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How To Manufacture Your Own Brand Products

Do you want to manufacture your own brand products? Manufacturing business may seem like a cost consuming project, but it’s not any more. I want to show you the simple to create and manufacture your own brand products now,

Before now, many entrepreneurs think manufacturing their own brand product is difficult. Well, from my observation and experience, it’s much more simpler than you think. I have done it several times and still do. It has been the success crest of many importers in Alaba market and International trade fair market.

So I have not only proved that it’s possible but that it’s also simple. I’m also going to show how you too can do it, in a precise and straight to the point writeup for even a newbie to quickly read through and begin to apply the steps successfully.

My name is Chinedu David and I’m a your brand product manufacturing consultant. Follow me as I show you all that I know about manufacturing your own brand products in a step by step guide.

Before You Start Manufacturing

Let me enlighten you on what’s happening in Manufacturing Business in Nigeria. There are different classes in product business as operated in Nigeria. The classes are Manufacturing, importation, logistics, distribution, marketing and sales.

You are either going to be involved in one of them or you can choose to climb the ladder till you get to the topmost, which is manufacturing. Most importers have moved into manufacturing because of its many benefits.

As a manufacturer you have the advantage of the monopoly of your brand. You gain a share of customers who love and buy your brand. You can control and determine, how, where, when and who gets involved in your product. Most importantly, you can make more money Manufacturing your own brand product.

However, what has dominated the manufacturing industry today is not factories but brands. There are more brands than manufacturing companies in existence. If you think what I’m going to show you is how to plan, buy and setup your own manufacturing equipments, you missed the point.

How Manufacturing Your Own Brand Works

These days, manufacturers no longer build factories. They only create and build brands, while they outsource the manufacturing of their products to big and established factories somewhere around the world; preferably in China.

You can also outsource to other manufacturers here in Nigeria. As long as the have the expertise to produce your product in the best quality you desire. You can use any manufacturer anywhere that’s cost effective and convenient for you.

The main work you have to do when Manufacturing your one brand product is creating the product you want and building the brand in the market. If you get the product right, with the brand perfect, then Manufacturing is just as simple as tap water.

Step One: Choose The Right Product

The main problem with picking a product to manufacture is picking the right product. This may seem the hardest thing to do, but this is the most important decision in manufacturing your own brand product. It shouldn’t be something you struggle alone to pick.

Your product would make or mar your manufacturing dream. That’s why it’s the most important step on how you manufacture your own brand product. Hiring a consultant to help you at this stage may be the right decision to make. If you get this right, you will have it easy pushing the product into the market.

The best products are not necessarily the product nobody else is manufacturing. In fact, it’s safer to manufacture a better version of what is already selling in the market than trying to introduce a new product that nobody knew before. Unless the new product is solving a major need that most people have and are willing to pay to solve it.

Also, your choice of product should be based on the solution it provides in relation to the vast number of people that it’s solving their problems. Its also better if the products would be in demand for a longer time. That way your success will not be cut short.

And if you are choosing products that are already being sold in the market, I will advise that you work on making your products better or finding out the solutions that the current product is not offering but are needed by the consumers and add them in your own product.

You can find many products available in the market to start Manufacturing your own brand. The key here is not really about the product but about your own brand. Look for a product with huge potential and produce it with your brand. Period!

Step Two: Create Your Brand

The brand is equally important when Manufacturing your own product. Remember, the key part of this manufacturing business is having your own brand. So, the brand part has to be done well. Branding is more than just having a a name and logo. It should have the right customer appeal that translate to sales.

It’s not that easy anymore to just pick a brand and starting building your product on it. There are a lot of factors that comes into play when picking a brand name. While you can choose any name you want, you have to consider if it’s available to register as a business name, domain name, for trademark, and if the social handles are not taken yet.

Until all that is sure, you cannot say you have a successful brand. That’s why it’s advisable to hire a consultant for the job. Although, it’s not a cheap option because you have to pay consultancy fees, but it’s better if you want to build a big brand.

