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There are almost endless options when it comes to changing careers, adding new products, or simply adding to existing product lines. There are many industries, products and services to choose from. This is why it can sometimes take so long to find the right product to launch and market.
It's not about what is best for you. It's all about what is best. It's all about what is best.
I am now submitting consumables to that title after having built several multi-million dollar companies from nothing. Consumables are the best option for a successful business venture, especially in these times of post-pandemic uncertainty.
The average business is faced with constant challenges in selling and marketing their product or service, regardless of whether the economy is strong or weak. These tasks are much easier for businesses that deal in consumables.
Related: 5 Expert Tips for Launching a Consumer Product or Food
Here are the reasons:
1. Sales are easier when there are fewer barriers
Unless you are in consumables there are many obstacles that can prevent you from making a sale. Use a roofer. They are not suited for mild climates. Their earning potential is threatened by well-built homes with roofs that last more than 30 years. They also thrive after natural disasters like hurricanes and uprooted trees. Roofers must have roofs that are damaged or they will go out of business.
Roofers have to invest a lot of energy, time and money in order to find new clients. When times get tough, it can be all for nothing. The pandemic caused a significant economic impact, with many people losing their jobs. However, sales of toilet paper, water, and bread soared. People still shop for consumable goods even in difficult times. This means that even though your brand may be new, your chances of getting in front of a customer are much higher.
2. One does not need convincing
Selling consumables is not easy unless you are selling something that people don't really need. While a BMW can last for three decades, a BMW salesperson will need to convince you to buy a newer model every few years. A roofer will tell you that older roofs can be damaged by harsh weather but that a new, stronger material can last for up to 30.
Companies spend huge amounts of money trying to get people to purchase things they don't really need. However, if people can save some money, they won't necessarily buy a new BMW. However, they will still wash their hair and clean their hands. Consumables are essential for people. Good products nourish and improve their health. It is easier to be proud of a company that improves people's lives than one that convinces them they need it.
3. Customers need to keep coming back
It is easier to get customers by selling high quality consumables that people actually use. Roofers expect expensive roofs to last. Therefore, roofers must have new targets for every sale. However, if a customer runs out of a consumable they will need to buy it again. They will return to your brand if they like the smell and quality of your soap. With an excellent, high-quality, environmentally-friendly product, these customers can be yours for life.
Consumables allow you to sell to the same customers over and over again without spending any advertising or marketing money. It might cost $10 to acquire a customer but their lifetime value increases if they keep buying each month for the next few decades. The roofing company that spent $1,000 on marketing to acquire one customer will only sell one roof and then spend another $1,000 to find the next.
4. It's always the right place and time
Any business can make a name for itself to increase sales. But unless you are in consumables it is not enough to be the first business that people think of when they need your product or service. Roofers don't have to spend their time looking for roof damage. Instead, they work hard to make their business the first choice when someone needs a new roof. This is branding.
Roofers, tree trimming workers, and people selling office equipment all need to find ways to market their business. But finding the right customers at the right time for someone selling pasta is easier. Everyone needs to eat. Even if the pasta is gluten-free, nearly everyone eats it. These products are needed by tomato, hamburger, and dish soap customers. Selling something everyone needs is a great way to build a business that will last through tough economic times.
5. There is less competition on the market
Your market is limited, no matter what product or business you are in. Consumables offer more flexibility, but you have less control. My market narrows to people who want to fix roofs or sell BMWs. People who like the smell of pears in body wash will be more likely to buy it, while those who love neutral scents have fewer options because everyone needs soap.
Limiting your market could be one of the most costly mistakes that can lead to your consumables business's failure. If you are a good market expert, narrowing your market will only make your business more successful. Expanding your product range with niche-market products is easier than if you are a roofer or a BMW salesperson. If you already have customers who are loyal to your soaps, you can suggest a scent that smells like pear if they like it.
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Consumables are a great choice if you're looking to start your own business. They can be used in any situation. It is the best business to start when times are hard because people keep a stock of the consumables that they trust and use the most. You can build customer loyalty by making quality products that people use, then replace. You can make a long-lasting, real success if you are focused on creating a consumable product that is truly outstanding.
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