Electronic cigarettes are booming thanks to the popularity of vaping. Becoming a successful seller of e-cigarette products requires good planning, which starts by developing a workable business plan. There are five key elements to focus on when writing your plan for this market.
Main Objectives
State the main business objectives that you want to achieve. One objective is to identify specific target markets. Another would be to develop an advertising and marketing plan that reaches the target market and produces sales within a certain period of time. Consider whether you want your company to grow fast or at a slow and steady pace. What are your long-term goals?
Target Customer
In order to be successful, you have to identify the best customer for your e-cigarette products. It is a huge market, but will be easier to crack if you focus on a smaller piece of the pie. Therefore, research demographics and target in on your ideal e-cig buyer.
For example, you could decide to focus on women between the ages of 25 and 40. They may be current smokers that would find the e-cig a good alternative to traditional cigarettes.
Value
Your company needs a value proposition. This section discusses the type of value that your products will bring to the consumer. Using the above female target demographic, a value would be offering attractive e-cigs that are chic and easy to use. Research shows that these women smoke mostly to relieve stress. You could obtain vapor liquids that include flavors that are refreshing, aromatic and enhance the feeling of relaxation.
Competition
There is quite a bit of healthy competition in the e-cig market. That is good news for any new business just getting started. Your competitors sell products via online stores and retail establishments. Do some research on competitors that are experiencing lots of success. Analyze the type of products they sell and their target market. Consider what marketing methods are working and what can be improved upon. How can you stand apart?
Goals and Strategies
Set key goals for your company. Goals can be short and longer term. Provide specific strategies that you will implement to operate successfully.
Before you can realize your dream of providing e-cigarettes to consumers you need to know if you can secure a merchant account. Take a moment to see if you qualify for an electronic cigarette merchant account from a reliable online payment processor.
