What does it mean to own a brand? A private label product is produced by a third-party manufacturer and sold under your own brand name. The manufacturer does not issue the label or branding rights, you choose the product planning such as brand logo, label, packaging and all other planning elements.
What does it mean to own a brand? Own Branding s a product that is produced by a third-party manufacturer and sold under your own brand name. The manufacturer does not issue the label or branding rights, you choose the product plan such as the brand logo, label, packaging and all other planning elements.
1. Select products with potential through analytical research
When you consider which products make sense for you, it is recommended that you find products that you like and that have the potential to be really popular in the marketplace. Analyze the full range of product categories that interest you, and then list the products that are relevant to each category. Starting with a broader list, you can gradually narrow down your plan to make sure you include the base products.
It's important to consider existing or potential demand, including any sales patterns or seasonality. Quiz each channel to find products that are performing well and have fewer competitors. You can also do research on social media to discover new consumer trends.
2. Work with an experienced supplier or manufacturer
Suppliers play an important role in the success of your private label products. While cost will be a key factor in determining the right supplier, it is not the only factor. When weighing your options, you should consider the cost of labor and materials, as well as the value-added of capital when buying from overseas.
Tie your search to suppliers who have experience with similar products you want to manufacture to ensure they are reliable. Establish good contacts over the phone and make site visits to their manufacturing facilities to get a clear picture of how your products are made and where they are located.
Whether you choose a site like Alibaba to connect with manufacturers or establish direct contact with suppliers, you need to balance product quality with cost to ensure quality. Ask about minimum order quantities and understand their quality assurance (QA) processes to reduce the risk of any shortcomings or quality issues.3.
3. Conceptualize and recognize the brand image and product planning and packaging
One of the primary advantages of selling private label products is that there are no direct competitors, which means you must find the strengths and weaknesses of your peers. While you may face direct mall competition, no one will sell the exact same product as you, i.e., have the exact same branding, packaging, value-added benefits and features as you.
In addition to the physical components of your product (such as the product itself and the packaging), you can differentiate your brand from your competitors through a well-known value proposition and a compelling brand story. Both of these intangible brand elements help increase brand awareness, customer engagement and social acceptance.
To attract potential buyers, you can infuse your logo and packaging with consistent, bold colors, fonts and planning elements that are consistent with any other products you add to your private label collection to demonstrate your brand consistency. When creating your brand concept and physical plan, keep your policy customers in mind and make sure your selection appeals to them.
4. Require quality control of product samples
After product development is complete, be sure to ask for samples from your suppliers to ensure the quality and specifications of your products. Share prototypes and packaging with different collectives, including potential buyers, to gather all feedback that should be addressed prior to the initial bulk order.
What does it mean to build your brand? To summarize, the following points.
Own branding helps to increase product competitiveness
Implementing a private label can increase the competitiveness of a product, especially in terms of achieving a lower price for the product. There are several main reasons for this.
1. Large retailers produce private label products, saving the centralized purchasing chain and distribution costs.
2. Private label products are only sold within the enterprise, and the advertising cost belongs to goodwill property, which helps to save advertising cost
3. The packaging of private brand products is simple and generous, which is conducive to saving packaging costs.
4. Chain stores of large retail enterprises, with large sales volume, can complete the planned economy and sell more with thin profit.
5. Short planning cycle for new product development, reducing development costs.