Don't try to " Fit in" when you are born to "Stand Out"
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|   Nov 22, 2016
Don't try to " Fit in" when you are born to "Stand Out"

 

Starting a Business

According to management studies to give success to any business there are certain principles that needs to be followed

 

Principle 1: Generate Attention :How to grab attention?

1) Product should stand out from other products

Example: Packing of Pringles stand apart from packing of any other chips like lays, bingos tango. So Pringles grabs more attention than other chips packing’s.

 2)Information given about product should be concrete and correct

 3) Product should be easily accessible

 4)Utility message of the product should be very clear and easily understandable

 5) Interaction principle : convert observers into participants

 

 Principle 2:Get others to remember your product

1) Structure your message

Example:

  • Ineffective Way :Features of our product are “A, C, F, E, B, D H, G and I “
  • Effective Way: Features of our product are

                              In terms of Safety: A, B and C  

                              In terms of Reliability D, E and F

                              In terms of Value: G, H and I

2) Get into the memory of customer , so that your product becomes the obvious choice

3) Advertisement of your product should generate thoughts and emotions in customers mind

 

Principle 3: Getting others to appreciate your product

1)Get feedback from others

2)Enhance your credibility. Customers should have trust in you

 3) You should believe in your own product then only people will follow you

 4)Create a message that Generates curiosity

 

Principle 4: Become the obvious choice: How choices are made?

1)Decision Rule : On the basis of information available

 2)Customer may use many decisions rule

           Compensatory : The negatives of the product can be balanced out with positive

                                          For example: A running watch is very expensive but it provides many extra features which could be                                                useful in not only running but also in swimming , cycling , mountaineering etc.

          Non Compensatory : The negatives of product cannot be balanced out with positives

                                                     Same example if customer doesn’t do swimming, cycling or mountaineering these extra features                                                      cannot compensate for the cost of the watch

                                                                       

       Following these 4 principles can contribute to give a good start to any business and product.

       Wishing Financial Freedom to everyone!

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