Tips on Creating an Innovative Product Business Plan

Starting a company regardless of size is no easy task because of the numerous process you have to undergo and the stiff competition in the market. To become successful in your endeavor, there is a need for you to study and to understand the services and products you sell. You have to assess if your products and services rightfully suit the target niche you have chosen. Apart from these factors, you must also define your objectives and goals and your set of dynamic actions clearly. These are important to assess what factors that influences your market niche.

Listed below are seven great tricks to create an innovative business strategy:

1. Come up with a strategic plan.

You need to formulate and to establish your profit figures and break-even analysis as your first step. As you know, these two factors are vital for majority of small business enterprises because it affects their business plan and their revenue as well. Creating a business plan enables you to know what your forecasted start-up costs are and what are your marketing tactics. If you fail to create the projected figures, you will not be able to work and to achieve them in reality.

2. Research before you buy.

Before you buy anything or before you decide to launch any products or services, you have to do your share of research to know its feasibility in your target market. Be sure to assess well the demographics so you will find the right product or services for your company.

3. Obtaining proper training.

Before you create your own business plan, it is vital for you to ask training or coaching from experts to avoid flaws and errors. Remember that your business plan is your compass, thus it is important for you to have one which is free from errors and any form of blunders. You can always hire a business consultant to teach you ways on how to create an effective business plan.

4. Find a niche market.

You must determine your customer base or your market niche. Failure to do so will result to failure and business losses. If you are selling a women’s cosmetics, then your target market will be women of different age brackets. If you sell these products to men, for sure, it will fail and will not achieve your desire profit figures.

5. Constant improvement.

You need to very carefully monitor business performance when it comes to revenue, profit, customer satisfaction and many more. Remember that the industry is full of competitors, thus it is important that you continuously improve and enhance your products and services to achieve an edge over rivals.

6. Marketing and advertising.

After you have establish a feasible product and services and located your target market. It is time for you to formulate and to plan an effective advertising and marketing strategies. You also have to establish you much money you can afford for this purpose. Assess what medium to use in promoting your products and services. Do you want to use the radio, television or newspapers in your marketing efforts? Remember to use every opportunity and to use different medias when advertising your products and services.

7. Put clients first.

Take care of your customer very well. Make customers feel that they are well cared for and important to you. Bear in mind that majority of consumer preferred companies who value them most.

There you have the seven suggestions for a business strategy. It is a never-ending learning experience but it comes easier along the way.

Ebooks – How to Start an Information Product Business During Hard Times

If you are trying to get an eBook business of the ground during a tough economy, or you are having financial trouble yourself, here are a few tips that you can use to get your business selling more products quicker. Read on to find out more.

A few years ago, it was quite easy to sell ebooks and information products. The market was not saturated and there were plenty of places that you become a niche leader. People had a ton of extra money to spend and times were good. Now, they are not as easy sailing. You may be experiencing a downturn yourself.

In order to have a successful eBook business, you obviously have to sell something. In order to move your products quicker you need more eyeballs and better copywriting. In order to get more people looking at what you have to say, you have to get your name out there and no one is going to do that for you.

Create a unique solution to something that you have experienced with a hobby or job with which you are an expert. Type up the document and create a locked PDF file so that it can’t altered. You will need a web site and credit card acceptance through a provider. Create a look that is user-friendly, but different than everyone else at the same time.

Post articles on popular sites. Reply frequently in blog posts to get your name out there. Network with like-minded people in your industry, maybe sharing email lists with each other, but never competing directly with each other. Content is king. The more content you put out into cyberspace about your topic, the more your name is going to come up in each particular niche.

Another thing to make sure that you have covered is a product that people want. There are way too many eBook entrepreneurs out there that spent month to years making a product and created something that no one wanted. Go for the customer’s wants, not their needs. A person may need a homeopathic cure for carpet stains, but they don’t want it. They want ways to get thin, look pretty,. make money, and be popular.

Try and make your advertising budget stretch as far as possible. Barter for ad space on other web sites. Focus on frequency of your advertising instead of trying to be in many places only one time. Respond quickly to your customers, showing them that there is a live person on the other end of the business.

Video Production Business Tip – Distractions You May Encounter in Your Video Business

The longer I’ve been in business, the more ways I find there are to get distracted. There seems to be another business opportunity around every corner or at the very least, other ways to run my video production company that excite me but I know, from experience, won’t do a damn thing to move me forward.

Michael and I call these “squirrel” moments when things pop up that cause us to want to change the way we do business even though we have a proven method for growth. Being hard core entrepreneurs, we are always open to new things and the very second we see something that might benefit the company, we attempt to make it part of our process. Then, if we’re lucky, the other one will recognize it for what it is and start yelling “SQUIRREL!!” while running crazy around the room so the other will snap out of it and stay focused on the plan.

As it relates to my video production company, any time I’m faced with an opportunity that I’m excited about exploring, I first ask myself, “What’s that have to do with the price of eggs in China?” This is my way of asking, “How does this work with my business model and how is it relevant to my overall goals?”