Let’s look at steps you need to take to create a brand:

  • Choose a brand name
  • Design a brand logo
  • Buy a domain name
  • Create social media handles
  • Design your brand website

Choose A Brand Name:

But the first step in creating your own brand is picking the brand name. A name is key to branding. Choosing the right name with the right brand image doesn’t just come so easily. It’s involves lot of brainstorming and checking to verify its available to use.

In today’s world, it can take years to come by. However, the fastest way is to create a name that’s not existing. If you are looking for brand names like Google, Amazon, eBay, Apple, you may never find one.

After you have found the right brand name, register that brand for trademark. Don’t forget this part. If your brand is  ot registered, you may lose that brand to another person. And if someone else infringe on that brand you can sue them and get compensated.

Buy A Domain Name:

Another way to finding a brand name is finding the domain name first. This could be the fastest way to find your own brand name. A brand is as good as its domain name. But good domain names are not easy to come by these days.

Your best bet is to buy it from domain resell sites like SEDO. These domain reseller sites are marketplaces where those who have domain names for sale can offer them to those who want to buy them. So, you can browse the huge directories of these sites and pick what domain name you want.

Design A Brand Logo:

The brand logo is as important as the brand itself. Your brand image is the brands identity that defines how the brand is perceived by the customers. You have to do a great design to represent the brand well in the minds of the customers.

Hire a top designer for this job if you want the best design. Who does your design would determine the result you get. The bottom, get the right desire for your target customers.

Create Social Media Handles:

This shouldn’t have been a part of the plan. But in today’s business, not having social media handles may be a major disadvantage for your brand. Your brand has to be better represented on all the major social medias that your target customers use.

Design Your Brand Website:

Your website is where all the important things concerning your brand live forever. Your website is the life blood of your brand online. Anybody can clone your brand, but your website is one place your customers should find you undiluted.

It’s easier to design beautiful and functional website in today’s world. One thing you must focus on is to design a website that’s interactive and usable by your customers. If possible, include eCommerce capabilities to help your customers buy your product directly from your site.

Step Three: Find A Manufacturing Partner

After you have done all the needful for your brand identity, the next step would be to find a partner who can manufacture your products in the best quality and price. Don’t take this steps for granted. Some major brands before you are doing the same thing. Brands like Apple, LG, Binatone, Samsung, etcetera, all are using contract manufacturers.

They do not have a factory of their own. They all use manufacturing partners. You should follow the same step, especially if you are a newbie in manufacturing. But the process of choosing one may not be easy at all.

Sometimes you may need to work with a manufacturing partner to produce your first sample before you can conclude on starting the full production with them. And if you are interested in visiting their factories as well to be sure of what they are promising you, then you can visit before you kickstart the full production.

You can find manufacturers online on alibaba.com. You can also hire a consultant to help you get good manufacturers and create your first sample. This will save you from poor quality products. If your product is poor quality from beginning it may not win the customers patronage.

Create Your First Sample Product:

If possible, create your first and second samples. If you are going to hire a consultant, which I advise you do, the quality of your product is determined from the sample work done. And don’t mistake the name sample, it’s costlier to produce sample if you go about it the best way.

Let me explain briefly how this works and the impact on your brand product manufacturing. A sample helps you see how the final product works and what customers can expect from your brand.

However, after the first sample is done, it’s not the final product. You will need to hire an expert to analyze the parts used and recommend specific quality parts if required to ensure that your product meets quality standards.

Note that China is home for any kind of quality and if you don’t decide the quality you want, they will give you any cheap quality they can find to make more profit and that will harm your brand badly.

So, an expert will analyze the parts used and recommend quality or better parts and the manufacturer will now quote a new price based on the new recommendation. Then you will produce the second sample based on the quality parts recommended. The two is then tested to prove any difference in quality, functionality and what have you, in relation to the kind of product being manufactured.

Step Four: Start Your Production

Once the prototype or samples are certified ok, the next step will be to begin first batch of production. I always recommend that you do not produce more than five thousand units.

For some products I recommend just one thousand or even less. This is the job of a consultant to help you make this decision based on the type of product you are manufacturing. You should know that if you make a mistake of over producing it can harm your business and tie down your capital as well.

And being a new product it’s always wise to go with a small order at first. If you noticed I used the word start your production. That is because I know that it may take some time to produce and as a business you shouldn’t be doing nothing while your manufacturing partners are producing your first batch of products.

