Creating a successful line is a challenge. Many brands owners get so caught up in the details that they miss these key areas to make their product a success.
These are the 5 pillars of making sure that your product line is a success!
Pillar #1: Do things in the correct order
Creating a brand doesn’t work unless it’s created in the right order.
First you need to know where you going to market and sell your product.
Sadly, most people do it the exact opposite way, they create a product first and then can’t figure out why it won’t sell. They fall in love with an idea, or want to hop in on the latest trend. However, if you take the time to study the market and identify where you will be selling the product and who your customer is) that would be half the battle!
There are multiple different options for distribution
2. Traditional retail channels (Target, HSN, QVC)
3. Word of mouth
4. MLM’s new product like Ageless are doing amazing in MLM’s
5. Amazon/Ebay and other ecommere channels
Pillar #2: Thou shall know thy customer (or at least have a clue as to who is buying your product)
Second, you need to identify who your clients are and build your product line around their needs.
Identify how old your client is, where they shop, what other brands in the market place are selling and get focused. I always say “inch wide and mile deep”..in other words get very focused on who your customer is and what problem that your product is solving.
Don’t get caught up in the details of the ingredients, packaging, artwork, etc. all of that will come. The BIG picture is to focus on who your customer is and where you will be selling the product.
Pillar #3: Strong, consistent branding is a must!
I teach this in Speed Product Creation and my Inner Circle group all the time (I probably drive them crazy with it).
But you need to have strong and consistent branding in today’s competitive landscape.
What does that look like?
Take brands such as Benefit. When you go to an ULTA store and you sit at their eye brow bar every last detail is branded.
From the aprons the artist wear to the font on the signage everything is consistent and branded. They really do an amazing job of creating an experience. How can you create an experience for your customers?
Maybe you don’t need to brand aprons but can you establish brand guidelines:
1. Your theme for the brand?
2. Brand colors?
3. Brand fonts?
4. Make sure that everything that goes out with your company name matches the branding guideline.
Pillar #4: Healthy Margins
This is a business. I know people fall in love with ideas, logos, and packaging but this is a business and you need to have healthy margins. Especially, if you plan to offer wholesale as an option.
Shop around manufacturers to see how your supplier competes. While you are shopping competitors, make sure that your components are priced competitively as well (labels, inserts, boxes, bottles). It never hurts to check!
Number one rule for my clients is that they have at least one product in the line that has a $20.00 profit in it, ideally it’s the anchor product of the line. That type of margin will allow you to expand your brand and earn less on other products if you are not selling into major retail outlets.
Pillar #5: Be honest
If you think selling is a bad or negative thing either STOP now or change your mindset.
Seriously, if you create a product that solves a need in the market place and people pay you for that I think it’s a beautiful thing.
You get to serve someone with something that you created.
Nothing brings me more joy than to watch my clients do just that. Selling is not bad but if you struggle with that idea – fix your mindset around that before you move forward.