Looking to Start a New Business? Consider the Personalized Products Industry
Looking to launch a new consumer products business that makes and markets gifts? Why not consider a niche that has grown dramatically over the past few decades and still shows signs of continued expansion? The market has your name written all over it -- the personalized products industry.
In the U.S. today, there are more than 100,000 businesses selling personalized gift products with annual sales of at least $27 billion, and these numbers are continuing to increase.
Why is the personalized gift market considered such a rapid growth industry? Several forces are at work currently driving the personalization market.
1. The Economy: The U.S. is just coming out of an economy slump and recession. During tough economic times, consumers often look for added value when they make discretionary purchases. For example, when shopping for a gift, price conscious buyers look for a selection that will make an impression and be lasting. Consumers perceive that they are getting both when they purchase a personalized product. In general, buyers are actively seeking personalized gifts, and this activity and interest is moving the industry forward.
2. New Technology: Advances in technology have made a wider variety of products available and much more affordable. For example, machines that personalize towels and clothing once cost thousands of dollars and weigh hundreds of pounds. Now, a much smaller, cleaner, quieter, computer-driven piece of equipment can produce the same quality goods -- but at a fraction of the price. And, if manufacturing upfront costs are less, products become more affordable.
3. Product Selection: Since technology has made production easier and cheaper, there has been an explosion of personalized goods and gifts. Gifts range from the inexpensive and predictable to the upscale and highly innovative. Most gift stores offer some personalized gift selections and there are now many stores, websites and even mail-order catalogs with literally thousands of consumer choices.
4. Stand-Out Gifts: Personalized gifts are memorable. For instance, parents will always remember who gave their newborn a charming personalized picture frame, but can't recall who sent the expensive outfit that baby outgrew in a few weeks. A personalized present is also a great choice for the "person who has everything."
PERSONALIZED HISTORY
The personalized gift market is primarily a U.S. phenomenon. Its roots can be traced back to our early American history when silversmiths practiced their skills by engraving family names or initials on one-of-a-kind silver trays, bowls and jewelry.
As the country expanded westward, saddle and gun makers would occasionally personalize their wares, while wood artisans used their talents to create uniquely decorated trunks with family names or crests.
These early personalized items were always made to order and available only to those who could afford to pay the price -- which was, at that time, a very small percentage of the population.
Not much changed until the late 1950s when mass production brought the "pre-made" personalized gifts to middle America.
Suddenly, every local corner drug store offered displays of inexpensive pencils, key chains and jewelry featuring names like Linda, Mike, Tom, Cindy, Mary and Dave.
However, most of these personalized items were considered cheap imported gifts aimed at kids and teenagers. And, if you had an unusual name, you were out of luck because all these novelty products were pre-made at the factory with the most common names of the day.
While there are still many of these low-ticket items available today, the personalized products industry has grown and evolved over the past forty odd years. Probably the biggest change that has moved the industry forward has been advances in technology.
Lower costs for machinery means that it's now possible to have personalization equipment in decentralized locations rather than one central processing plant. Additionally, personalized gifts that once would take weeks to obtain can now be created in a matter of days or even minutes. Consequently, gifts that once had a long ordering lead time, are now almost impulse buys for today's busy consumer.
Computer-driven technology also has made literally thousands of personalized gift choices in a variety of price ranges available to the consumer.
BUYING AND SELLING
What type of companies sell personalized gifts? Major catalogs, countless ecommerce sites, upscale department stores, specialty boutiques, general dry-goods retail storefronts, drug store chains and thousands of small entrepreneurs.
What types of personalized items are consumers buying? Almost anything can be personalized, so the choices are many.
Just pick up a catalog and you will find robes for adults and kids, fine crystal, quilts, keepsake gifts for newborn babies, expensive gifts to mark a graduation, wedding or anniversary, a variety of clothing and even furniture. Visit a local retail store and you will find stationery, jewelry, wall art, T-shirts, mugs and dinnerware, glasses, picture frames and much more.
Why are these gifts so attractive for so many sellers? Any retailer will agree that a personalized gift means a little more effort up-front, but in the long run fewer returns. Plus, these products often carry a higher price point -- and therefore profits -- making these gifts very attractive.
AMERICANS LOVE PERSONALIZED GIFTS
While you may find some personalized gift items in other countries, you will not see the same wide range of products that are found in the U.S. Why has the personalized gift market thrived here at home?
It's really pretty simple according to those who study consumers. Americans -- young and old alike -- love to see their names on a product because it makes them feel special and unique.
And, American consumers are always looking for products with a slightly different spin, and this, too, is accomplished by purchasing a personalized product.
Faith Popcorn, who studies and reports on nationwide trends, has coined the word "egonomics" to describe the personalized product phenomenon. Other trend forecasters agree that the personalized gift industry is here to stay and will continue steady growth as more products are brought to market in response to consumer demand.
