How Can You Start Your Own Direct to Consumer(DTC) Venture?
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Starting your own Direct to Customer Business has become easier than ever with consumers adopting online commerce as a channel to discover and purchase products. It allows businesses deeper insight into the behaviour of customers and greater profit margins. Selling directly reduces costs and enables increased investment in direct marketing. With the advent of E-Commerce marketplaces in India, there could not have been a better time to start your own consumer business.
1. Decide what you want to sell:
Contrary to popular belief, one does not need an innovative, game-changing product to head start a business. Consumer expectations are increasing and they look for seamless experience. The best approach to this step is to figure out the problems that are pain-points in life, and if there are better, cheaper and faster solutions. Visit online forums and find out if there is a market need that has not been met. Do keyword research, to find keywords that many people are searching but for which many sites are not competing. Once you have found the problem and its solution, and you believe people are willing to pay for it, step one of your businesses is covered.
2. Write it down-Be the top 1%:
Be if apparel, accessories, coffee beans or personal care products- write it down. Jot down the problem you want to focus on and its plan of action. Make notes of the demand of your product and the possible number of competitors for the product. It doesn’t need to be an elaborative text but definitely needs to be written. 99% of the wannapreneurs have fleeting thoughts that never see the light of the day, simply because they are not written and put into action.
3. Tell everyone. They won’t steal your idea:
Out of the people who write down their ideas, only a few will end up launching their business, because the remaining 99% won’t talk about it. Talking to your family, friends and every single person you believe can be a potential customer will help in to understand the mindset of the consumer, and his need and willingness to pay for your product. If enough people nod their head, you know you’re onto something. Don’t be shy with the fear that people will steal your idea because the execution of ideas is the harder task that nobody will into after a five-minute conversation with you. Discussing with friends and family will only help you stick to your plans.
4. The Product- Make it awesome:
The highest quality of your product is fundamental to the success of your venture. You can make your own products or if you don’t have the required resources or knowledge for in-house production, find a contract manufacturer or consider sourcing existing products as white label solutions. Be transparent with your products details and pictures. Quality products help establish greater credibility and reputation. Dedicating time on this step will ensure customer loyalty, a crucial aspect for a successful business.
5. Go to the market:
Hire a web designer to build an easy-to-use website. Get your branding, logo and packaging designed. Use search engines to drive targeted buyers to your site. Obtain the necessary licenses and permits to run your online business. You can use e-commerce template websites such as Shopify, Wordpress or Squarespace to make your online store. Hire a digital marketing freelancer from LinkedIn; sign up for a business account with FedEx and Voila! You are ready to start shipping! All the best and make it big!