So, we will be discussing what you should be doing during this time in the next step.

Step Five: Start Your Marketing

Notice that I didn’t use the word advertising for a reason. Marketing and advertising are not exactly the same. While marketing has to do directly with markets, advertising deals primary with mediums of promoting your products.

So this time, I want you to focus on the markets that is how I want you to start your marketing. I will recommend you hire a marketing consultant for this job. For your brand products to gain instant acceptability and growth it needs grassroot guerrilla marketing strategy and not media hype.

You can decide how many states distributors you want at first or you can choose to cover the whole country. It’s entirely dependent on your marketing budget. Your marketing consultant would give you the cost when you are ready.

But the reason for this kind of marketing is to help make your products available everywhere and build a proper network of distributors and retailers in every city. You can even start getting orders before your products arrives into the country. That’s what I call success.

Step Six: Start Your Advertising

Now I can recommend that you give your online marketing a boast as well. That will increase your online presence and start bringing in sales. Remember you have distributors and retailers nationwide already or in the cities you marketed to. Now, it’s your job to promote your products and direct your customers to your retailers location nationwide.

This kind of advertising has two impact, it will make your retailers who have not stocked your products to quickly rush to the distributor to buy stock. Also the same for the distributors, once they keep getting order request from retailers they will quickly place more order.

You know distributors order is big. So each time customers go asking for your products you will get a big order from the distributors. And once they have ordered they have to sell them.

The other thing is that customers will already be able to get the product in their city and save themselves the cost of online shipping if they have to only get your products online. And if you marry the two very well, your. Haines will grow very fast in such a short time than you can imagine.

Conclusion

Finally, this is supposed to be just about manufacturing your own brand product but I have also covered marketing strategy. If you want to progress and take advantage of what I have shared with you here or even ask questions use the comment box below or email me directly.

 

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How To Register Regulated Product With NAFDAC

When starting a business in Nigeria, there are several considerations you have to make. One of which is registering your regulated product With NAFDAC – The National Agency For Food And Drug Administration And Control.

NAFDAC is one of the bodies in charge of regulated product registration in Nigeria. It covers both locally manufactured and imported products. However, it’s not the only body approved by government for the registration of products in the country. There’s also SON – Standard Organization of Nigeria.

But NAFDAC covers just food and drug related products. Anything that Nigerians are meant to consume falls within the purview of NAFDAC. While SON covers those products that falls outside of food and drugs.

For an entrepreneur, you need to register your regulated food and drug products with NAFDAC to avoid falling into the wrong side of the law. That would also help build consumer confidence on your product.

Why Register Your Product?

NAFDAC registration is about certifying the product and approving it for consumption and sale, while a registration number is issued to notify the public or help in verifying the authenticity of the product being consumed.

A registered product gains consumers confidence, meets all regulatory conditions and helps promoters avoids battles with the laws of the land. Any responsible business entity knows that registering their products with the appropriate authorities is an important business decision.

Moreover, you need to know how NAFDAC operates to enable you register your products without hitches. The process is not difficult but sometimes can drag for a while before your product would be approved fit for consumption.

What Are Regulated Products?

According to a Science Direct bookon An Overview of FDA Regulated Products, a product is considered regulated if a government authority determines when and how the product is allowed to be commercialized.

Although, regulated products differ by countries and territories. What may be regulated in the United States for example, may not be regulated in Nigeria. Countries regulate their products based on their own unique market challenges.

Also, a product may have been regulated in the past but later withdrawn from regulated list of products.

 

Some regulated products in Nigeria

Products To Register With NAFDAC

Based on the definition of regulated product above, you can site some classes of regulated products to fall within these categories. In the United States, the FDA separates products into specific categories:

  • Food
  • Dietary supplements
  • Cosmetics
  • Drugs
  • Biologics
  • Medical devices
  • Veterinary products
  • And tobacco

The same applies to NAFDAC in Nigeria. Water also falls within the food category. These products are regulated due to the grave implication if their are adulterated or subsatndardly produced.

