The rise of digital platforms and people opting to shop online has made it much easier for start-ups to break into the market. Now, there’s less of a need for renting a high street property, and sites such as YouTube and Facebook have provided free advertising that makes the cost of promoting a brand more affordable.

In the past year, approximately 87% of UK consumers have bought at least one product online. Clearly, start-ups need to appeal to Generation X in order to become successful. But how? To look further into the issue, Omega Plastics, a low volume injection moulding specialist, shares its tips for making a success of customer goods companies.

Meet a demand

If you can fill a gap in the market, you’re already well on your way to success. Supply and demand are basics of business — if nobody wants it, they won’t buy it; so, do your research to establish what people want or need. If your product has competition, ensure that there is room for you in the industry, and then make your range stand out from the others. If you don’t know what makes your product better than anyone else’s, how will your consumers know? And why would they buy it over products from established brands?

Compete!

From the moment you start thinking about a new brand or business plan, you need to know your competition and how you’re going to outwit them. What sets you apart from another company that sells similar products or offers services like yours?

Competitive pricing is also essential, so find out how much other firms are charging. For start-ups to win and keep clients, they need to beat the cost of the market leader. In a recent study, research from StartUp Britain (a national, government-backed campaign) suggests that there are around 80 new businesses launching in the UK every hour, so it’s clear that entrepreneurial competition is fierce. Remember, people have instant access to multiple websites and will compare prices before making a purchase.

Social media

Never fear social media — as a start-up, you should embrace its authority, scope and ability to offer free promotional platforms to target potential customers! Networking sites help you build brand awareness and loyalty, while allowing your brand to engage with and get to know its audience for future marketing purposes.

Get digital

As we mentioned at the beginning, today’s market relies far less on physical stores than ever before. This is excellent for start-up customer goods companies on a budget. E-commerce not only saves you money on overhead costs, but it also has the potential to reach a large audience at once.

How has the digital world affected real-life brands recently? If you’re looking for online success stories, look no further than the likes of eBay and Amazon. Stocking a huge variety of goods, these have both become one-stop virtual shops for consumer goods, which proves that — with digital opportunities — there is no reason why you can’t get a seat at the big-league table.

Making the most of digital gives your brand the opportunity to drive growth and make an impact against well-known labels. For example, ASOS currently has second-place ranking in the online clothing shopping category and had over 73 million visits in August 2017, with more than a quarter of its traffic coming from the UK! Other online start-ups such as Missguided, Pretty Little Thing and Boohoo have all also successfully capitalised on the demand for online shopping.

With the influence of digital platforms, start-up customer goods companies are in ideal positions to take traditional principles of business — competitive pricing and supply and demand — and make them work to a potentially global, online audience.

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