I've never been a fan of selling physical products. I believe that there are more risks attached to selling physical products than there are to selling digital products. But over the years, I've been opportune to work with thousands of Vendors Online and offline. My software company, Kitcart powers over 4000 websites across the world. I have helped build businesses that were 100% successful and still relevant online today. At the same time, I have witnessed thousands of businesses fail.
The disparity between successful businesses and the ones that fail all boils down to this simple truth. Lack of a winning business strategy that captures their market. And in this article, I'm going to share my 4S and 4C business frameworks anyone can use to create a dominating business online. And this works for every niche or industry.
1. SOURCE:
what are the sources of your products? how do you make your creams, order your bags, or make your logos What are the essential elements? How do you get them for cheap? How do you build the value chain? these are the core questions to ask about your source.
Finding the right products is equally as important as selling and making profits. As a business owner, it is your responsibility to offer the best possible products or solutions to the marketplace. And to do that effectively, you have to spend time researching your products.
Especially in this period when everyone is rushing to buy from China. Before you throw money down the drain, how well do you know the company you're buying from?
Be careful of China
In 2020, one of my mentees bought some products from China- mosquito repellant. She spent her entire savings to purchase those products. After all the challenges she went through with shipping and logistics, it turned out those products were fake and did not work. All the people that bought that product from her were cursing and threatening to arrest her. Meanwhile, a little product research would have saved her from all those embarrassing moments.
The bottom line is that you should spend time doing your product research. Find out all the necessary information about your product before putting it in front of a customer.
INFORMATION TO CONSIDER WHEN SOURCING PRODUCTS
a. Product Quality and Standards:
Ensuring the quality of sourced products is non-negotiable. Research and understand the quality standards required for your industry. Check if potential suppliers adhere to these standards and have proper quality control measures in place. Consistently providing high-quality products builds trust with customers and enhances your brand's reputation.
b. Supplier Verification:
Thoroughly vetting potential suppliers is essential to avoid scams and subpar products. Verify their business legitimacy, reputation, and experience. Request references and read reviews from other businesses that have worked with them. A reputable supplier with a track record of reliability is more likely to deliver consistent results.
c. Pricing and Cost Analysis:
Price is a crucial factor in sourcing decisions, but it's not the only one. Compare pricing from different suppliers while considering factors such as product quality, shipping costs, and any potential hidden fees. Sometimes, paying a slightly higher price for better quality can lead to higher customer satisfaction and repeat business.
d. Intellectual Property and Legal Considerations
Protecting your intellectual property (IP) rights is vital when sourcing products. Ensure that your supplier respects your copyrights, trademarks, and patents. Have proper contracts in place that define ownership of designs, molds, and any customizations.
e. Lead Times and Timely Delivery
Timely delivery of products is critical to maintaining customer satisfaction and fulfilling orders on time. Understand the lead times for production, shipping, and customs clearance, especially if sourcing internationally. Factor in any potential delays to ensure a steady supply chain.
2. SECRETS:
What do you have that others don't?
How can you do that on your strength? Do you have a license?
What government protection can you get to secure your secrets?
Every business has a secret. I am still looking for those who know Coca cola secrets. If you don't know how to create secrets, check out the secrets of a highly successful business that I share in my book Catalyst. The book is so value-packed that I was afraid to publish it for 2 years. Click here to get the book.
Your competitors are not good people...
Like it or not, you have competition. And the only way your competitors can survive is to kick you out of the market. Therefore, you need a unique selling proposition. You need a competitive edge to beat your competition. These could be in terms of price, quality, cost of production, cost of distribution, government protection, etc. And you need to protect your secrets by all means necessary. When your competitors know all your strength and weaknesses you're I'm trouble. Your goal is to continue to project your strength and cover your weaknesses by protecting your trade secrets.
Here are some ways you can protect your trade secrets
a. Create a Culture of Confidentiality within your businesses.
Have your employees, contractors, as well as partners sign non-disclosure agreements (NDAs) to prevent them from leaking your trade secrets. And create clear policies on data handling and access controls.
b. Documentation and Classification
Once you've identified the information worthy of secrecy, document it thoroughly. Create detailed records of processes, strategies, and other relevant information. Classify this information based on its level of sensitivity and the potential impact of its exposure. This classification will help determine the appropriate security measures for each type of information.
c. Implementing Physical and Digital Security
Securing your business secrets involves a multi-faceted approach. Physical security measures include restricted access to areas containing sensitive information, surveillance, and secure storage systems. For digital security, implement encryption, firewalls, and access controls to prevent unauthorized access or hacking.
d. Limiting Access and Need-to-Know Basis
Not everyone within your organization needs access to every piece of sensitive information. Limit access to business secrets on a need-to-know basis. This minimizes the risk of accidental exposure or intentional leaks.
3. SYSTEMS:
How you do anything is how you do everything. In today's business landscape, speed and time is everything. Being able to Automate certain repetitive task is a huge advantage. So where you can automate, automate. What you can delegate, delegate.
One of the biggest factors causing the high mortality rate of SMEs in Africa is their inability to delegate roles properly. You cannot be the CEO, and be handling deliveries for your company at the same time. If you are still taking orders in your DM, you need delivery. You can't be handling more than 200 DMs from customers in a day and be calling it flex. You're dying on the inside. I think you need Kitcart.
Do you even have a system that tracks your deliveries?
What are the Boring tasks you need to automate what cannot be automated that needs to be delegated? Why not use Kitcart to solve your problems?
They Built AI for you!
Honestly, I am rooting for your business to Succeed. That's why I'm sharing these secrets. With all the advancements in Technology going on in the world, If you still haven't found a way to incorporate the use of AI in your business, be ready to pack up ooo. Because the newbies are coming for you.
Let's get rid of this misconception. Ai is not going to replace humans, Ai is here to help us work better. Imagining having a chatbot that replies those thousands of messages you get on WhatsApp. That will help you filter customers from the soul suckers, sort orders, and save you time that can be used for something else.
As you grow in business. Speed and efficiency become your watchword. That is what Ai has come to help you achieve.
4. SERVICE:
Apple does not sell mobile phones and electronic gadgets, they sell class and confidence. Nike does not sell shoes, they sell dreams and ambition. If you think it's because of coffee and sugar that Starbucks is a $116 Billion company, you have to think again. It is not just your products, people are buying speed, comfort, convenience, or pride. Get crystal clear on what your service is so that you can optimize your experience to serve it.
This is how to win the market. Associate your products with the desired feelings and emotions your customers have. You don't just sell cream, you sell beauty and confidence in one's skin. You don't just sell weight loss, you sell body positivity. It's not just real estate, it's legacy you're selling. Find that emotional angle and make it your customer's delight.
Examine your business in these four dimensions and we will meet again to talk about the four C
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