I also feel to give some few examples of previously registered products by NAFDAC to help you fully understand the Nigerian regulatory environment. I picked products from different categories, and in no particular order:

  • Revup (water, yoghurt, and juice)
  • Infini Clear (cream, soap and lotion)
  • De-Zack Water 50Cl Sachet
  • Flexi Joint Capsules And Cream
  • A1 Pat Life Water
  • Brave Herbal Capsules
  • GINO magic pepper and onion tomato seasoning mix (MILD)
  • MR CHEF seasoning
  • FAMKO sweetened yoghurt

You can search and find any NAFDAC registered products on this website link.

Who Can Register Product With NAFDAC

In case you are wondering if your business qualify to register a product With NAFDAC, let me clarify those classes of businesses that can approach NAFDAC for product registration. Below are the categories of entrepreneurs that can register a product With NAFDAC.

  1. Manufacturer
  2. Distributor
  3. Marketer

These three classes of entrepreneurs deals directly with products, and your business have to fall within any of these three to register a product With NAFDAC. Although, it’s not like NAFDAC has restriction on classes of business as a condition. It’s even because you cannot have the right over a product unless you fall within these three classes of entrepreneur, especially as a manufacturer.

A retailer only has exclusive retail rights. It’s only a manufacturer, distributor or marketer that can have an exclusive product right in a market. That’s why NAFDAC demands that only among these classes of entrepreneurs can register a product with the commission.

NAFDAC Registration Process

The process of registrating a regulated product With NAFDAC has been further simplified. It used to be solely by visiting any of the following NAFDAC offices in Nigeria.

  • NAFDAC Central Laboratory Complex, 3/4 Oshodi ? Apapa Expressway, Oshodi ? Lagos.

This office is where registration and regulatory affairs, legal process, inspections, food Laboratory tests, narcotics and controlled substances are handled.

  • NAFDAC Central Drug and Vaccines Laboratory (CDVL), Edmund Crescent, Yaba, Lagos

This office is in charge of drug laboratory tests and ports Inspection jobs.

  • NAFDAC Enforcement Directorate. Ahmadu Bello Way (Behind Nigerian Air Force Camp by Legico B/stop), Victoria Island – Lagos.

While this office sole responsibility is the enforcement of all NAFDAC laws.

To begin the registration process, you start with the purchase of the relevant registration application form from the NAFDAC office closest to you and pick up the applicable guidelines. This guidelines gives you proper directives on how to make your applications with the support documents required. Also read how to register a business in Nigeria.

How To Begin Registration Process

It’s takes about three months to complete NAFDAC product registration process, if all requirements are met at stipulated times. There are processes to follow when registering a regulated product. NAFDAC has laid out rules to guide applicants. Let me list each process for you:

  • Application Letter And Document Submission
  • Registration description of intent
  • Samples for laboratory analysis
  • Payments for category of registration

The first step is to submit letter of application with all required documents. Your letter of application gives NAFDAC information about your request for registration, and your documents helps them to understand who is making the application. But you have to ensure all the documents are complete, with the appropriate description so you won’t encounter any delays in the process.

The next step in your registration process is the description of your intent. This includes the purpose of your registration, and the product description itself. You are letting NAFDAC know what you want to register, what it does and your reason for registration.

Then, you submit your samples for testing. Here are the requirements to bear in mind when submitting your samples for laboratory analysis.

  1. Make your labelling clear, accurate and informative
  2. And your label must carry the following details:
  • The brand name
  • The name and address of manufacturer, distributor, marketer
  • The provision or slot for NAFDAC Registration number
  • The batch number to be tested, manufacturing and expiry date
  • The net content
  • The complete list of ingredients
  • Any product warnings that consumers should be aware of

And finally, you pay your registration fees according to your registration category.

NAFDAC Application Fees

It’s equally important to know how much it cost to get the NAFDAC number in Nigeria? The number is a symbolic representation of the product that it has been approved by NAFDAC.

So, registering your product With NAFDAC is not only to prove the quality and authenticity of it but also to get NAFDAC seal of approval, which is the NAFDAC number. And these fees are charged in two variants.

Infini clear product range

Since Nigeria imports a lot of products, NAFDAC also classified the registration fees into two. One class is for imported products, while the other one is approved for locally made products.

