Counterfeit Products: Advice For Business

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When you’re creating a new and novel product, one concern is counterfeit products. Counterfeit products can cut into your profits and also ruin the reputation of you product. The following contributed post is entitled, Counterfeit Products: Advice For Business.

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You have worked incredibly hard on ensuring that your business’ products are as good as they can possibly be. You’ve researched how to make your products a success, refined the manufacturing techniques, taken customer feedback into account, and much more besides – and you have built your brand, and a strong customer base, as a result.

When you have gone through the above process, and have enjoyed the rewards, it is fair to say that you will only want your own company to enjoy the success that a great product can provide. It’s your company that has put in the hard yards, so your company should be the one to reap the rewards…

Then you realise: counterfeit versions of your products are now available

There are a few different ways that business owners can become aware that counterfeit versions of their products are being sold. Sometimes, you may notice it yourself – perhaps by browsing auction sites or visiting a competitor’s store. Alternatively, you may notice a sudden sharp intake in complaints from customers who have bought a product from a third-party vendor and are now questioning why the quality has declined.

However you find out about the counterfeits, it’s a problem – and one you’re going to need to take swift action to rectify.

The harm caused by counterfeit products

If counterfeit versions of your products are being sold, your business will feel the impact in two specific ways:

Revenue. Customers that would once have bought genuine versions of your products are now buying counterfeit goods, often without even realising that they are doing so.
Reputation. The customers that do buy the fake versions of your products will, inevitably, see poorer performance and lower quality – and if they have bought counterfeit products without realising they are counterfeit (which is incredibly common) then they will judge your company for producing a poor product. In the long run, this could be hugely detrimental to your brand and your ability to operate.

How to address the issue

If you have become aware that counterfeit products are being sold, the first step is to try and stop the sale. If the products are being sold through a third-party (such as an online auction site), then contacting the third party to say that they are selling counterfeits is the best port of call. Unfortunately, you may find that the response is not what you would expect: there are countless examples on online forums of people saying they have reported counterfeits and no action has been taken.

If there is no response from the third-party, or there is no third party for you to contact, then you may need to take further action. You may need to hire an investigator and pursue legal recourse, as well as reporting the counterfeits to the appropriate authorities. Given the risks that counterfeits can pose, drastic action is required to try and stop the problem in its tracks.

Finally, contact your customers and explain that you have become aware that counterfeits are being sold. You can provide a list of “safe” places from which to buy if you sell through third-parties, or simply encourage people to buy directly from yourselves. From a customer relationship standpoint, it can also be helpful to offer to replace counterfeits that customers have bought unwittingly.

In conclusion

If you manufacture your own products, then there is always a risk that counterfeits of those products will be sold. If you encounter such a scenario, you can protect your business by following the methods mentioned above to ensure the problem is dealt with as quickly and effectively as possible.

Even Beautiful Products Fail

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Some products looking picture perfect on the outside but don’t sell. If you’re selling a product, it’s important to know what things will give it the best chances of being successful. The following contributed post is thus entitled, Even Beautiful Products Fail.

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Products such as Apple devices or even luxury cars tend to be perceived as both elegant and performant.
Their secret lies in the careful balance between their stylish appearance and their practical functions. At the heart of the creation and life of a product, functionality is, of course, a priority. A product that fails to performs will undoubtedly struggle to maintain its presence on the market.
But when the competition becomes harsh on the market, differentiating factors can play a significant role in its success. As a result, countless manufacturers invest time and energy in developing aesthetically pleasing items that can stand out from the crowd.
Yet, the shops are full of beautiful products that nobody wants. So what went wrong during the differentiation strategy?

Is a real Vuitton bag? Is it counterfeit good?

They lack purpose
A product is born from an idea, which provides it its functionality. The entrepreneur has identified a niche in the market and intends to tackle it with a brand new creation. However, at this point, it’s important to consider not only the market competition but also the intended purpose for the item. Think of the ice cream industry, for instance. While there are cones and other containers available, there is no motorized cone that would turn the scoop for you to lick it regularly across the surface. But it doesn’t mean that the product has a profitable niche. Indeed, a motorized ice cream cone is not an innovative solution, but a purposeless gimmick that fulfills no existing need. Ask yourself first what you’re trying to achieve and who would benefit from your creation!

They are sold without your knowledge
Imitation might be the sincerest form of flattery in social interactions, but when it comes to selling your products, it’s a crime. Counterfeits and gray goods – a product that is legal but not intended by the manufacturer – are, unfortunately, putting your revenues at risk as they provide potential customers with the same product at a lower cost. That’s precisely why it’s essential to protect your business against these harmful practices. Gray goods are especially dangerous as they carry your brand.

They don’t have enough support
Don’t you hate it when you can’t set up a new system to your needs? That’s the issue that 1 in 3 US adults experience with their smart home devices. Unable to get the system to operate, 22% of frustrated customers decide to return the product and ask for a refund. Why does it happen? Because they can’t receive the support, they need from the customer care service. What happens after you’ve sold the product matters just as much as before the purchase.

