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How a Vision Board Helps Create Multiple Streams of Income – The Secret to Wealth

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THRIVE, Don’t Just Survive!

Thriving is a mind/body challenge . Most multiple entrepreneurs (who run several businesses at once will tell you the value of multiple income streams. The challenge is walking the talk and keeping your antenna up for great income opportunities that will help you make money while you sleep.

Many of you combine different skill sets in a portfolio that enables you to create what an income pie where various slices of that pie come from different income sources. In this article, you’ll find updates for this new crossroads in our economy.

One of the keys to thriving and not surviving is to envision your future in advance. To not just get by but to create the life you really want now– even if it seems impossible and your bank account is low or nil and you are facing what seems like enormous challenges.

Here are some key tips:

What’s the future hold for your career/job or business? In this economy that is a real challenge to answer for many of you. BUT the insight you get in this article will guide you well toward creating the income you need to thrive not just survive!

The key to your future and to our economy’s challenges may just be simple — redesign the workspace/workplace and redefine the word WORK and CAREER which are thousands of years old — and lag behind the opportunities in the 21st Century.

It sure ain’t your grandfather’s workplace. In fact it’s vital that you know that okay to do more than just one thing in life.

A Wealth and Well-being Vision Board enables you to explore that many options for income creation –from artist to zoologist.

Can you say A.W.E?

One example of an abundance vision board that you may have seen online is a concept collage that combines ancient Mandala symbols with an updated version of visioning to show the future vision of Silicon Valley entrepreneurs launching new ventures.

Where are the opportunities? What sectors are the hottest? Many leaders now involved in the wellness revolution –sees great opportunity in AWE — Abundance, Wellness and Enlightenment and are beginning to tap into the $12.5 Billion dollar personal growth industry.

IT SURE AIN’T YOUR GRANDPA’s ECONOMY TODAY!

Many of you feel guilty because you were raised to revere your grandpa’s gold watch that he got at his retirement dinner and you went to the office with your mom on TAKE YOUR DAUGHTER TO WORK DAY…you still see creating income as getting a paycheck.

Have your own business? For many of you a business or being an entrepreneur has resulted in just creating your own JOB or work that provides you just enough to get by. The new boss you have– called Y-O-U is even tougher than many of the ones you had when you were working 9-5.

THAT’S WHY THE REAL ANSWER to financing your lifestyle (that’s what I like to call the next-gen of what we used to call work or jobs) is MULTIPLE INCOME STREAMS.

Income that comes from a) a day job or some ongoing source of income — it may not pay all your bills but you can depend on it– maybe a contract with your former company, a part-time gig you take at the local retailer.

That’s just the start– from there you can create multiple income streams from such opportunities as:

a) Turn your hobby into cash — if you own a boat– consider giving sailing lessons. Even if you don’t a pal of yours can probably get you into the local yacht club to give a workshop or two that people pay for.

b) Monetize your talents and hobbies. Whether you’re a sailing fan or an artist or a natural foods follower, you can actually make money from your own talents and hobbies. . Everyone is creative– if you love to write or you yearn to create art or you scribble out poems that are worthy of being on a greeting card – now is the time to join the online merchants evolution (note evolution not revolution). If you are an expert sailor, teach sailing. If you know natural foods, offer to shop for your neighborhood and charge them a service fee.

A popular concept called PRINT ON DEMAND (POD) enables you to post your project to sites like Amazon’s Create Space and others where you can sell prints of your artwork or try http://www.etsy.com where you can see handmade handicrafts so gorgeous it may bring a tear to your eye.

C) Be an affiliate for someone else who has their own artwork, or written creations to promote. Go ahead start today and become an Amazon Associate– you can list

D) Become an Amazon merchant — got more than one book to sell — well then head over and start an Amazon merchant account for as little as $19.95 per month. You can add books to any mix of products or services that you sell.

E) Look into direct selling opportunities and in ‘cloning’ yourself and your website with your own reps, and affiliates around the world.

Multiple income streams can be as simple as adult in your extended family ‘repping’ the other person’s products or services. Carry a handful of business cards for your colleagues and pals. Work out a finder’s fee for when they get business from a referral by you and do the same for them. The standard is 10 percent of the first month’s revenues referred to them by you. See wasn’t that simple?



Source by Joyce A. Schwarz

How To Create A Brand – Build Your Brand Development Strategy

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How To Create A Brand?

There are four effective steps in brand development strategy to create a brand:

  1. Choose the brand name and logo
  2. Establish the brand in the minds of customers
  3. Brand Sponsorship
  4. Develop the brand

What Is Brand Equity?

How to create a Brand is no way different from founding your business. It takes time. Gradually you can create Brand Equity. Brand equity is the differential effect when consumers react more favorably to a brand than to a generic or unbranded version of the same product. Whenever we think of buying a smartphone the very first name strikes us is – the iPhone. Ask why? It’s because of comfort and authenticity delivered by iPhone to its users.

Apple throughout their years of research and experience has created a state in our mind of ultimate luxury and comfortability in using their products. There may be a few more similar products of others in line with Apple iPhone and may be superior to that, but the identity of iPhone gives it the edge over others- no matter what the price tag is. This edge is the Brand Equity.

4 Steps of Brand Development Strategy

1. Choose the Brand Name and select the Logo:

While building a brand development strategy name plays a vital role. A good name and style can add positives to a product’s success. It is the most difficult task to start with. Simplicity is the first step. The name should be easy to pronounce, recognize and remember. Moreover, it should suggest something about the product’s benefits and qualities.