If the opportunity will help me move forward, I’ll take the next step. If not, I try to drop it as fast as possible so it doesn’t cause a distraction that can cause me to be less productive… and less profitable.

Here are a couple examples of “squirrel opportunities” you should probably avoid…

EXAMPLE ONE: You do pretty well or at least okay as a wedding filmmaker but a buddy of yours approaches you about a new concept for a hunting show that will air on a network. You think it’s a great idea so you agree to produce the first couple of episodes. After spending days of shooting and weeks or even months in the edit suite to finish the episodes, you realize that your buddy doesn’t know anything about how to get the show on the air.

The only logical next step is for you to figure out how to pitch the show so your efforts up to this point haven’t been a complete waste of time. After careful research and several meetings with TV executives, you learn that getting a show on the air is next to impossible and even if you are successful, the money just isn’t there unless you get extremely lucky. 6 months to a year later, you are back where you were before except your wedding video sales are down 50% and your spouse is not happy that you are a month or two behind on all your bills.

EXAMPLE TWO: You are making pretty good money providing standard corporate video production services when you meet up with a person who has a passion for international ministry work. He just spent a month in Liberia and is determined to do something to help the people in a small village there learn how to become micro-entrepreneurs so they can live a better life. He approaches you about going with him back to Liberia to shoot and edit a documentary that can be used to raise funds and support from businesses and philanthropists back in the United States.

The opportunity to shoot a documentary in Africa gets you so excited that you fail to realize that the person you are dealing with has no way of paying for your trip and it will be completely up to you to either pay your own way or raise the funds. Since you’ve already “sold” yourself on doing the project, you become committed to doing whatever possible to raise the money including learning how to write grants, meeting with non-profit organizations to learn about other funding sources, etc.

Before you know it, it’s time to take the trip that your friend has already scheduled and you still don’t have any or all of the money needed to make it happen. At this point, you have to either kill the deal which means the last several months of research, meetings, etc. are completely lost or you have to reach into your own pockets (savings account or credit card) to pay your way so you can keep the project going.

No matter which way this scenario goes, your core business (corporate video production services) will suffer. If you decide to not go on the trip, you will be playing catch up for all the time you weren’t marketing, selling and producing. If you do go, you’ll be away from your core business even longer which will make it very hard to get back on track when you return. Imagine how much editing you’ll have to do after shooting non-stop for a week in Liberia! It will take months to get back to where you were before this journey began so you have to ask yourself, “Is it worth it?”

Let me be clear on something. I’m not saying that you shouldn’t take on projects that are good for your community or that help fuel your passion for things that don’t have anything to do with making money.

What I am saying is that your job, first and foremost, is to run a successful business so you can take care of yourself and your family. Until you have mastered how to run your business in a way that accomplishes that goal, you have to be VERY careful not to let distractions cause you to fail.

Video Production Business Tip – Ways to Promote Your Video Business

I’m going to make this post short and sweet but with enough gun powder to punch you right in the face. The bottom line is that if you don’t have any idea how you are going to promote your video production company today, you better figure it out. Your competitors are thinking right now about how to make their dreams come true and they might even be reading this post the same time you are.

Whenever you are stuck trying to figure out what you can do to promote your video production services, reference this list and pick one, or many and make it happen!

1. Go through all the proposals/quotes you submitted last year but didn’t win and send an email to those prospects asking if there are any other projects you can help them with.

2. Log in to your social media account and invite one of your connections who are either a customer, prospect or potential referral partner to lunch or coffee.

3. Post a quick update to your personal account or company Fan Page that talks about something new you are doing with your company, features a recent project with link to view it or just asks a question like “How many of you use video in your marketing efforts and how does it work for you?” You might not get a ton of feedback but all it takes is one who is interested in your services to make a difference.

4. Think about a project that would absolutely knock it out of the park for you (and your client) and send a brief email that pitches it in a paragraph or less. Then ask if they’d like to meet to explore it further. I just did this about a week ago and already have things moving into place that can result in hundreds of thousands of dollars in new revenue if it works out.

5. Reach out to another videographer and/or video business owner in your area and invite them to lunch or coffee. Take the approach of “I know there is more work than either one of us can handle alone so I’m hoping we can build a relationship that enables us to share resources, refer business to each other, etc.” Short-sighted people will deny your request. People who “get it” will absolutely take you up on the offer to meet. Our competitors can be a great resource for new business, freelance work and low or no cost resources.

6. Call your best customers and thank them for their business. “Hi Mr. Customer, I know you are busy but I just wanted to call and say thanks again for choosing us to produce your marketing video last year. We are very proud of it and hope that it’s getting the results you need to be successful. Please let me know if there is anything else I can do to help.”

7. Think about the top 10 people you’d love to have as a client, do some research to find their work email address, and send an email that asks if you can meet with them for a few minutes to discuss your ideas for (fill in the blank), etc. A lot of people won’t return your emails, others will decline your offer, but a few will say “sure, what time works best for you.” That’s when things start to happen for your business.

So here’s the deal… I just gave you 7 ways to move your video business forward RIGHT NOW! If you don’t take action today, there’s no one else left in which to point the finger.