be on? Is there a certain platform that you would want to be featured on? Make a list of it.
Use humor and speak to the customer, not at the customer. Talk to the customer like you are at dinner with your friends, don’t give a marketing speak.
Don’t feel like you have to try to act like the experts and put all sophisticated language and polish on things. Just say “here it’s what this is and here’s why it’s your best option.” You have to be super vulnerable.
Use your packaging to stand out. Every part of your packaging is an opportunity to make your customer smile.
Think about what it feels like to open a beautifully wrapped gift: The paper, bow, and presentation can be as delightful as whatever is inside. That’s the note you want to hit with your packaging.
Spending time in the stores where your product lives not only will let you pull sneaky marketing maneuvers, it also will let you learn directly from customers about what’s missing in your market.
If you do a sales day presentation, invite your friends to stop by and stand next to you and act interested. Because if you stand there by yourself all day next to your cardboard table and no one’s there, people are much more apt to pass you by. Instead, if there are two or three people looking like they are interested it draws attention.
There’s a lot of types of filters you can think about when you’re figuring out what to post on your socials. I’m not talking about the usual filters, I’m talking about some questions that will help you shape your content, will it make people feel good? will it cause people to laugh or smile? will it make viewers learn something? will it help someone?
If the answer is no to just the first one, then that should be enough to keep you from posting it. You want people to associate your brand with positive thoughts.
It’s all about the four P’s: product, price, placement, positioning. You might have an amazing product, but it’s not going to sell if you don’t put it on the market for the right price. So the four P’s means that the product must be the right one, the price will depend on the product, placement it’s about the distribution of it, and positioning it’s all about naming and the packaging.
When you think about your own product, do you think of it as premium? Mid-tier? Value-based? Determining this will help you price it properly and position it on the market,
Keep in mind that perceived value often has little to do with your product’s price, it really hinges on whether you can convince customers that your product can and will satisfy their personal needs. Some ways you can play with perceived value:
When you’re creating your brand, you have to be very clear on where you want to show up in the marketplace.
You have to figure out:
Be careful about timing when you go to the highest tier and eventually to the middle tier. Protect the pricing in the middle tier because the middle tier likes to do a lot of sales more so than the premium level.
As long as you keep the integrity and that’s part of the arrangement you should be ok at being able to preserve the relationship at the premium level with the customer, the buyers, the accounts. Don’t compromise with the price.
Consider sales as a strategic tool, not a default mechanism. A lot of brands and companies use sales to drive volume and to drive the business and it’s not healthy.
Look up products similar to yours and record their prices. Divide those prices by five to determine how much it may have cost to manufacture those items. Do the math for all the products you looked up to give you a sense of the difference between your possible manufacturing costs and sales costs.
When you’re just starting to build a business, the first people you hire are the face of the company almost as much as you are, so take care in choosing them.
There are two types of people you have to fire: One will support your bench strength and your lanes, and the other will completely fill the voids.
Hire people with a good sense of humor and don’t get offended too easily. Look for people who have a positive attitude and some experience, who care the most, who share values about the brand mission.
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