Introducing A New Product Through Your Business

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If you run a small business you want to develop, you should use it to introduce a new product to the market. This can be something you manufacture, or something that you import. You should identify the needs of the local market and find out what gaps exist there. Then you can work to fill them and you know that your product will be well received and ensure the success of you venture.

You can get this information by doing some market research or by looking at products that are available in foreign markets that might be useful in the local market as well. If you have invested in market research you can also product an innovative product that has been invented through such a program.

Once you have the product you want to introduce to the market you can follow the following steps to promote it and increase sales.

Getting a loan to get the product

First of all you will have to get a loan to produce or import the product. You can apply for a small business loan in Singapore for this purpose. You will have to show the past records of your company along with a business plan to secure this loan.

If you are just starting a company and you can’t secure a loan you can also get a personal loan for such a purpose and start a small-scale venture from your home.

Marketing the product

You will also have to come up with a stellar marketing plan for the product. The cheapest marketing product that you can create is by using numerous online platforms. You can also combine this with a give away to increase interest on your product. Another way to create interest on the product is to have a build up to a grand reveal of the product or get a celebrity endorsement to promote it. You can use these ideas or be creative and come up with a whole new way to promote your product.

Finding the right outlets to sell the product

You will also have to decide where you want to sell your product. Make sure that they are stores with a lot of foot traffic so that you can sell more numbers. You will have to enter into some negotiations with the storeowners to get them to stock your product. They might also agree to do some promotional work for you to boost their sales and yours. You might have to strike up exclusive deals with the stores or sell the product in as many stores as possible.