For imported products, NAFDAC charges as much as N200,000 plus VAT to register any imported product to be sold in Nigeria. These products that are not manufactured in Nigeria are made to pay more than those manufactured in the country.

While the locally manufactured products gets a lower fee of just N50,000 plus value added tax (VAT).

What’s NAFDAC Registration Number?

When you register a product With NAFDAC you will be issued with a registration number. This number is what NAFDAC uses to identify your product and it equally gives consumers a sense of confidence that your product is under the purview of the regulatory authority of NAFDAC.

NAFDAC issues this number as a final approval for each product that has successfully undergoes its rigorous examinations under its quality and health considerations.

Each registered product is issued a unique identification number to help NAFDAC monitor and control the quality of such product. While these efforts are meant to curb fake and substandard products, it doesn’t completely eliminates it from the market.

Unscrupulous importers and manufacturers also explore the porous nature and the inadequacies of NAFDAC to exploit consumers by using either fake or unapproved registration number on their products to deceive buyers.

Apart from the issue of registration number, NAFDAC also issues product certificate after registration. But this certificate is not issued immediately. It takes about a maximum of six months after the product approval date. So, it can be issued anytime within the six months period after registration.

Conclusion

Inasmuch as you can process NAFDAC registration yourself, it’s usually helpful to seek the services of a consultant. It helps to simplify things for you and make it work faster. An experienced consultant knows the process better and understand NAFDAC modus operandi better than you who is doing it for the first time.

Since China dominates Nigerians import destination, NAFDAC also has a Chinese office, which enables Chinese products to be registered right there in china before being imported into Nigeria. This option may be suitable for you, but try and check the cost implications compared with registering in Nigeria before choosing this option.

Finally, any product you want to sell in Nigeria, find out first if it requires registration. If it’s not a product under the NAFDAC purview, it would be under the Standard Organization of Nigeria (SON). Avoid importing or selling unregistered products in Nigeria.

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How Marketing Works For Beginners

Although marketing works the same for everybody, but there’s a way it can be well explained for beginners. That takes away the seeming complexity that most people associate with marketing. Even if you are an MBA student, this simple explanation about marketing will help you understand it much better.

As a startup entrepreneur, your understanding about how marketing works will give you an edge over the competition. Most times, startups see marketing as a subset of advertising. But marketing is the embodiment of sales. Sales happen as an effect of marketing.

In this post, we are going to look at what makes up marketing, by exploring the simple details of how marketing works, especially for beginners who know little about marketing.

Who’s A Marketer?

By understanding who a marketer is, will help you grasp the Know-how of marketing. After all, the sole purpose of learning how marketing works is so that you too can become a good marketer.

So, the primary duty of a marketer is to present a product or service before a target audience, to win their interest and patronage, with strategic messages that raises brand awareness with the intent to drive sales.

However that duty includes finding the best distribution channels to market the product or service. Finding the finances required to run the enterprise. Also, conducting market research about the potential of the market for your product or service. While also managing the product or service, and utilizing all promotional channels available in the target market.

Note: You don’t necessarily need to become a member of National Institute of Marketing of Nigeria to perform marketing functions in your business. But membership of the Institute is compulsory for only practitioners of the marketing profession.

Understanding How Marketing Works?

Marketing is not sales. Know what makes the difference. This must be clear to you. There’s a difference between marketing and sales. That’s because marketing deals with what makes people interested in the product or service being sold. While sales addresses only the activities that lead to the selling of the product or service. So, when you understand and able to differentiate these two, then you can properly articulate how marketing works.

That brings us to the functions of marketing, which includes:

  • Distribution
  • Market research
  • Setting prices
  • Finance
  • Product management
  • Promotional channels
  • Matching products to consumers

Marketing involves every aspect of a product life, till it gets to the final consumer. So, the main goals of marketing, which is to research, promote the product to increase target audience engagement that would lead to the selling of the product or service can be defined as:

  • Customer Service
  • Lead Nurturing
  • Lead Conversion
  • Brand Awareness
  • Upsell
  • Loyally

What’s Advertising?

