The lure of making money online draws many people towards it. While some succeed, most of the people end up just making their ends meet and in worst cases losing all their invested money. There are many business that you can start online and can make you some money. But your focus should be starting a venture through which you can earn a sustainable income and your business should grow with the passage of time.
First of all, think of a product that you can create that has a value. Many people tried to replicate the success of iPod when it became a huge phenomenon after its initial release in 2001. With more than 390 million units sold so far, it ranks among the greatest and most popular consumer products of the last 2 decades. But can you name 3 more such products which tasted such success? Or even half of it? I seriously doubt. That’s because not just replicating a successful product will get you the desired result each time. So what’s the formula of success? Let us discuss this aspect now.
The Perfect Recipe for Sure-Shot Success
While there is no formula/recipe for making a hit product every time, there are few factors that you must keep in mind that are necessary for ultimate success. First of all, by just merely putting up a product won’t get you the success in any case. These days until a product is termed as a brand by its target market, chances are slim for its success. Take the example of iPod again. There were some MP3 players available in the market even before iPod but they couldn’t replicate the success of iPod. Why? Let me give you a detailed analysis.
We all know that Apple launched iPod with some unique features that caught the fancy of everyone. But as iPod was termed as a brand in the initial few days of its launch, it got the publicity it needed to become the market leader in its category. And it ruled the market for many years until MP3 players were replaced by Cell phones and Smartphones having the ability to store large amount of music files. iPod was a phenomenon and each new product needs such a bright idea to make sure it can replicate the success of all-time great gadgets. That’s why you need the support from a branding company to turn your product into a household name.
Why Branding is Important?
There are several aspects within the bigger branding umbrella that makes a product standout. If you are venturing into the business world just to make money, you are trying to enter a wrong place. Without making sure you are selling a brand to your potential customers, chances are slim for your success. In the following paragraphs, I am about to discuss some key points briefly so that you can get to know why branding matters and what constitutes it.
It is simply following some marketing and communication methods to make a product distinguished from all the others in its particular category. This creates a lasting impression in the minds of the customers.
It refers to the extent to which customers are able to recall or recognize a brand. It is directly related to a prospective customer’s decision to buy a particular product.
It is defined as the positive feeling towards a brand and its users’ dedication to purchase. In extreme cases, it results in customers recommending the product to their social circle.
Start Producing a Brand, not Just a Product
While most of us don’t know exactly how to start a company right from the scratch, we do have an idea that how difficult this whole process is. But starting your business with an aim in mind to produce a brand and make it a recognizable one is the way to go. A brilliantly designed logo depicting your company’s philosophy is the one to go. A different logo for your product is not out of question. That’s why your initial search must include companies offering logo design solutions to newly established companies like yours.
I am sure you are now aware of how important branding is for a product, especially if it is a new one. If you want to compete in the market, you need all the knowledge about this aspect to make your new venture a success.
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