Have you ever come across the name Pavel Melnikov?
If not, now’s the perfect time to get to know this successful Russian investor and entrepreneur who managed to transform one of his companies, VALTEC, into an absolute leader in the Russian plumbing and sanitary market.
Known as the owner of numerous successful companies and one of the biggest sanitary, heating and plumbing innovators in Russia, Pavel Melnikov has a lot to share when it comes to building and managing a successful business.
So, let’s see what needs to be done to become one of the world’s biggest entrepreneurs?
Offering a product or a service in demand
Coming from a technological educational background, Pavel Melnikov was quick to realize the circumstances and prevalent trends in the Russian sanitary market and saw his chance in engineering plumbing.
He started developing various sanitary products and plumbing equipment that was much needed in the early 90s in Russia and quickly founded his own company called VALTEC. VALTEC is currently one of the most well-known plumbing brands in Russia, with some products holding over a 30% share of the enormous Russian market.
Moreover, Pavel Melnikov founded another company in 2009, called NovaTerm LLC, which was involved in importing radiators from Italy – another product that was in high demand on the Russian market.
As you can see, keeping up with the current market trends is crucial when it comes to starting a business that is destined to thrive.
Creating a successful business strategy
One of the key factors when it comes to the success of every business is to have a sound and well-thought-out business strategy that is created with the target market conditions in mind, but flexible enough to allow for changes once new business opportunities appear on the horizon.
A great business strategy should always be centered around your company’s values, product or service development, as well as your target customers, and evolves with changes in the market. Try to include and assess various strategic options that have the potential to provide a better and faster growth of your business.
Pavel Melnikov’s carefully formulated business strategy allowed him to become the sole owner and a founder of several profitable Russian companies, such as Vesta Regions LLC, Energoresurs LLC, Luch LLC, BIS No. 1, and many others.
Investing in innovations
Innovating your products and/or services and diversifying your offer is of utmost importance for the growth of your business. Discovering new uses for your existing products, developing completely new and unique ones, as well as enriching your existing offer with similar niche products are all essential for keeping the existing and acquiring new customers.
This is exactly what Pavel Melnikov has been doing since the first day he stepped into the entrepreneurial world. His willingness to invest time, money, resources and effort into constantly developing new innovations and expanding his market is what enabled him to be a successful entrepreneur he is today.
With more than 100 sanitary and plumbing patents, national and global trademarks such as VALTEC, TENRAD, BRIXIS, and MINKOR, Pavel Melnikov sure understands the importance of innovations, as well as product diversity and continual market adjustments. Not only is he working on trademark and brand development, but he is also granting non-exclusive rights so they can be used by others as well.
In addition, he is currently leasing commercial property that belongs to him, such as retail and office premises located in Saint Petersburg.
When trying to scale a business and transform an SME to a large company it is important that you conduct thorough market research and analyze what is in demand, devise a business plan that covers the most important aspect and strategies needed for your business to thrive, as well as invest in innovations and keep your products and services updated.
Pavel Melnikov did all of that and his success story can now serve as an inspiration for every aspiring entrepreneur out there who dreams of starting a business that will eventually become a large and profitable enterprise.