A professor once gave a simple and educative illustration about marketing to his MBA students. This simple illustration will form the basis for explaining marketing in this article. I will start first by using it to explain advertising, and then the rest of the sub heads under how marketing works.

The professor began with the idea of how you with your friends being in a party, and you spotted a gorgeous looking lady. This scenario will form the platform for every of the illustration, with different reactions or statement to accompany each of the explanation.

Now, if one of your friends go up to our gorgeous lady and pointed at you saying, “he’s very rich. Marry him”. That simple illustration is what advertising means. You are the product, your friend is the medium, while the lady is the target audience.

Also, your friend in his words expressed a proposition to the lady, while prompting her on a course of action. His message was clear: he’s very rich. And what he wants her to do is also very clear: marry him.

This simple illustration explains advertising in a way that everyone can understand. Now, from the concept of marketing, which advertising is a part of, you can understand the role of advertising in marketing. The concept of advertising is to influence consumer purchasing behavior. This influence is induced by emotional force.

What’s Direct Marketing?

Using the same illustration of our gorgeous lady by the professor, let’s define direct marketing in simple terms. But this time, it’s different from how advertising work. Imagine you walk up to her and say, “I’m very rich. Marry me”.

Notice the difference between advertising and direct marketing. In direct marketing, you don’t need someone to do it for you as an intermediary. You are not using any medium or channel of distribution. You are selling directly to the target audience.

Examples of Direct Marketing

There are many ways you can engage in direct marketing. The following examples of a direct marketing would help you find what will work best for you. The most common forms of direct marketing are:

  1. Internet marketing
  2. Face-to-face selling
  3. Direct mail
  4. Emails
  5. Catalogs
  6. Telemarketing
  7. Direct-response advertising
  8. Kiosk marketing
  9. Flyers
  10. Phone text messaging
  11. Promotional letters
  12. Newspapers
  13. Outdoor advertising
  14. Magazine adverts
  15. Coupons
  16. Postcards

What’s Competition?

The next important aspect of marketing is the competition. It’s one of the major reason marketing exist in the first place. If there are no competitors, customers would readily find you when they need you.

Marketing is a way of maintaining your market share in a competition. But to explain market competition, let’s resort to professors illustration with our gorgeous lady at the party. But this time, as you got to the lady to say anything, another person got to her first to tell her: “I’m rich. Will you marry me?’ And she goes with him. That other person is the competition.

What’s Brand Recognition?

Branding is one of the biggest part of marketing because of what it seeks to deliver. It builds a long lasting relationship between the product or service and the target audience. A brand gives a product or service a lifeline.

And here’s how the professor illustrates brand recognition using our gorgeous lady at the party. This time, she walks up to you and says, “you are very rich. Can you marry me?”

She’s the one that spotted you. Also, by herself knew that you are very rich. And without hesitation requested to be married. That’s brand recognition. You are recognizable as very rich, to the intent of your target requesting marriage with you.

Any brand that can achieve this kind of recognition is powerful and cannot be easily defeated by the competition. Think of brands like OMO that has replaced the real name of detergents with its brand name – OMO.

What’s Market Restriction?

Moreover, markets can also have restrictions. And that’s our next topic on how marketing works. You need to know what are the restrictions in your market. Some business permits are there to restrict those who can’t meet those requirements from entering the business.

Let’s use the same professors illustration of our gorgeous lady to understand what market restrictions are like. Think of of it as you going up to her, but before you say, “I’m rich. Mary me,” your wife arrives on the scene. That’s like a restriction of entering new markets.

Restrictions exists to stop you. But it’s up to you to know what’s stopping you and how you can overcome those challenges to gain your place in the market.

What’s Demand And Supply Gap?

When you succeed in overcoming the restrictions to get into the market, then prepare yourself also for what could come next. The right thing to do at this stage is to supply your target market what you promised to deliver. And while your supply chain moves in, your marketing should as well address the demand side.

Things can get ugly when demand doesn’t seem to match with supply. There could be demand and supply gap.

In the professors illustration with our gorgeous lady, he made it very simple to grasp. It’s like you going up to the lady to say, “I’m very rich. Marry me”. But she turns and introduces you to her husband. That’s a typical demand and supply gap.

The competition is already present in the market. And your target audience are already in bed with them.

