Update (Oct 28, 2013): I just found this great online course on Market Research for Small Business/Entrepreneurs. Best part, it’s FREE. A definite must see: http://premium.docstoc.com/c/77/ch/483/l/1967/Welcome-to-the-Course ——— Romy and I have mentioned many times the importance of talking to consumers (not friends and family) and doing your market research. Market research informs decisions on product development, packaging,… Continue reading TIPS: Market Research on the Cheap
By Vanessa Ting For a buyer, the ideal situation is one in which a manufacturer has one hero SKU with a strong sales history. But in addition, that manufacturer would ideally have a line of other products in the pipeline ready to ship once a buyer agrees to add new SKUs of your brand. One… Continue reading FROM THE BUYER’S PERSPECTIVE: DO I NEED A PRODUCT LINE OR IS ONE PRODUCT ENOUGH?
One product is enough. A product line makes it easier. No one wants to hear from a retailer about vendor rationalization (in other words, limiting the number of vendors a retailer will work with). However, it’s a reality and one that us one product companies face. Put yourself in the retailer’s shoes: they… Continue reading From the Entrepreneur’s Perspective: Do I need a product line or is one product enough?
Hi entrepreneurs! I am coming to you today with a request to help me, AND I have some info to share with you about a grant that you may wish to apply for! Psi Health Solutions, Inc., the maker of Psi Bands, has applied for CHASE and LivingSocial’s™ Small Business Grant program. In order for our application even to… Continue reading Psi Bands “Travel Well” with $250K! + Huggies MomInspired Grant
By Vanessa Ting You are ready to pitch to your first retailer when you can say “I’ve done it!” to the following: You have conducted market research with potential users and retailers to qualify the concept, price, product and packaging. Potential users should consist of more than just your friends and family. You want objectivity! Your… Continue reading FROM THE BUYER’S PERSPECTIVE: HOW DO I KNOW IF I’M READY TO PITCH TO A BUYER OR MOVE MY BIZ TO THE NEXT LEVEL?