Episode 54: The 3 Profit Stages For Product Brands | What To Do In Each Stage
It's disheartening to put so much energy into building a business, only to find yourself in a never-ending cash crunch. Spending your limited resources on worthless things or perfection is a key contributor.
That's why we made this episode. You'll get insight into the three profitable stages associated with product brands, figure out where you are in that cycle, and discover how to allocate your resources accordingly and get the most out of each phase.
Episode Highlights
- [02:04] The three profit stages of beauty brands:
- Stage 1: The emerging stage
- Stage 2: The growth stage
- Stage 3: Scale up stage
- [02:30] Why you should avoid using the term “side hustle” to describe your emerging business
- [04:03] What happens in the Stage 1: The emerging stage
- [07:10] The value of market research
- [08:53] Three things to consider when doing market research:
- Your ideal customer’s psychology. How and what are they thinking about before they buy.
- Their buying habits
- Their preferences
- [10:16] Why value must come before perfection.
- [13:40] What happens in Stage 2: The growth stage
- [13:50] How to build brand obsession
- [27:50] The value of a board of advisors/consultants
- [33:51] What happens in Stage 3: The scale up stage
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