The Retail Jungle…where vision become real( part1)
The Retail Jungle…where vision become real( part1)
(Part 1)
So you’ve got a great Idea …
…and believe that it’s the next best thing since sliced bread!
One question…
What do we do now?
Welcome to the retail Jungle!
We need a compass and an idea of which direction to go first. How do you get your Vision to become real?
Let’s find out how much about our product we really know?
We need to fully understand our product, as well how it stacks up to the competition. We need to gather the right knowledge that will better equip us to prepare a business plan for the life of our product or product line.
A systematic approach is very important;
You need to maintain a degree of separation from your idea/product.
I have worked with clients that have become so attached with a concept of where they think their product lives, that they become “pregnant” with that idea to the exclusion of all else and lose the big picture. They are literally so singularly focused that they have tunnel vision. “I see my product as such and such…” but after exploring the market you may find that your product may fit better in another totally different market! We must remember to remain flexible.
You have to retain an objective point of view.
It’s time to educate ourselves about products and how they measure up in the Retail Jungle. You will be surprised at what you’ll learn.
When we’re looking at the big picture, we first need to think about is a viability report, this will help decide the direction to take, when to put the breaks on and when to go full steam ahead! This will help us get a birds eye view of the landscape, see what’s already out there, who are our competitors, is the market saturated with similar products or are we the only one. What are the market price points? How will we fit in? How is our product similar, or dissimilar, in what ways does it stand out? Can we compete, or are we out of their league! What makes our product so different that people will want to buy? What magical quality does our concept have?
Now I am not talking about just visiting a store, we need to compile as much information as possible so that when we read it we have a great snapshot of our product and the market which we are about to play in.
Whichever firm you chose to work with, your report needs to be concise and as thorough as possible, and then we can begin the process of moving (you) the stakeholder from the Idea stage through to building a prototype right through to manufacturing. We need to have the strategic suppliers in position that can be on board from the moment pencil hits paper.
Otherwise more often than not we will have a design concept that looks great, but will be unmarketable because manufacturing cannot produce at a reasonable cost, if they can produce at all. Now we’re back at the beginning asking ourselves what do we do now!
There is nothing worse than have a great looking concept, but no one who can produce it at a profit making price point.
This is worse than having no design at all.
You need answers about your target market, your promotional plan, as well as time line to shelf.
We need to develop a working prototype for presentation, feasibility, and manufacturing sourcing.
We need to assemble a comprehensive business plan to target our retail outlets.
Don’t forget about packaging we also need to develop a plan for packaging. This also needs to meet all the previous criteria, and should be developed in parallel. The look and style of our packaging needs to fit in the target market to communicate our message effectively. Size in ratio to competition needs to be factored in so as to offer a higher than perceived market value!
Create,innovate; products and packaging that sells!
Next time …. What the Retail Jungle eats for breakfast!
The Retail Junglewhere vision become real part1 - To learn more about this author, visit Anthony Testa's Website.
Like this article? Share it with your friends
The Retail Jungle…where vision become real
(Part 1)
So you’ve got a great Idea …
…and believe that it’s the next best thing since sliced bread!
One question…
What do we do now?
Welcome to the retail Jungle!
We need a compass and an idea of which direction to go first. How do you get your Vision to become real?
Let’s find out how much about our product we really know?
We need to fully understand our product, as well how it stacks up to the competition. We need to gather the right knowledge that will better equip us to prepare a business plan for the life of our product or product line.
A systematic approach is very important;
You need to maintain a degree of separation from your idea/product.
I have worked with clients that have become so attached with a concept of where they think their product lives, that they become “pregnant” with that idea to the exclusion of all else and lose the big picture. They are literally so singularly focused that they have tunnel vision. “I see my product as such and such…” but after exploring the market you may find that your product may fit better in another totally different market! We must remember to remain flexible.
You have to retain an objective point of view.
It’s time to educate ourselves about products and how they measure up in the Retail Jungle. You will be surprised at what you’ll learn.
When we’re looking at the big picture, we first need to think about is a viability report, this will help decide the direction to take, when to put the breaks on and when to go full steam ahead! This will help us get a birds eye view of the landscape, see what’s already out there, who are our competitors, is the market saturated with similar products or are we the only one. What are the market price points? How will we fit in? How is our product similar, or dissimilar, in what ways does it stand out? Can we compete, or are we out of their league! What makes our product so different that people will want to buy? What magical quality does our concept have?
Now I am not talking about just visiting a store, we need to compile as much information as possible so that when we read it we have a great snapshot of our product and the market which we are about to play in.
Whichever firm you chose to work with, your report needs to be concise and as thorough as possible, and then we can begin the process of moving (you) the stakeholder from the Idea stage through to building a prototype right through to manufacturing. We need to have the strategic suppliers in position that can be on board from the moment pencil hits paper.
Otherwise more often than not we will have a design concept that looks great, but will be unmarketable because manufacturing cannot produce at a reasonable cost, if they can produce at all. Now we’re back at the beginning asking ourselves what do we do now!
There is nothing worse than have a great looking concept, but no one who can produce it at a profit making price point.
This is worse than having no design at all.
You need answers about your target market, your promotional plan, as well as time line to shelf.
We need to develop a working prototype for presentation, feasibility, and manufacturing sourcing.
We need to assemble a comprehensive business plan to target our retail outlets.
Don’t forget about packaging we also need to develop a plan for packaging. This also needs to meet all the previous criteria, and should be developed in parallel. The look and style of our packaging needs to fit in the target market to communicate our message effectively. Size in ratio to competition needs to be factored in so as to offer a higher than perceived market value!
Create,innovate; products and packaging that sells!
Next time …. What the Retail Jungle eats for breakfast!
The Retail Junglewhere vision become real part1 - To learn more about this author, visit Anthony Testa's Website.
Like this article? Share it with your friends
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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