Is your product too confusing?

Terrible pricing mistakes
What’s the best pricing policy? Make it too low, and nobody will want to take a chance on your product. Make it too high, and you might miss your demographic target completely. Keep it uniform across the board, and your audience will reproach you the lack of offer diversity. There’s no way around it: if you want people to buy into your creation, you need to set a price that is right for them – and for you too.

Even the most beautiful products fail when they lack strategic planning, from protecting your revenues to ensuring the item is right for your audience. There is no successful product without someone questioning every stage of the creative and commercializing process.

What Really Matters About A Product

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. It’s important to know what customers value most about your products. This will ensure that they come back for repeat business. It’s important for all business owners to ponder their products and what customers like. The following contributed post is thus entitled, What Really Matters About A Product.

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Any business that creates products to sell needs to have a strong idea of how to design those products in a way that will actually, well, sell. This simple enough fact is nonetheless very often hard to really grasp the details of, and for that reason most entrepreneurs find that they struggle for a long time before they manage to actually create products which sell well and which customers get a lot out of. If you are keen to try and better understand what your products need to have in order to sell better, then read on. In this post, we will discuss some of the things that really matter about a product, and what you can do to make sure that you have fully considered them when you are designing your own products.

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Originality Of Purpose

First of all, you will want to make sure that any product you develop actually has a strong purpose, and that it is highly original in this more than anything else. Having an original purpose is hugely important in ensuring that people are actually going to buy and enjoy using it, and so you will want to think about this when you are first sitting down to start designing product ideas in the first place. As long as a product has an original purpose, you will find that plenty of people buy it and find it useful, which is ultimately what you are going for here. So make sure that you lead our product design with the question of what you are hoping to achieve first. If you work that way around, you are bound to much more easily satisfy this aspect of product design.

Packaging

Although you might consider it to be something of a last minute decision, actually the packaging that you choose for your product is hugely important in terms of whether or not it will actually sell. If you want to make sure that customers feel a sense of affinity with your product in the moment when they actually see it on the shelf, then packaging is going to need to be just right. A big part of this too is the labelling, which you will probably want to leave to professionals such as Pro-Motion Industries to make sure it is just right. The label itself, as well as conveying important information, becomes an important part of the marketing process, and ensures that the product is much more likely to sell.

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Professionalism

The more professional a product is, the more likely it is that people will respect it and want to try it out, yet this is something which a lot of businesses and entrepreneurs fail to really pay attention to. The truth is that you need to make sure your product is as professional as possible if you are going to sell plenty of units, in part because professionalism displays that you take it seriously and that you actually put effort into the product and in part because it will make it look more impressive as an end result. Be professional, and the rest will surely follow.

Client Emergency: Shifting Products Fast

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. It’s important for any business to be able to correct mistakes and crisis situations, especially in instances where products are being shipped and sometimes be delayed or lost. The following contributed post is therefore entitled, Client Emergency: Shifting Products Fast.

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One of the greatest excitements about being in business is no day is ever the same. Every single day, there is a new challenge that you face. Something that many companies need to be more prepared for is when a client is in an emergency situation. If you have a business partnership, you should always prepare for the unexpected needs of your client. You have both taken on each other as partners and thus you must also be ready to pick up burdens from time to time. One such burden can be when a client is in desperate need for a sudden and new delivery of your products. For example, you are a truck engine manufacturer and a truck manufacturer just lost a shipment at sea due to bad weather. They have a client that is still awaiting their delivery of their trucks however new ones need to be made quickly. The partner now needs a fast and urgent delivery of your engines. Have you prepared for this, and what do you do?

Assess the urgency

Even though some companies are always going to keep a backup of their products for emergencies, sometimes when orders are filled up and more keep coming in this batch is used. A drill manufacturer might need to suddenly supply a home building company as they have chosen to expand at short notice. The backup batch is therefore used on this occasion. However now that they lack that backup batch, should their call to your metal company be treated as urgent? Assessing the urgency is somewhat of a hidden art but really, it’s the skill of gauging what the client really needs. You might be too busy to supply a client with your products but if put all your stations into overdrive you could end up making more mistakes, employees could end up making silly mistakes and getting hurt and quality control can drastically drop. Sometimes some emergencies aren’t really emergencies, so communicate with your client and assess how urgent their need is so you can cope and not make mistakes that will cost you.

Use reliable logistics

One thing that cannot ever be discounted or devalued is reliability. A company that can offer you their expert logistics expertise and services reliably should be placed high in your esteem. A hauling company that can transport freight at great pace and consistency to your client will save you both time and reaffirm and strengthen your relationship. A company such as Jayde transport is something to consider as being a reliable workhorse to come to your aid in cases of urgent client requirements. They have warehouse services but they stand out most in interstate trucking where their massive freight haulers can carry huge loads at one time. When you need to supply a business partner quickly and in large quantities, this is the kind of service that should be taken seriously.

