How to conduct market research before launching your business idea

You have a business idea and you want to bring it to fruition. Performing market research  is an important step to help ensure your new endeavour will be successful.

What is market research?

Market research is the process of learning why consumers will want to purchase your service or product. The information you acquire will be an indication of your target market’s needs and preferences. Having information about potential customer’s spending habits and types of purchasing decisions they make can help you figure out the best way to make your business appealing.

How to conduct market research:

Perform customer research!

You’ll want to know about your potential customers, such as their age, education level, location and occupation. Review their current buying habits and whether they’re willing to pay more for quality or they’re adhering to a budget and go for lower cost at the expense of quality.

Analyse your information to determine why your target group would potentially buy your product instead of something from another company..

Conduct ‘interviews’

Once you’ve identified your market and potential customers, ask about their needs and what they want in a product or service. It sounds intimidating but in this day an age where everything is online, you can conduct virtual interviews through polls and surveys on social media. Reaching out to your potential customers is vital for understanding how or if your product or services will be relevant in the market. You may find things out like:

  • The product or service you want to provide is already available.
  • How much are customers willing to pay.
  • How you can improve your products or services to be better than your competitors.

Understand the competition

Learn about other companies in the same or a similar industry! You can learn many things through surveying your competitors; the business landscape, and how they’ve managed to succeed. It can also serve as an indication of your rate for success in the market. Company size doesn’t necessarily matter here. You can also do this when you’re interviewing your potential customers. Ask them to clarify what they currently like about the competition and areas where they feel their needs aren’t being met.

Test your business idea!

 You can start by offering your service or product on a small scale to get opinions and see how it works in real life. You can modify your business idea based on what you learn. Launching a small business can be challenging and often times, despite having a great idea is not enough to guarantee success.

And remember to always insure your business so you can be protected if the unexpected were to happen.

Say I love you with life insurance… and stand a chance to win the Star Prize of a 1 night stay at La Briz Hilton!

This February, couples all over the world will be spending money on cards, flowers, jewellery and other gifts as a token of their affection. Be different! Get a gift that will stand out, and be beneficial in the long run – Life insurance!

Sure, it’s not the first gift you think of when you consider romance, but it’s a wonderful and practical way to express your love to the important people in your life! It could even be for yourself!

Stand a chance to win amazing prizes

Stand a chance to win the Star Prize of a 1 night stay at La Briz Hilton on Full Board Basis, inclusive of transportation to Silhouette and back! Don’t fret, we also have 5 vouchers worth SCR500, redeemable against any insurance product of your choice!

The promotion is valid on any life insurance plans purchased between  13th February to 31st March.

The draw will be taken in April 2019 and the winners will be announced on our Facebook page.

Should I buy life insurance for myself?

Your life insurance isn’t just for your peace of mind, your life insurance gives your loved ones financial security and peace of mind too. You might be thinking that you may not be around to reap the benefits of your policy, but just think of how much it can help your beneficiaries. They can use the money for daily living expenses, an emergency fund for the future, debt repayment, school tuition or retirement account funding! Your life insurance won’t replace your presence in their lives, but it can be your last parting gift to them.

How about life insurance for my partner?

At Sacos, what we have come to realize is that a lot of insurance purchases are made out of love! It says to your partner: ‘I love you, and want you to be taken care of.’ Same as the above, the policy payout could also repay your partner’s outstanding debts, cover end of life expenses or boost your retirement savings!

And my children?

Nobody wants to think about outliving their children, and as sad as it is, the reality is that sometimes illnesses or accidents happen. You can’t protect your kids from everything, but you can give them life insurance! Your child’s life insurance policy will be able to pay for medical expenses, funeral expenses and other end of life arrangements.

Purchase life insurance for your loved ones as a loving gift that keeps on giving AND you could walk away with our star prize, or one of our 5 vouchers!

Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc.

 

Fidelity Guarantee: not just for marriages!

I knew a business owner whose shop, for some time, was failing to make a profit. It was odd, because she had customers. Plenty, in fact. She was often travelling, and left the day to day running of the business to her employees.

Over time, it became apparent that something was not right. Eventually she discovered where most of the money was going: into the employees’ pockets. Despite having evidence, there was little she could do to get her money back.

Many businesses are fortunate enough to never have to be in a similar position, but a lot of companies are exposed to significant financial losses due to crime committed by employees. What can you, as a business owner do to protect yourself?

GET A FIDELITY GUARANTEE!

What is Fidelity Guarantee Insurance?

It is an insurance policy designed to indemnify the Insured (usually the employer/business owner) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee during the course of his/her employment. The policy is designed to compensate employers against loss of money or stock through fraud or dishonesty of their employees in the course of performing their duties. It is especially beneficial for companies or businesses where employees have to handle cash on a regular basis.

What does it cover?

 The policy indemnifies insured against financial losses:

  • Committed by employees as a result of fraud
  • When the fraud is detected during the period of insurance.
  • When employee has been prosecuted for fraud or there is evidence that the fraud was committed by the employee.

So essentially, it will provide reimbursement for loss resulting from dishonesty, fraud, loss of property, loss from loans or trading committed by an employee for improper personal financial gain. It will also cover theft of property through computer fraud, as well as the theft of funds from the insured’s transfer account at a financial institution are also indemnified.

If you’re concerned about fraud or theft, then pay us a visit at our new location in town or call us on 429 5000 or send an email to info@sacos.sc for more information on our Fidelity Guarantee Policy.

 

5 ways to reduce plastic consumption

Did you know that plastics are very likely to outlive humanity?

