By Rhonda Campbell
A new invention could increase your product sales, especially if your invention is something consumers have been eagerly awaiting. In fact, a new invention could become the cornerstone of your business.
By starting a business you give birth to a new invention, an invention that has, akin to a house, been built idea-by-idea. You still have to nurture the venture. If you don’t, it may very quickly go all the way back to being merely an idea. A key component of nurturing your new venture involves generating and increasing product sales.
Teams Implement A New Invention
The United States Census Bureau reports that, as of 2007, American businesses (employer and non-employer firms) generated $30,738,533,467 in annual revenues, more than 90 percent of the annual sales coming from employer businesses. Furthermore, firms with 10 to 19 employees, generated $1.3 trillion in annual sales. Firms with 20 to 99 employees generated $3.7 trillion in annual sales, while firms with 100 to 499 employees generated slightly fewer annual sales at $3.6 trillion.
Firms that employed 10,000 or more employees generated the largest annual sales in 2007, pulling in $10.6 trillion. Of course, these and other firms with a large workforce generally have larger, heavier payrolls. In looking at the numbers, two points become clear.
- Larger workforces don’t always equate to bigger revenues (certainly not bigger profits)
- It helps to have a team
A quality team, consisting of individuals who are passionate about what an invention your firm launches, can help you to implement a multi-approach to increasing product sales. If you’ve ever operated a business as a one-person show, then went on to work with a team of consultants, independent contractors or employees, you may likely grasp this concept at once.
Stop Trying to do Everything Yourself
For example, let’s say you are the only employee at your firm (in other words, you try to do everything, including taking out the garbage, answering the phone and filing documents, yourself). Although you might be able to move a new invention forward yourself, developing products single handedly, when it comes time to market those products to the public, thereby increasing product sales, you might hit a snag.
For instance, when it comes to increasing product sales, as the sole employee at your business, you may have to complete a myriad of tasks, including:
- Designing your business website
- Creating and regularly posting to social media networks
- Writing and distributing press releases
- Contacting media pros to schedule radio, magazine, newspaper and television interviews
- Developing and promoting blog posts
- Building quality in-bound links to your business website
- Responding to customer inquiries
- Designing, writing content for and distributing newsletters
- Building and maintaining customer databases
- Shipping sold goods to paying customers
- Attending trade show events
- Building and managing direct mail marketing campaigns
Well . . . you get the point. It’s a lot of work, perhaps too much for one person to do effectively, which is where a team comes in.
Two May Get More Done Than One
With a quality team, your multi-approach to increasing product sales for a new invention could allow team members to promote your products on social media networks, contact media pros and develop dazzling copy for your business website. By allowing others to do this work for you, customers may start to feel as if you’re not always tooting your own horn. Furthermore, you might be surprised at the traction a new invention gains when you let someone else toot your horn. It can build customer trust and help to set you apart as a champion.
If you don’t have the finances to go out and hire employees, consider working with freelancers or contractors to market a new invention. Many a firm has launched an invention by working with freelancers or contractors.
To implement your multi-approach to increasing product sales for an invention, identify specific workers to take on specific tasks. You might want to avoid making anyone a jack-of-all-trades. For example, you can assign two employees to work your social media networks. You could also pay for social media marketing services (get customer references before you do). However, let these people focus solely on building your social media following and increasing product sales virtually.
Match workers’ specific functions or responsibilities with their strongest skill set and talents. If you want to use press releases, direct mail, social media, blogs, quality in-bound links and radio interviews to start increasing sales of a new invention, consider working with four to six people, allowing each of them to focus on one to two specific functions. You could also ask these people to attend online seminars and current on new developments in the areas they’re responsible for.
This multi-approach to increasing product sales could allow you to focus on developing new products, building client partnerships and strengthening your brand at local levels. As a tip, even while implementing a multi-approach to increasing sales for a new invention, make sure you measure your return on investment.
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http://www.census.gov/econ/smallbus.html (United States Census Bureau: Statistics About Business Size)