Throughout the 201 Business Development class I’ve learned many useful tools to help grow a successful company. As I’ve been learning these tools, I’ve noticed that being able to understand these tools is way easier than actually implementing them to my business. Some of the things that we’ve discussed in class deal with product competition, competitive strategies, and customer relationships. These three areas are extremely important when building the foundation of your company. It’s imperative that you not only understand the mission of your company but also the mission and strategies of your competitors. This will help you evaluate your approach of establishing your company into a particular market so that you have the best chance of success.
When we talked about identifying our competition it was critical that we analyzed everything that made us different from our competitors. The main questions that we found ourselves pondering were “how do we differentiate from our competitor”? Was it our branding, pricing, distribution, fabrication, material? Maybe it was more than just one of those areas alone and that was totally fine. After doing some market analysis on our competitors (phonesoap and UV-light toothbrush cases), we noticed that one of our main differentiators was that our product would be made out of wood instead of plastic. This was huge because the wood design became apart of the sustainability/eco-friendly aspect of our product. The whole sustainability/eco-friendly movement is massive right now and a lot of people are interested in products that target these designs.
Additionally, as we move forward in our journey with UV-Tensils we will always try to develop the best relationship with our customers. Without our customers, we would be nothing. We truly believe that our customers will be customers for life and our bond between them will continue to grow as a spread into our future products. Are customers are not buying “what we do” but “why we do it”, which is essential to building a better sustainable atmosphere. What we make might change but why will make the things we do will always be the same. Lastly, as my senior year ends and I transition into a world of opportunities, I find myself beginning a new chapter. However, I plan to continue with UV-Tensils and build a solid foundation for this idea to flourish. My next step is to finish my business plan and get an estimate on how much it’s going to cost to make the product and pay for any legal activities (intellectual property, attorneys, LLC).