In recent years, people have started cutting down on plastic consumption, as we have started to realise the effects plastic can have on the environment and our oceans.

Although plastic is a useful product, many of these products are created for single-use, after which they are thrown away and improperly disposed of. Not only is this harmful to the environment and the oceans, but it is also harmful to wildlife.

As we become more conscious of how our actions can have an impact, check out these 5 simple ways that you can do your part to use less plastic:

  1. Fill your own water bottle

Bottled water is one of the most common single-use plastics around, but they’re completely unnecessary. Save yourself money and reduce your plastic consumption by purchasing a water bottle that you can fill up and take with you anywhere.

  1. Use your own utensils

Not everyone has the time to plan meals ahead of time, and find that take-aways are more convenient. However, you will notice that most take-away outlets regularly serve you with disposable plastic cutlery. Keep a set of reusable knives and forks on your person or at the office when heading to lunch, and you’ll have no need to take them! You may also consider bringing your own food container or better yet pack your own lunch.

  1. Bring your own bag

Plastic bags have been under the spotlight for a good few years now. Seychelles has implemented a ban, so you’re probably used to taking your own bags to the supermarket already. Remember to leave one in your bag or car, just in case you forget.

  1. Say No to Straws

 Believe it or not straws are one of the ultimate wastes of plastic, hence why so many establishments have taken the initiative to switch to paper or pasta ones instead. Always ask for your drink without a straw, but if you enjoy drinking through a straw then you can always carry your own. There are reusable ones made out of metal, glass, or even bamboo!

  1. Find alternatives!

Switch to products that do not use plastic packaging where you can. For example, instead of buying shower gel, buy soap! Not only will you use less plastic, but it will last you longer and save you money!

There are plenty of little changes that you can personally make in order to reduce plastic consumption. Have any tips to add to the list? Drop it in the comments section!

Fun & Quirky Valentines Day Gift Ideas

It’s true, you do not need an occasion to make your partner feel special. But who are we to break traditions? Besides, everyone loves being spoilt once in a while, and if you can’t do it on Valentines’ day, then when can you?!

Some of you have probably spent weeks planning out the perfect present, while others tend to use a little… inspiration.

We share with you some gift ideas that will have you partner happy and blushing, without having to break the bank.

A framed photograph

It sounds cliché, but picking out one of your favourite photo with a note explaining why you chose to frame that particular moment is a great way to stroll down memory lane and reminisce about a time that means so much to you! Think of how sweet it will be to talk about that day!

Couples’… well, anything!

T-shirts, key rings, mugs, engraved rings… the possibilities are endless for this one! Sure, it’s a little corny, but isn’t that what this day is all about anyway?

A date

Going for a meal at their favourite restaurant (if you had the foresight to book in advance) or just preparing their favourite meal at home can be romantic. Especially if you are parents, leaving the kids with a sitter or trusted family member can make it even more special by giving you a chance to reconnect and be a couple instead of just mommy and daddy for a while.

Couples Massages

Nothing says love like laying there in comfortable silence while someone eases all the tension out of you!

And when in doubt…

Stick to the basics! No one ever went wrong with chocolates and flowers!

At the end of the day, you know your partner best and what they do or do not like. Valentines is all about expressing your love, and that cannot be measured by the amount you spend.

Happy Valentines’ Day!

 

Introducing the online calculator for Sacos Special Endowment life assurance plan

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Calculating your premium has never been easier! No more waiting in telephonic queues or leaving the comfort of your home. Sacos brings you convenience at the tip of your fingertips. No more guessing at how much you’re going to have to pay, just head over to our website, crunch in the numbers and get an answer instantly! A Sacos exclusive feature for a unique life insurance plan!

Continue reading “Introducing the online calculator for Sacos Special Endowment life assurance plan”

5 low-cost ways to recognise your employees

We understand that not all businesses, especially  small ones, have the resources to reward high-performing employees. That being said, there’s nothing to stop you from finding other ways of showing your gratitude. Below we share gestures you can make to let your employees know you appreciate them — without breaking the bank.

Say ‘Thank You’

Sometimes, a simple ‘thank you’ can help foster loyalty and good feelings among staff. Make it a point to regularly show appreciation for their hard work. It’s a small gesture that costs nothing, yet many managers restrain from doing it. Remind yourself and others to pay attention to your team’s efforts.

Put it in writing!

While emails are often the go to mode of communication, they tend to come off as a bit impersonal. Try going for a handwritten note, even if it’s a short one. It’s something that they can pin up on at their desk or keep in their purse as a reminder.

Have an ‘employee of the month’ ritual

It may not seem like much, but having an employee of the month ritual could foster a little competition and help boost productivity. It’s also a great way to acknowledge hard working employees. It shows them that the effort that they put in is being recognised. Take a minute at every staff meeting to publicly acknowledge team members who went above and beyond on a work project or customer issue in the past week or two.

Use other markers to measure productivity

We get it, it’s easier to use standards like rewarding someone for the highest sales figures or the most positive customer feedback. But there are other ways that employees go above and beyond for their organisation. This can be something as little as helping another employee finish a workload,  volunteering to help over a weekend, or something as simple as making a cup of coffee. These little gestures deserve recognition, too.

Match efforts with correlating gifts

As an example, if someone gave up one of their Saturdays to come into work, you could give them a gift of a paid Friday off; or you could pay for lunch for employees who are putting in extra hours to meet a deadline. Additionally, you could give grocery hampers at the end of every month, in turn. We’re sure the gesture would come highly appreciated.