Shifting products fast when a client is in a tight spot is incredibly important. They need you to come through and help them. Fulfilling their needs speedily will only go to strengthen your relationship and show them they made the right choice by entering into a business partnership with you.

Professionally Providing Products to the Medical Field

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and STEM (Science, Technology, Engineering and Mathematics). The healthcare industry will always be around as people will always need care of some sort. A lucrative business may therefore be supplying products for use in the field. The following contributed post is therefore entitled, Professionally Providing Products to the Medical Field.

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When we think of setting up a business of our own, the majority of us tend to consider providing general consumer products to the general consumer market. This makes sense. After all, the majority of us are consumers ourselves, so we are better able to identify gaps in the market. If there’s something that we want and can’t access, we may start up a business that creates these products and make them accessible for others. It is also generally easier to set up a company that provides products to a majority – the more people your product appeals to, the more people who are likely to make purchases and generate profit for you. However, the market is becoming increasingly saturated, due to the simplicity of setting up an Ecommerce store online and certain products are now offered by so many suppliers that profit margins are minimal, as companies have to undercut each other constantly for profit. Instead, why not consider a completely different field of commerce and cater to a more specialist market? There’s a whole lot of money to be made in the medical field!

Do Your Research

Before you get started, make sure to do your research. Know the field that you are dealing with and understanding their standards. Know what the equipment needs to be able to do and figure out a way to offer it at a lower price point than current providers are selling it for. Alternatively, alter the equipment in order to improve it or make it more functional somehow.

Specialise in One Product

When offering a product to the medical field, it is generally best to specialise on one specific product. You don’t have to worry about medics buying your product once and then having to reach out to a new market – medical equipment gets worn out, so customers are likely to return to you time and time again. Medical equipment also tends to be very specific, so it’s best to make sure you are providing one perfect product than offering various moderate products – medical institutions will only purchase the best.

Outsource Your Manufacturing

As we have now established, your products need to be perfect. So, generally speaking, it is best to outsource your manufacturing to companies with price equipment like cutting services and laser cleaning services. You can then create a test batch to try selling. If things take off, you could then invest in the necessary machinery and equipment in order to be able to manufacture in-house yourself.

Be Ready to Pitch

You’re going to have to really sell your product here. The type of sales you’re going to make aren’t really going to be one-off impulse buys. Institutions are going to make bulk purchases. So, make sure that you can pitch your products. This could make our break a huge deal and determine whether you succeed or not!

Sure, specialising in producing medical equipment is relatively complex and isn’t the easiest path to take. But if you get things right, you could make a fortune by selling just one line of products!

Wide Load: Selling Large & Impractical Products Online

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Some businesses sell large products that don’t ship easily, and there are special considerations for these types of ventures. The following contributed post is thus entitled; Wide Load: Selling Large & Impractical Products.

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For a lot of businesses, being able to sell products online has made life much easier over the last few years. Without having to start a normal store, this process is a whole lot cheaper than it used to be, and this has opened the doors for loads of companies to get started. Of course, though, when your products are very large or hard to handle, the online trend can start to become a hindrance. You have no choice but to sell online, but will face challenges which simply don’t come with smaller products. To help with this, this post will be exploring some of the best ways to solve these issues before you get started.

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Communicating Size: Simply giving customers the measurements for your products won’t often be enough when it comes to showing them the size of your goods. People will feel worried about buying something which they aren’t sure if they have room for, though, making it important to look for new ways to convey the size of your goods. One of the best ways to achieve this is through photography. As long as you have a common item in the shot, like a magazine, it will be easy for your customers to tell the size of the piece you’re selling. This trick may sound simple, but it can have a huge positive impact on your sales.

Storing Goods: When a business is selling small products, storing a couple of boxes is usually all they will need to keep a good inventory available to their customers. Larger products will make this very hard, though. To solve this issue, having a slightly longer delivery time quite be well worth it, giving you the chance to either make or order in the products as you need them. While this may stop some people from buying, it will be significantly cheaper than paying for a warehouse to keep goods which may not sell.

Shipping Orders: Getting orders out into the world is another challenge which large product sellers will often face. Normal delivery companies won’t be able to help you, as their vehicles simply won’t be big enough. To save looking for this company and that, there are loads of marketplaces around the web for those who need to buy large item delivery, making it significantly easier to get goods out of the door. Not a lot of people know about this sort of service, leaving them to pay for private companies to do all of their shipping. This can cost a small fortune, and won’t often enable you to handle more than a single order at a time.

With all of this in mind, you should be feeling ready to get started on the process of selling large goods. While a task like this may be a challenge, there will always be ways to overcome it, making your life as a business owner much easier. Of course, though, you will need to do plenty of research, and you may even have to talk to a couple of companies along the way.