1st key to small business success – Creation of a flagship product
Nowadays, the increasingly saturated market has changed the face of competition from brutal to throat-cutting. In order for small enterprises to stay afloat, small businesses need to occupy a territory of their own, establishing their market position as soon as possible.
Your business success stories lie in your flagship product
There is no doubt that product innovation underpins the successes of most businesses. Particularly in small enterprise development, taking into account limited resources, to break through the current competitive market, it’s patently obvious that creation of a flagship product like Samsung Galaxy S III or iPhone 5 becomes more important than ever before.
With limited resources, the barriers to small businesses success include lack of experience, human resources and most importantly funds. If you cannot quickly open up your own territory, opponents will easily drive you to the verge of quitting the market altogether. Therefore, it is crucial to find a shortcut to success.
Oversupply of products and market saturation
Today’s market is not a commodity-scarce era, in fact the supply far exceeds the demand. The biggest problem encountered by consumers is no longer getting access to products, but to choose which products that provide the greatest value. If your products do not stand out among the crowd, for instance, no obvious benefits or advantages compared to other competitors or lack of their own distinct characteristics, even if you spend every single penny left on advertising, you might not see the results as much as you would like.
A flagship product, with obvious signs of innovation compared to rival products, will ensure its competitive edge in the current saturated market. In small businesses, if the scanty resources are not well dispersed, this may result in many aspects failing to do well. Start a new business – The precious resources, I mean time, funds, staff, talents etc need to concentrate on a specific area to make a breakthrough. Having said that, selecting which products to focus on is very demanding.
Why do I need a flagship product?
To find out the shortcut to small businesses success, the main hindrance is the lack of monetary funds, which are essential for marketing. As a result, competing with other products with high cost marketing is not feasible. Nevertheless, putting the right product on shelves is different.
- Creating a competitive flagship product does not necessarily take a lot of money. However, it does take a lot of effort and time.
Bear in mind that if the product is superior, Start a new business
- A flagship product that is unique to your company holds great significance to your entire product line. If the ‘super’ product is among the best in your market, there will definitely be people willing to buy your products. Not only will your exclusive flagship product bring success in your small business, but also increase the sales of other related products.
- Having a wide range of products without a single one that can separate your company from other competitors will not bring you great success that you can potentially achieve. This is because, more often than not, your customers will easily switch to other alternatives which offer slightly lower prices.
Features of your potential flagship product
First of all, Identify the product with the greatest potential which can provide great value to your customers. Ideally, they have many distinct features that other competitors are lacking or any technology which is exclusive to your brand. For instance, Nike storm-fit fabric or Adidas clima cool clothing.
Higher price tag
Secondly, they should be some higher end product, meaning a higher price tag. As a result, you can scale your earnings better than your other products when the sales are good.
Apart from that, what you want the most is repeating customers who will keep buying your products like your faithful dog. However, brand loyalty is not easy to establish. In order to get repeat customers, you have to ensure your product keeps well with current competition. You should be able to launch new generations of your flagship product with regard to time. Everybody knows Samsung Galaxy S II or III, but does anybody care about the Samsung Galaxy S I? Apparently, people are attracted to products with some number attached to them as they create the false impression of good product sales of previous versions.