• Elksourcing:Essential Tips for New Product Development

    Elksourcing:Essential Tips for New Product Development

    Inspiration is the easiest part of starting a business. The hard part? Putting in the hours and preparation for launching a new product or service. Creating a plan and roadmap are essential to staying on task. Here are 6 steps that should not be overlooked. 1. Planning Your Product Strategy Before you start investing into a product design, you need to have a product strategy in place. How will you market your product? Will it be sold in stores or online? What features are most important? You need to define the goals of your product. You need to have a clear understanding of what your product does for customers, and how it will grow your company. Start by answering these questions before you think about product features and marketing strategies. Or, better yet, allow your prospects to answer them for you. Survey potential customers to find out which product features and…

  • Elksourcing:Valuable Tips for Improving Amazon Ranking

    Elksourcing:Valuable Tips for Improving Amazon Ranking

    When you’ve made all the right moves, like identifying a consumer need, finding a reliable supplier, and creating an Amazon listing, it can be frustrating when the sales don’t come pouring in as you had hoped. The fact is, you could have the greatest product in the world but if people can’t find it, they can’t buy it. The key to being a strong seller on Amazon is to create an optimized product listing. While the inner workings of Amazon’s search algorithm remain a bit of a mystery, there are some steps you can take that will make your listing more likely to show up in a customer search. Here are 6 tips that can improve your listing, increase your sales, and boost your chances for a page one ranking: 1) Streamline Your Title How exactly you write your title will depend on the product and its listing category but…

  • Elksourcing:How to Overcome Language Barriers in Global Sourcing?

    Elksourcing:How to Overcome Language Barriers in Global Sourcing?

    Globally sourcing your company’s products can improve your productivity, efficiency and bottom line, but sometimes language barriers can get in the way. From simple miscommunications to cultural gaffes, language barriers can cause international business relationships to grind to a halt. It’s important to have a strategy in place to mitigate language issues before they cause serious problems. So, here’s a closer look at strategies that can help overcome language barriers with your global sourcing partners: 1. Translate all critical documents into the local language. Before embarking on a business partnership, it’s important to consider the basic documents that will outline and guide the relationship. Examples of critical documents include legal contracts, sourcing guidelines, company and background information, and operating agreements. Translate these documents into the local language to ensure that both members of a partnership get off to a good start. It gives everyone involved a clear frame of reference. Any point of…

  • Elksourcing:Common Mistakes Many Exporters Make

    Elksourcing:Common Mistakes Many Exporters Make

    Below are some of the common mistakes many exporters make, as well as ways in which you should avoid them. 1. Expanding to too large of a geographic area Every country has its unique personality, and those personalities are comprised from millions of people in that country. However, every country is comprised of smaller communities, whether they’re states, provinces, villages, towns, and neighborhoods. Each of these subsets represent a microcosm of the whole. Failure to understand that each region of a country has its own tastes and needs is a surefire way to exporting failure. 2. Selecting the Wrong Overseas Partners and Distributors Just as you need to be careful not to grow too quickly and too “generically” when first starting out your export business, it is critical to your future and continued success that you find overseas partners and distributors that align with your company’s goals and values. This is…

  • Elksourcing:Steps to Prevent Product Defects with A New Supplier

    Elksourcing:Steps to Prevent Product Defects with A New Supplier

    The best defense against quality defects is prevention. And the most crucial time to prevent product defects is when beginning your sourcing journey, as you filter potential suppliers. Let’s look at the various steps you can take at the start of your relationship with a new supplier to limit your chances of finding unacceptable quality defects later. 1. How to prevent product defects when negotiating with suppliers? Nearly every importer has had to deal with product defects in their shipments at one time or another. Defects are an inescapable reality of manufacturing—no factory is perfect of the time. But that doesn’t mean you should resign yourself to poor quality products from your suppliers. Preventing a quality defect when first beginning the supplier relationship is almost always far easier and cheaper than trying to correct it after it appears. When it comes to factories’ production capabilities in Asia, not all factories are…

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