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Hi LC,<br />
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I have a role in a small designed-product manufacture and distribution business in the UK, but I don't have a background in the area. I'm having trouble meeting people who know about taking products and building a distribution network around them (aka, turning a product into a business).<br />
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1. To help me get an idea of how I should act in my own situation: if you were starting in a new market - how would you approach developing your network of clients?<br />
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2. Do you have many BDM's working for you? If so, do you basically choose them based on their existing networks? I saw in one of your earlier posts that you find their existing network very useful.<br />
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3. Out of curiosity, if you were to restart in this industry would you prefer to be a broker first, or focus instead of establishing a production capacity?<br />
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Many thanks!
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Here are my answers:-<br />
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1:- If I were to market a new product then this is what I will do:- <br />
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a) Look at the market, how big is it, who are selling them, how much are they selling them for, what are their USP, how will I differentiate myself from them, where are they sourcing from, what is the future potential of the market etc.<br />
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2:- What is BDM? <br />
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3:- Well, it depends, ideally having own production capacity always helps. But that means your initial investments will be quite big. For any one with low start ups, trading or brokerage is the best way to enter. <br />
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Believe it or not, right now I am doing research on a totally new market, I won't reveal too much now, but all I will say is its the soft drinks industry. Now, I am going to source the product and then have my own packaging factory where I will pack them and then will distribute in UK and EU. If business goes well then we will actually buy lands and grow the raw material by ourselves!!</div>
