Topic: Launching a new initiative
Answer: This sounds like a good opportunity for you but there are a few words of caution. I trust that you have all of the necessary agreements /contracts fully signed ensuring you have UK exclusivity and that no other Distributor can sell in this market – vital to have this covered. Secondly does the product really have unique aspects that no competitor can deliver. Some detailed research on the market and what is there now needs undertaking and answers from the parent company on how and why they have stolen a competitive advantage and how long in their view before similar or identical products are released – do they have any protection against competition. If these can be answered satisfactorily and the product does indeed have significant unique selling points you need to establish a robust sales and marketing plan. To sell any new product successfully you will need a compelling ‘pitch’ on why your customers should buy this product from you – what are the unique benefits to them? Why should they buy from you and not the competition? If it is a price only decision this is of no use as margins will be decimated but, coming back to my point earlier, if this is truly unique there is no price comparison to be made and you set the price – sensibly of course. I note your comments on cash – note that your initial forays into the market don’t need to be extensive or expensive. Initially we would suggest you determine the most suited sector or industry for the product and put a plan together to approach them first as the first step in your roll out plan – your primary market. If this goes well you can continue to roll out to secondary markets. If the initial launch stalls you can learn from mistakes and adapt for the next attack without having sunk huge costs. Let us know if you need more help.