What’s Telemarketing?

So, what can you do about your situation? Let’s consider telemarketing to understand how it works in marketing. The role telemarketing plays in how marketing works is essential in dealing with issues of demand and supply gap. It offers you direct marketing advantage that could help you woe customers to your product or service.

How would our professor describe telemarketing, using the illustration of our gorgeous lady? Imagine, you go up to her and got her telephone number. The next day, you call her and say, “Hi, I’m very rich. Marry me”. That’s telemarketing.

You are marketing to her directly through access to her phone. You could also use text messaging to do that. But the idea here is that you got her number for the purpose of reaching her with marketing.

Understanding Customers Feedback

Now that you have access to your customers and they are convinced about your product or service, it’s your job with marketing to know what the consumers think about your product or service. It’s a great way to measure how marketing works.

You will love what the professor thinks about customers feedback, in our illustration using the gorgeous lady. It’s like you going up to her to say, “I’m very rich. Marry me!” But she gives you a nice hard slap on your face. That’s what’s called customers feedback.

Also, it doesn’t matter if she just smiled at you and kissed you. Whatever reaction you got from customers feedback is for your advantage. Use what you got to address your product deficiencies or shortsightedness. The customers feedback is there to always point you in the right direction of what could keep your relationship with your target audience sweet with merriment.

Conclusion

You can understand better now from our professors point of view how marketing works. By following the professors illustration we have explained in simple terms how marketing works for beginners. However, one thing is clear, marketing has several parts to it. And if you need to make marketing work for you, then learn all about the things that makeup marketing.

The concept of marketing reveals how marketing works is to satisfy customers needs, increase sales, maximize profits and beat the hell out of the competition. As a marketer, your job in the management of the business is to design best strategies that will create profitable relationships with target customers. And if you do that successful, you have marketing working for you.

Finally, the problem with a lot of marketing strategies by beginner startups is their lack of understand of the difference between marketing and sales. Their ignorance, often times caused by the lack of knowledge of how marketing works, is the reason they never get it right with marketing. So, emphasis is placed on sales as though it covers marketing. Yet, you can only succeed with sales if you make marketing work first.

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How to Prevent Stealing Your Ideas In 2021

Do you want to share your unique business ideas with someone who you think might be able to help you out but you are worried that they might steal it? How do you prevent stealing your ideas? You can still share your ideas with potential investors but you need to put protective measures in place, like a non-disclosure agreement.

You shouldn’t let someone just steal your ideas because you approached them for funding or partnership. It’s not just wolves of Wall Street that you should be afraid of when building a business. You should also be afraid of those who might steal you ideas, trade secrets, registered patent, etcetera.

There are harmless looking business executives, friends, colleagues, startups, entrepreneurs, investors, even lawyers that won’t hesitate in stealing your ideas if they have the slightest chance to do so.

That’s why you need to protect your ideas from anyone who you may have need to share it with. In Nigeria stealing business idea is not really new. In fact, people steal ideas without consequences. Probably because most people don’t even know what to do about it. Or comply because most people are not protecting their business ideas

Your Next Big Thing

Every entrepreneur believes their ideas are the next big thing. While in essence, startup ideas are worth nothing of financial value. If not, there would have been a marketplace for selling ideas to the highest bidder.

That’s not to mean that you shouldn’t protect your ideas from being stolen. Although, most startup ideas are too simple to even be stolen. It doesn’t change the fact that those simple ideas might end up becoming billion dollar ideas when implemented.

Having an idea doesn’t equal to the world’s next big thing. It might seem to you but it doesn’t always translate to that. Your ideas are not money. So it cannot be purchased. But if you think you have found an idea that could change the world, do the needful and protect it from anyone you may share it with.

How Ideas Are Stolen

You may think, what’s there to steal from you? Well, I want you to know there’s a lot that can be stolen from you in business today. Even though startup ideas have little or no value, if the ideas found their way into the hands of someone with ability to implement them, they will be worth millions, if not billions in no time. Facebook is an example of a stolen idea.

Dave Schools shared some insightful truth about stolen ideas that you may need to read. Also, Dave shared that there are two likely ways Ideas can be stolen from you. And below are Dave’s two observations.

