Things That Entrepreneurs Should Know

February 17, 2010 at 12:44 pm

If there was a business manual for beginning entrepreneurs, there would be several sections in it, concerning the treatment of customers, product, moving product, and how to advertize the product successfully. There would also be a section of the manual for things that need to be remembered when trying to market new products. The following are a few of those things.

First, the price of the product should be interesting enough to customers to make them want to check out the site and your price. Remember your competition knows this too, and will be trying to have the lowest price, plus there is always eBay and Craigslist to compete with, although their quality of product cannot be guaranteed. Also remember that bad mouthing the competition will not get you very far with customers so having a banner that says something like: “Better than a yard sale or eBay.” most likely is not the smartest idea. The price also needs to be reasonable enough to keep your web site in business and not losing money. You are trying to sell products, not give them away, and so make sure you will make enough money to keep your business running, but do it respectfully.

Second, coupons are a favorite thing recently. With the recession smacking most customers in wallet and coffee pot, it is encouraging to see web sites which understand this and cater to that specific need. It may be something simple like free shipping or 15 percent off, but that is still 15 to 20 dollars that the customer can save and spend on the outrageous price of gas. It can even be something like what Fantastic Sam’s and Blimpies does, with their punch cards. The customer buys a certain amount of hair cuts or sub sandwiches at the normal price and they get one free. It is usually buy 9 at the regular price and number 10 is free. It may only save 5 to 15 dollars every other month, but it is enough to keep a number of customers coming back because it makes them feel like these shops understand how tight money is now, and they respect that.

Third, samples are also very popular now, not only because of the recession, but also because many customers do not want to purchase something new and end up hating it when they get it home. If they can get a little bit of it to decide whether they like it or not, they will be more willing to try it and maybe even buy it, even if it is not their first choice. Hospitals do this often with new mothers and formula because they know that it is very expensive. It is also an expensive lesson if a mother buys a $25 can of Enfamil and the baby is allergic to it and needs Similac, or vice versa. The fact that the hospital starts the baby on formula, if the mother requests it, helps everyone involved understand what the baby needs, and if there are allergies, they usually show up then, allowing the mother to save time and money.

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Entry filed under: Business.

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