Nancy Wurtzel is the founder and owner of All About Baby, an ecommerce site located at http://www.allbaby.com. All About Baby specializes in personalized and memorable gifts for children as well as interesting and helpful child-related site content. Ms. Wurtzel has over 20 years of marketing and communications experience. She consults with small businesses seeking to enter the marketplace or grow their existing ecommerce business.
Getting Priorities Straight
Lois R. Thompson
It is reported that there are over 1.5 million new people coming online each month,
with only 95% of all online businesses making a profit.
I believe that the Internet is by far the greatest gold rush in history. So, how can
this be...only 5% of online businesses raking in the gold?
Are the opportunities not equal for all? does it take large financial backing? No! I
believe the failure of the 95% is attributed to the same causes for business failure
off line as well as online. In a nutshell...it's the lack in clarity of vision.
How can we be focused when we don't have a clue what it is that we are to be focused
on line. Without clarity of vision there is no real purpose, and with out real
purpose our priorities become confused.
Without a carefully thought out game plan, it is most unlikely for one to achieve
true success. In any venture, discouragement will come. And without a game plan when
discouraged does not produce the Quick Riches that was so hopeful would come, one
tends to give up on that venture. Then, frantically looks for the next opportunity and
jumps right on in.
Before long, we are back to square one. We now have 3 or 4 newly claims staked, and
none of them really producing. Depending on how much time and money we have
invested, at this point, he may be tempted to sit the next race out, or even worse...drop
out of the race entirely, with the false notion that..."it does not work."
What is wrong here? We have never taken the time to lay a solid foundation. Without
a solid foundation a house just cannot stand the storm.
So what...if it takes a year or so to pay your dues in the School of Hard Knocks?
That is not much time for a life of wealth and freedom. Don't buy the hype! No one
logs on to the internet, signs up for a bizop, get a fancy website then sit back and
become financially free.
As with anything else in life, we all must make a dedicated effort if in fact we are
to reap the blessings.
The Beginning - Your Reason
Now that you are ready to create a game plan for financial
freedom there are some steps to be followed closely.
Here's Fact.
Financial freedom, becomes very elusive, unless you have a reason, and I mean are
really big reason or a bunch of important reasons that drive you emotionally. If you
don't have know your reason right now, you need to begin to dig deep and keep
searching for that thing that drives your passion. Do you remember a time when you were
really passionate in life? What what was that passion about? How would you like to
have that back?
Here's where you start:
1. Keep a new notebook for your training. Make it
one you'd be proud to plan your life with. This
notebook is going to hold a lot of important
information you are going to want to refer back.
2. Once you have that notebook, state your life's creed or
statement of life. Write this out boldly! Make this a
commitment to yourself. Write at the top, "I'm 100%
committed to achieving my goals and dreams." Something
powerful happens when you write things down. Don't
just think it, ink it. You will want to review this
often. A year from now, you'll be blown away at how
significant it is that you've written that down.
3. Why do you want financial freedom? Here's your first
task: write down everything financial freedom would
mean to you. Keep writing for as long as you can, up to
30 minutes. Yes, I said 30 minutes! Most people will
spend hours planning a vacation, but they can't give 30
minutes to writing down their reasons for financial
success. Will you commit to your success and do this
task, or are you keeping yourself busy building someone
else's dreams. This is a goal setting exercise, built
on the power of your dreams.
I do this once a quarter. Each time I do it, I am impressed upon and inspired to do
more with my life. It will be the same for you, so go for it!
Write down ALL your dreams and goals.
Here are some thoughts to get you going:
What would your family be like?
What would your relationships be like?
What kind of house would you live in?
What kind of car would you drive?
What specific vacations would you take?
How could you give back?
Would you set up a charity? What kind?
To live debt free how much would it require per year?
How much fun would you put into your day?
What time would you get up in the morning? Go to
bed at night?
Would you travel? Where? In what style?
What kind of clothes would you own?
What kind of jewelry would you wear?
What would you do for your community?
Being financially solid and debt free, what would you
do with the rest of your life?
If you have not done this before, it can be most tedious, but keep writing until you
until you get to the bottom of this. Working out your dreams is a very profitable
investment. As with anything else, the more you work at it, the better you'll become
at it. You'll be doing this again, and we'll take you back to your notebook to see
how you've progressed since you wrote all this down. I think you'll be very inspired.
Yes! this is a time consuming process, but an investment so great a price cannot be
placed upon it. Remember the turtle? he is the last to get out of the starter box in
a race, but he plows steadily along and finishes at the finish line. Sometimes,
going slow is getting ahead...those that wait, mount up with wings as eagles!
Now that you know your own dreams, you're ready to hear about our strategy for
helping you achieve them?
==>>> Lois has been blessed with earning a full time <<==
= income working from home part-time, through combining
= MLM and Affiliate Marketing. You CAN TOO! Subscribe to
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