  • Ideas are most likely to be stolen from someone with competency in the field. The risk is in the details. If you reveal all your work to someone who fully understands and has the skill to create your vision, then you may be putting your idea at risk.
  • Ideas are most likely to be stolen when action has already taken place — there is a vision and plan on paper. Several examples showed ideas being stolen when a plan-of-action, proof-of-concept, and research were attached to it. If you give someone a treasure map don’t be mad when they follow it.

Who’s Likely To Steal Your Ideas?

The people who steal your ideas don’t just walk through the doors and steal them. Most times business ideas are stollen by people you trusted and shared your ideas with them, earthier because you needed financial support for the business or you wanted to get advise from them, if they are mentors.

So, the likely people to steal your ideas are not some broke fella on your street. Or some guy you are friends with that doesn’t even know how you are going to achieve such big dream. Rather, it’s those experts you consulted. The banker you reached out for financial help. The lawyer that is supposed to protect you from business risks.

These high value stealers are most times overlooked when you think of when you fear your ideas might be stolen from you. And the reason they are more dangerous is because they have what you may lack and the most likely the required experience to make your idea successful.

Prevent Stealing Your Ideas With Non-Disclosure Agreement

Investopedia says that a non-disclosure agreement as a legally binding contract that establishes a confidential relationship. It’s an agreement that involves a party or parties signing to agree that sensitive information they may obtain will not be made available to any other party.

This kind of agreement is common with business negotiations with other businesses that involves the disclosure of sensitive information that belongs to one of the parties or both. A non-disclosure agreement allows the parties to share these information without risk or fear of lose of sensitive material getting into the hands of a competing business. It’s also called a mutual non-disclosure agreement.

Tips On Non-Disclosure Agreement:

  1. An NDA acknowledges a confidential relationship between two or more parties and protects the information they share from disclosure to outsiders.
  2. The NDA is common before discussions between businesses about potential joint ventures.
  3. Employees are often required to sign NDAs to protect an employer’s confidential business information.

Benefits of Non Disclosure Agreement:

A non-disclosure agreement has benefits for both parties that signs it. But mostly for the party that has something to protect. The two point benefits of a non-disclosure agreement includes:

  • Protection from disclosure of intellectual property, which includes trade secrets, proprietary information, and other confidential information.
  • More legal protections and options if the party does infringe on a patent or otherwise use protected information.

By asking the parties involved to sign an NDA (non-disclosure agreement), it’s like oat taking. They are signing a contract which states that they cannot talk about your idea to anyone else or use it themselves without your permission.

Steps To Write Non Disclosure Agreement (NDA)

A non-disclosure agreement is most commonly signed when the parties are interested in entering into a business relationship. Here are points to actually write one.

  1. Identify your trade secrets or confidential information.p that need to be protected.
  2. Decide if you need to share confidential information and why
  3. Protect confidential information before signing an NDA.

But how binding is a non-disclosure agreement? The confidentiality is binding on parties involved. And that also comes with some consequences. However, not only can NDA provide monetary compensation in the event of a breach, it also provide a kind of injunction relief to stop any further breaches from occurring.

And if this agreement is binding, how long does it last? The standard use for non-disclosure agreements ranges from 1 to 5 years, depending on the nature of the transaction.

The consequences for violation of NDAs are not actually specified in a non-disclosure contract. It’s clear that you can sue for the breach of contract, but there are no stipulated punishment for violation.

And in a case of violation, you are required to proof the cost of the violation and demand for a specific remedy, which has to be agreed to and approved by a competent court. But surely, it doesn’t include jail term, but usually resolved with financial compensations.

Conclusion

If you own a business, you can protect it today using NDAs for your employees that are vested with certain responsibilities that involves interaction with core secrets of your business. This protects you from these employees revealing trade secrets to a competitor upon resigning from your company or sharing sensitive documents they are privy to within a certain period after leaving the comoany.

And in this era of email and social media, documents can be transmitted faster from one person to another. That also puts sensitive business documents at risk. You may need to monitor every activity of your employees during and after work hour.

Also, you need to involve the services of an attorney to help you prepare the agreement and possibly oversee the signing as well.

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