- Once he realized that the Russian sanitary market was lacking efficient sanitary, plumbing, and heating solutions, he decided to invest his resources into developing a range of products specifically designed to respond to market needs and satisfy ever-growing customer expectations.
- A quality product is a clear indicator to your customers that your company is trustworthy, which is crucial when it comes to creating a powerful brand image, boosting customer loyalty and retaining your customers.
Taking your business from a start-up phase and transforming it into a large enterprise is a major step for every entrepreneur. Each business owner who manages to reach the top has a story of their own to share, and one of them is Pavel Melnikov – a Russian businessman, investor, innovator, and the sole owner of several profitable companies, who is considered to be one of the most successful Russian entrepreneurs to date.
Let’s see what his secret to a 20-year-long stretch of success is.
Great educational background
Pavel Melnikov showed an interest in technology and engineering even when he was a young boy, so the decision to enter the Leningrad Electrotechnical College, the department of Electric Equipment For Production Plants And Installations, came naturally.
In pursuit of more comprehensive knowledge, Melnikov decides to continue his education after obtaining his college degree, so he enrolls in the Leningrad Mechanical Institute (now known as the Baltic State Technical University), where he specializes in Radio electronic devices.
Upon his graduation in 1991, Melnikov decides to put all the knowledge and skills he gained to good use and focus on his career.
A deep understanding of the market
Prior to setting up his own business, Pavel Melnikov conducted a thorough market analysis in order to identify products and services that were in demand, but not available on the Russian market at that time. His goal was to launch a product line that will fill that gap in the market and enable him to dominate that particular market area.
Once he realized that the Russian sanitary market was lacking efficient sanitary, plumbing, and heating solutions, he decided to invest his resources into developing a range of products specifically designed to respond to market needs and satisfy ever-growing customer expectations.
That’s how VALTEC – one of the most well-known Russian plumbing brands and a leader in the sanitary industry, came to life.
Quality above everything else
Product quality is essential for every small business that is trying to gain the upper hand in the marketplace and stand out from the competition.
A quality product is a clear indicator to your customers that your company is trustworthy, which is crucial when it comes to creating a powerful brand image, boosting customer loyalty and retaining your customers.
Melnikov knows this very well, so all of the products that are developed under his trademarks undergo regular testing and quality control check before they are offered to customers. Such practice enables him to always have satisfied customers who are more than ready to give him a glowing recommendation.
Product diversification and innovation
Keeping an eye on the new and emerging marketing trends, working on the development of new products and services, trying to provide innovative solutions and ensuring your products are diverse enough to satisfy even the most demanding customers is a must for every entrepreneur who wants to expand his business.
Pavel Melnikov is an innovator at heart, thus always looking for a way to expand his scope of interest and come up with new and creative solutions that will help revolutionize the sanitary industry, as well as upgrade and diversify the existing range of products that are manufactured under his licenses.
Constant business development and growth
Keeping your eyes peeled for the new opportunities and prevailing industry trends will help you expand your business and conquer new markets, which is what every aspiring entrepreneur hopes to achieve.
Melnikov made sure to take advantage of every opportunity that came his way, which resulted in establishing many profitable companies, such as, Minkor, NovaTerm LLC, Tenrad, Energoresurs, Brixis, and Vesta Trading LLC, as well as creating fruitful international partnerships with plumbing companies and manufacturers from Italy, China, Spain, Turkey, France, and many others.
To sum up
Reaching the top and building a large enterprise from scratch certainly has its challenges, but success stories like the one about Pavel Melnikov are here to provide inspiration and motivate us to keep chasing our dreams despite the obstacles we might face along the way.