michaelginarto.com – In a recent conversation with Donny Pramono, CEO and Founder of Sour Sally Group, serial entrepreneur Michael Ginarto uncovers one of the best tips that will help your retail business flourish and grow into a leader in the industry.
Understand the market
So, what is the secret to a successful business that will survive beyond its first few years of hype? The most important thing is for you to first understand the market. Once you’ve determined the reason why people would want to buy your product, it becomes easier to plan your marketing strategies accordingly.
For instance, if you’re selling products that are based on current trends, then you know that people buy them because they’re trending. This is an excellent way to drive quick sales and ensure that your brand is on trend. However, as trends are fickle, this is only beneficial in the short-term. What you can do is to make those trending products available for a limited time only.
As a multimillionaire, Michael Ginarto has built businesses in a lot of different industries. Through the consulting services he is currently offering, you can get access to his valuable insights in understanding the market!
Being different from the rest
Nowadays, there are thousands of companies that sell to the same set of customers. Not all of them will succeed, and it’s simply not enough for you to just be better. There will always be a brand with better concepts, a company with better products, a restaurant with better recipes and a fashion retailer with better materials for their clothes.
If this is the case, how can your business survive?
The key, Donny explains, is to be different. Think differently from how the other companies would and try to execute that idea as perfectly as you can.
Innovation and creativity
For your business to stand out from the others in its industry, it’s important to embrace a state of constant innovation and creativity.
Let’s take the Sour Sally yogurt chain as a case study. Before their brand, frozen yogurt stores mostly offered plain yogurt with various toppings. But when Sour Sally introduced their unique Black Sakura flavour, a new market was created.
Not only that, they shared a story along with their innovation. The charcoal contained in this new yogurt flavour could help detox our body. As consumers now wanted something that didn’t exist before, Sour Sally had given people a new, exciting solution before we even realized that we had a problem.
This is where the infamous Blue Ocean Strategy comes into play.
Blue Ocean Strategy
This theory is based on the idea that the consumers’ market can be classified into red and blue ocean. The red ocean refers to all existing industries and its highly competitive nature. This means that too many companies are selling similar products to a limited number of consumers. The result? Companies become focused on beating the competition and must compromise between high product value and low production cost. It’s really not an ideal way to run your business.
Instead, it’s recommended for your business to venture into the blue ocean. This represents the uncontested market and industries that don’t exist. Here, the competitors are irrelevant because you’ve pretty much created your own market and captured new demands. If the market is a game, then your company are the only player.
In practical terms, let’s say that your company innovate a product that has never been seen before and the customer loves the idea. A new demand is created for your specific product and because you were its innovator, you will be the only supplier out there. Voila, you now have an entire market that wants to buy your product.
Tips on how to think different
Although this sounds simple in theory, thinking different may not be that easy to do. One practical thing you can do is forced association, which is trying to connect different things that are not naturally related. This forces you to be creative and get your mind into the innovating zone. TBWA Worldwide (an American advertising agency) is known to use role-playing in helping them think different and out-of-the-box.
You can also start a company culture that rewards new thinking and ideas. Teach yourself and your employees to never see things from only one perspective. Always challenge the convention and make a habit out of appreciating imagination and creative collaboration. Don’t close off any possibilities of sparking the next big thing!
Another way you can practice thinking different is by asking unobvious questions about everything. Who knows? You may notice a problem that your consumers never realized they have and offer them an enticing product that solves it.
Don’t forget basic business strategies
Thinking different is exciting, but don’t get caught up trying to come up with the most unique idea that you forget the most essential business strategies! This is the 3Ps (product, place, promotion) that remain the foundation of your business. If it’s a retail business involving a physical store, having a strategic location is even more important.
So, after reading this business insight, what do you think you can offer differently for the market?
If you need any professional opinion and advice that will help you develop your business, don’t forget that you can book persona consultation with Michael Ginarto. Unlike a lot of business consultants in the industry, Michael actually walks the talk and practices what he preaches. He is a well-established name in the real estates and entrepreneurship world. Not only has he started several successful companies, those he’s currently leading also make more than $100 million of sales in a year.
Michael’s journey is an inspiring story of adversity and resurgence, which only makes his credibility more attested to. His expertise includes online branding, social marketing, business growth strategies and new product promotion, among many others. Along with his first-hand experience of building businesses from the ground up, Michael is the best person to help you with your own success story.