Launching a New Product Or Service – Things Two Types of Women Business Owners Should Consider

Launching a product is an important step in growing a business. If you’re already in the business of selling products, it’s an opportunity to expand into a new market. If your primary business is in services, offering a product is an opportunity to get beyond the “dollars for hours” trap and begin creating residual income. In either case, launching a product, or even a new service, takes time, forethought and a great deal of investment. And, while it’s exciting, it can be stressful, too.

A new study from Jane Out of the Box, an authority on women entrepreneurs, recently revealed there are five distinct types of women in business. Each of these five types has a unique approach to running a business-and as a consequence, each of them has a unique combination of characteristics and factors. This article profiles two important Jane “types” and the things they should keep in mind as they plan for (and launch) new products.

Jane Dough is an entrepreneur who enjoys running her business and makes good money. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women fall in the category of Jane Dough.

If you’re the Jane Dough type, chances are good you feel totally confident about this launch. You’re a big picture gal, and you probably believe this launch will benefit your business. But before you go ahead with it, here are some things to think about:

o Staying focused on the big picture means you may fail to truly analyze all the potential risks and benefits of your new product or service. Although you make good business decisions and are able to separate your business from your emotion, sometimes you move so fast you forget to consider all the angles.

o Have you adequately assessed your market? Do the parameters and features of price points associated with the product need to be tweaked? Are you reaching your target market with the right message? You’ve got plenty of business coming in and plenty of other plans in the works. That doesn’t mean you don’t need to yield to those caution signs. Slow down and analyze all the intricacies, colors and patterns that make up the big picture you love so much.

o What about the system around your launch? Have you taken the time to explain to your team what they need to do to make the launch a success? Having a system in place can prevent problems before they happen-and just thinking about that system can make you slow down enough to consider all the angles.

By taking the time to understand exactly how this new launch fits in-rather than staying focused on the big picture vision, and forging blindly ahead-you’ll be able to learn from possible mistakes before they happen.

Tenacity Jane is an entrepreneur with an undeniable passion for her business, and also one who tends to be struggling with cash flow. As a result, she’s working long hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest single Jane type.

If you’re the Tenacity Jane type, you’re no stranger to challenge. But that doesn’t mean you should create another one for yourself. Before launching a new product or service, ask yourself some questions:

o Is adding a product or service a smart business decision, or is it just something you just really want to do? Tenacity Janes tend to love what they’re doing so much, and want it so badly, that emotions sometimes get in the way. The deep and abiding faith you have in your business and in yourself as an entrepreneur is what keeps you going-but it won’t launch a new product and keep it off the ground.

o Is the timing good for adding another output for your business? For Tenacity Jane, finances are an issue. If this product launch fails, will it put you out of business? Is this a risk you can afford to take right now, or should you put it off until your business more stable? A product launch can boost your business-but it also can suck your resources dry.

o Have you done enough research and planning? For some Tenacity Janes, their business results from a great concept but a poor plan. For others, they have a great idea but no clue how to run a business. Make sure all your ducks are in a row before you launch a product. What if your product takes off? Are you equipped to handle a huge increase in business? Remember, if things go well, you’re going to be swamped with more work. And if they don’t, you’re going to be out a lot of money. Either way, you need to be prepared.

o Are you looking at this possible product launch as just another challenge? Well, it’s not! Launching a new product is a big deal. Make sure you’re giving it enough thought, time and attention. We know you’re familiar with struggles, but launching a product has the potential to take up even more of your time, use up even more of your money and cause even more desperation. Make sure you’re ready!

Each Jane presented here-Jane Dough and Tenacity Jane-has several things to consider before launching a new product or service. Each entrepreneur must decide whether this is the right thing to do for her business-and for herself. Because in the end, isn’t that what this is all about? Asking herself the right questions and thinking about the right issues will allow every Jane, when the time comes, to move boldly forward in the future.

Sell Your Products Through Online Videos

Video marketing is one of the more overlooked, yet still effective means of selling yourself and your products online and YouTube is the King of videos online. YouTube is the free video uploading/downloading service and the site sees millions of viewers a day; this represents an amazing cross section of people who can become potential customers for your business, if you can tap it. Video marketing also lets you access people you may not have been able to access before because a lot of people, for a variety of reasons, prefer video to other mediums of information. The trick of course is to create videos for your products that will go viral and be seen by as many people as possible.

The easiest way to do this is to simply turn your articles into videos. This is done by going over your article, highlighting the most important bits and then using a movie making program to create video out of your script. This allows you to not only talk about your products, but show them as well; something that is very appealing to many potential customers. If you are new to the video world, than this is likely your best chance for success because it’s easy to do, quick, and effective.

If you have a bit of experience, you can start creating more original videos, using script and more detailed effects such as different lighting, special effects and more music. These movies take more time, skill, and practice, but they are also more popular than the article to video ones because they are more eyecatching. Some of the best product videos in fact are something like trailers for movies; they entice the viewer with hints of things and then lead them through the end where you give your product as the solution to a problem. Cleverly done and with some work, they won’t even feel much like advertising, until the end of course and by then you’ll have the viewer hooked anyway.

You can also use video to do things like trailers and advertisements for your online store in general; you can create movies to talk about things like a product launch or the opening of your store and make people more interested in you that way. You can also create video blogs to talk about what you’re planning or just about your experiences in the online business world. Whatever you think will help to drum up interest in your online business can be turned into a video that can then be broadcast freely on YouTube.

Video marketing isn’t the easiest route to take, but it allows you tap into a wealth of customers that you may not have been able to reach before. It is also free advertising as videos can be uploaded freely to sites such as YouTube, meaning that all you have to commit is a bit of work. It’s well worth giving video marketing a try.

Below-The-Line Advertising – The Power of Promotional Products

Below-the-line advertising is a style of marketing where rather than using mass media, you connect with your target audience at a more one-to-one type of level. It can be exceptionally powerful because not only can it have a stronger impact and be directed at a carefully planned audience, but its effectiveness can be very easily quantified. Below-the-line advertising is also popular because you can execute these strategies yourself, without having to use an advertising agency and any media outlets, so it can cost significantly less than the “above-the-line” alternatives.One excellent device that can be used as a below-the-line advertising aid, is to get some promotional products made up. These can be almost anything, so you can come up with some really creative and novel promotional merchandise. Whether these promotional products are given away free as corporate gifts or whether they come with a purchase, branded bespoke products can be one of the most effective ways to get your brand seen and remembered.The key to using promotional products well is to do something that will really appeal to your target market. You can choose merchandise that is silly or funny to stick in people’s memories, or something really useful that is relevant to what you do – every time they use it they will see your logo, reaffirming the positive attachment to your brand in their minds. You can even have your gifts personalised if you are planning to send them to distinct people you really want to impress.Of course, one of the main reasons why promotional products work so well is that everybody likes to feel like they are getting something for free and somebody is more likely to like something they have been given as a gift than something they have paid for. It makes your customers feel like you as a business like and value them, and want to reward their loyalty. This can be used as a pure marketing gimmick, or as a way of temporarily driving up sales by offering the promotional items as free gifts with purchases. Giveaways can really help to launch a new product.Plenty of companies offer bespoke promotional products you can order, and this can often be done very cheaply. If you are short on ideas for what sort of items would compliment your brand as gifts then looking through some of their websites may inspire you towards the perfect choice of promotional gift.