How to Create your Own Product Line
We all love to use products from our favourite brands. Some of these brands are based on mass production principles while others are produced in small numbers and according to the needs of specific groups, even customised. The prices vary with the brand identity as well as the amount of personalisation of the product.
Starting a new product line and making it successful is by no means easy. It takes a lot of effort and the right decisions to get you moving forward and help you get noticed. The eventual aim of every business is to earn more and for that, you need a bigger market share.
If you want to start your own product line, get ready for some crazy work hours and utmost dedication to get your product line up and running and successful. It’s not an easy task but one that can be fulfilled with hard work and perseverance.
Instructions
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1
Select Your Line of Work
Choose the line of work in which you wish to offer your product line. It can be clothing, shoes, jackets, sports goods, food and what not. You must know the fields in which you can work and have enough experience to tackle with the basic and advanced needs of that industry. This needs serious thought and a clear head for you to make the right decision.
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2
Have the Capital
Launching a product line is by no means cheap. It requires a big investment and a good team. Even if you are launching your product line on a small scale, you should have a reasonably good amount of capital to be able to sustain in the initial phase before people start getting interested in your brand. If you are low on capital, you will have to raise more before you launch as you do not want to fail in the very start of your venture.
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3
Market Research
Once you have the idea of what you want to do and you have enough capital, the next stage is to conduct market research to see what kind of products people want and importantly, what they do not like about the similar products that they currently own. Hire professionals to conduct this research and try to follow all the feedback that you have gotten. Put special emphasis on not repeating the mistakes by other brands.
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4
Sales Channel
Setup a sales channel. It can be through your own outlet, selling though an online portal or selling it via retailers. It can be a combination of all three as well. You can also look into the idea of moving your product line via wholesalers or by directly going to the retailers or even to the end user. This is a crucial decision that must be carefully taken as it has long lasting effects.
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5
Promotion
Once you product line is up and running, get your products promoted. You can do this online, via new papers, local radio channels and TV channels as well as billboards. This is the part that will probably cost the most and a good effective promotion will do a world of good to your upcoming product line.
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