Growing a business is not an easy task, as there are many challenges that you may face on your entrepreneurial journey.
What keeps business owners motivated, though, is knowing there’s somebody else who’s been in the trenches and managed to come out victorious. It’s only natural that we feel inspired by stories of others who managed to reach the same goal we are working towards achieving.
That’s where the story of Pavel Melnikov, a successful Rusian entrepreneur who managed to transform his small business into a successful enterprise, comes in.
So, what is his advice to all aspiring entrepreneurs out there?
Identify market trends
Conducting a thorough market analysis before you even decide to set foot on a particular market is a must. However, keeping up with the market changes and ensuring you seize new opportunities that come along your path is of equal importance.
If you want to give your business a chance to stand out from the competition, you should devote your time and effort to conducting a thorough analysis of the market, comparing current industry data, and recognizing the overall direction the market is heading in.
In the case of Pavel Melnikov, after his initial analysis of the Russian sanitary market, he shifted his focus to importing different plumbing products and heating equipment that was in demand at the time. That’s how many of his companies, including Vesta Trading LLC, NovaTerm LLC, Minkor, Brixis, and Tenrad came to life.
Make sure your products are reliable
Regardless of the industry you are planning to conquer, the thing that can make or break your business is the reliability of your products. Having a quality product that not only meets but surpasses customer expectations will help your business become trustworthy, and trust is what keeps customers coming back for more.
This is exactly what Pavel Melnikov did – he made sure his products, including those manufactured under his licenses, were designed to satisfy the users and offer them exactly what they were looking for.
So, if you want to retain your customers and build brand loyalty, the products that you are offering have to be reliable. That means that you need to ensure every product or piece of equipment undergoes thorough testing and quality control prior to the launch.
Focus on product diversification
Having a wide range of products to offer to your customers goes hand in hand with keeping an eye on changes in the market – one cannot happen without the other. As soon as you become aware of the trend that is about to emerge on the market, invest your resources into developing new products and introducing them to your customers.
Product diversification is what encourages the company’s growth and supports its development – Melnikov’s most successful company, Valtec, currently offers more than 1000 different products that are designed to respond to the needs of every client.
Put your customers first
Building a long-term customer relationship and adopting a customer-centric approach is essential for every retailer that hopes to see his business thrive. The sooner you start prioritizing your customers by providing them the best possible service and keeping up with their ever-evolving needs, the quicker your company will grow.
Melnikov was quick to realize this, so he created an effective customer-centric strategy for his business, providing top-notch customer service and ensuring that his clients’ needs are met at all times.
Get your business out there
It’s no use of running an awesome business nobody even heard of. That’s where effective marketing comes in – spreading the word about your business is crucial if you want to build your brand awareness, increase brand visibility, and acquire new customers.
Besides traditional marketing techniques and WOM (word-of-mouth marketing), creating a strong online presence is one of the most effective ways to increase your customer base and reach potential customers.
Together with his team, Pavel Melnikov took digital marketing seriously and ensured each of his companies has its own website, containing valuable product information, specifications that are of interest to potential customers, details about the company itself, as well as an intuitive contact page.
Takeaway
An established entrepreneur and a sanitary industry leader, Pavel Melnikov, decided to share his experience and reveal certain tips and tricks that will definitely help any business owner and budding entrepreneur scale their business and make a name for themselves.
Just make sure to put his lessons into practice and you’ll soon see your business thrive.