By Ted Karkus CEO, ProPhase Labs, makers of Cold-EEZE Cold Remedy®
When you become the CEO of a major company and inherit a brand that has been in decline for several years, the first goal is to figure out how to improve the product and improve the packaging. This can be accomplished with consumer research. The next goal is to create an effective message to persuade potential consumers to try your products. With a limited marketing budget, you must develop a media campaign to distribute this message efficiently to as many target consumers as possible. You may also want to consider traveling the country, meeting with national retailers to introduce them to your future plans on how you will grow the brand. This may lead to improved shelf space that prominently displays your brand which is critical to success. The net result: a growth in sales.
In order to compete effectively, one should follow a few simple rules:
1) Listen to your consumers. First and foremost, understanding your target consumer should be your first priority. By knowing your consumers, you are better able to create a product that addresses their needs and solves their problems. You should have constant communication with your loyal fans via social media and consumer-focused events. Additionally, when a consumer emails their feedback about your brand, you should personally read and respond to each consumer’s question and/or feedback. You not only want them to know that you are there to help, but also take their feedback into serious consideration when improving your current products and developing new products. Consumer feedback is one of the most helpful and cheapest tools in creating the best products. Plus, it shows that you truly care about your consumers, which helps to develop brand loyalty.
2) Personalize your message. Competing with other products in your category, especially during the peak season, can be a challenge. Therefore, determine your products Unique Selling Proposition or USP. If the product or formulation isn’t unique, then create a unique message that is memorable and represents your brand well. It could be anything including a slogan, logo, or even a hand written note. When consumers recognize your personalized or unique message, your product is automatically in their minds versus competitors.
3) Innovation. Creating new products that are innovative is crucial to the brand’s longevity. With the ever so quickly evolving technology, there are always improvements and new ways to set your product apart from the competition. Developing new and innovative products circles back to the wants, needs and feedback from consumers. We make a strong effort to make sure our products follow the guidelines and the feedback we have previously received from our consumers, as well as keep up with the latest health benefits. Staying on top of the latest research is vital in creating a new product that is top of mind to current and potential consumers.
4) Believe in your own product. Having a product you believe in and are passionate about is a key to success. Even carrying your product with you including in your car, work and at home, makes a huge statement. Working with passion motivates you to work hard and also motivates those around you. When consumers see your confidence in your product, they will be more inclined to try your product and become loyal consumers.
5) Be proactive. Sitting back and letting the business ‘play out’ isn’t going to get you very far. Staying on top of the latest news, trends, research, etc. in whatever field you are in is extremely important to having a successful product, and also a successful business. There will be times when crises arise, but by being prepared, you will be better able to handle anything thrown your way. Try staying one step ahead of the curve. Use your creativity to try new things because you never know what will catch on and become successful.
Standing out amongst competitors isn’t impossible, but it does take motivation, dedication and hard work. By creating a brand and a product that both you and your consumers believe in will ensure loyalty to your product over a competitor’s. The consumer is the reason why your business will succeed. Listen to their feedback, respond and engage with them. Then develop new products that will keep them interested and intrigued. When you stay on top of the new trends and conduct regular market research that focuses on your target community, you can create the most attractive products that will lead you to the winner’s circle!