New businesses are always faced with a myriad of challenges. Getting into the market and being able to leave a mark means creating a unique product or service that will guarantee profitability for the new venture. Failure to do so will lead to the business closing its doors before it even gets started.
With competition getting stiff by the day, entrepreneurs, as well as businesses, need to critically properly research and identify some of the most pressing needs of their target market. A recent survey conducted by Nasscom revealed that almost three to four startups are created every day.
This number is expected to rise considering the rate of economic expansion in some countries for instance in India it is estimated that startups in India will rise from 11,500 by the year 2020. If these statistics are anything to go by, then it is clear that there are more and more entrepreneurs entering the market daily and creating even more competition.
Consequently, proper packaging is going be one of the areas of focus in order to improve brand image. This is more important for startups because good packaging will play a crucial role in selling their businesses. Brand perception cannot be ignored by any startups that aspire to succeed.
6 great packaging tips for and ideas for startups
As a startup, avoid being carried away by packaging designs. It is understandable that being a new entrant in the market you ought to have something unique and eye-catching. Nonetheless, you cannot afford to spend a huge chunk of your startup capital only on the packaging. The best thing to do is to identify something unique and visually appealing but friendly to your pocket as well. Online stores and bulk options are often considered cost-effective.
Manage your inventory
Business inventory is very crucial for any startup business. Ensure that you analyze stocking options in relation to the requirements of your business. Inventory management can prove to be a game-changer if well managed.
Cautious packaging is often important when it comes to saving packaging costs. As a business that is getting started, light and crisp packaging eliminates wasteful expenses on the packaging. However, you should bear in mind dimensional weight of the package since it’s not always a guarantee that lightweight packages cost less.
Multiple packaging options
Ensure that you assess your packaging requirements as per the nature of your business. Carry out a serious research on different types of packaging that would best suit your products. Most startups ignore this part and end up with packaging that is not best for their products that often turn out to be a disaster for customers.
A lot of companies around the world are turning into environment- friendly packaging materials. This is something that is being encouraged and is definitely here to stay. As a startup, it is therefore important to keep with the trend along with others.
Come up with purposeful packaging
For those new businesses that are aiming at creating a brand perception in the mind of customers, the purposeful packaging is the in-thing. Considering the fact that you are new in the market, your packaging should be an opportunity to convey relevant information to the customers about your brand. You should be able to achieve that through clear and brief information on your packaging supplies.