Names like Google, Nike, Facebook, Apple, KFC etc. are among the most established brands all over the world. Interesting fact about those names is that they are easily translatable in different languages around the world. Hence the meaning of a particular word should not be something which indicates bad, wrong or negative.

Again the name should be extendable to cover up multiple product lines. For example, Amazon.com started its business with bookselling and now has been extended to multiple product categories.

Once chosen, the brand name should also be protected. Means in many instances brand names were eventually mixed up with the product category and people cannot differentiate the brand identity from the product category.

For example, Xerox is a company builds copier machines, but doing a photocopy is often termed as doing xerox.’Xerox’ is to be pronounced as a noun and not as a verb. Many people find it hard to distinguish between the product and the service which ultimately hampers the brand name of the Company.

2. Establishing the brand in the minds of customers:

An interesting saying by a marketer- Products are created in the factory, but brands are created in the mind. This can be done in multiple ways- At the basic level, it starts with introducing the target customers the product and its distinguishing characteristics.

Let’s took the example of Amazon’s Kindle- e-book reader. Amazon targets its customers, saying that it’s an e-book reader having a distinguished feature of reading books in a virtual format. In this stage, they are simply introduced with the product and has a very low level of impact.

The more effective way a brand can be positioned by associating its name with desirable benefits. Thus, Kindle is beyond an e-book reader- it is lightweight, on the go dictionary, stores thousands of books which are easy to search, no glare and zero distractions.

The strongest brands go beyond establishing features and benefits in customers’ mind and positions itself on strong values and beliefs, rooted to a deep emotional bonding. Like reading books in Kindle is an absolute pleasure and presents itself as booklover’s new best friend. When placing a brand in human mind, the marketer should establish a mission for the brand and a vision of what the brand must be and do.

3. Brand Sponsorship:

Brand sponsorship can be of three types:

Private Brand Sponsorship:

Lots of advertisements and social marketing strategies work behind the big brands to emerge and are termed as National brands. But for smaller Companies, it may not always be possible to endorse brands with a huge out of pocket expenses. In those scenarios, brand sponsorship is very important. As against National or Manufacture’s brands, there are Store brands. In recent decades store brands are gaining more from the market. Here’s why?

Big shopping malls like Big Bazaar, Walmart resale products at significant discount rates especially the generic or no-name brands. They endorse the products citing its advantages or putting side by side comparison with the top brands. The association of the big resellers with less known products works as an aid in uplifting the brand value of the product once termed as ‘no-name’.

Private brand sponsorship is also followed in online shopping too. As we can see small or lesser known mobile manufacturers are recently tying up with Amazon to sell their phones. In fact, this strategy is working great as the ‘no-name’ brands are getting the support of the big brand stores be it online or offline.

Licensed Brand Sponsorship:

In this brand sponsorship, some companies buy the names and symbols of other manufacturers or creators with a fee and endorse its products under such brand name. This is a common thing in the fashion industry like Calvin Klein, Tommy Hilfiger, Gucci, Armani etc., where the Companies are using the names and initials of well-known fashion innovator. This type of branding turns out as an added fillip but with a pinch in the pocket.

Co-Branding:

Under such a brand sponsorship strategy, to established brand names of different companies are used on the same product. Because each brand dominates in a different category, the combined brands create broader consumer appeal and greater brand equity.

For example, Bajaj Allianz Life Insurance where Bajaj is a dominant player in the automobile sector and Allianz is a German financial service major. Now since Bajaj wants an entry in the insurance sector and Allianz wants an entry in the Indian market, they jointly made a brand ‘Bajaj-Allianz’ to reap the fruits of the Indian insurance market.

Co-branding carries some limitations too. Such relationships usually involve complex legal contracts and licenses. Co-branding partners must carefully coordinate their advertising, sales promotion, and other marketing efforts. The onus lies on both the partners to carry the co-brand with trust and dignity.

4. Developing Brands:

To augment the brand equity it is very important to prepare a brand development strategy incommensurate with changing business scenarios. There is no hard and fast rule to dictate over.

Line extensions:

Brands name of a product can be extended to an existing line of products to accredit new forms, colors, sizes, ingredients or flavors of an existing product. However, line extensions involve some risks. An overextended brand name might cause consumer confusion or loss some of its specific meaning.

Brand extensions:

It happens when a current brand name is extended to a new or modified product in a new category. For example, NestlĂ©’s popular brand of noodles Maagi has been extended to its tomato ketchup, pasta, soup etc. A brand extension gives a new product instant recognition and faster acceptance. But one should be careful while extending brand as it may confuse the image of the main brand.

Multi-Brands:

Multibranding offers a way to establish different features that appeal to different customer segments, lock up more reseller shelf space and capture a larger market share.

For example, a reputed company sells multiple varieties of soft drinks under different brand names. These brands are fighting each other to reign the market and as a result, they individually may have a smaller share of a pie, but as a whole, the Company is dominating the soft drink market. The major drawback here is the individual brands obtain only a small market share and may not be very profitable.

Conclusion

Brands are not created in a day or two; you ought to have the patience to grow it. The above – mentioned points suggest some best practices to build a brand, but the real test begins in the field. Brand development strategy differs from place to place, even urban branding and rural branding are way different in their practical applications. Remember that behind a successful brand development strategy, there lie lots of endeavors, a vividly clear vision and above all an uncompromised quality of product or service.



Source by Deep Sikder