I hear from so many entrepreneurs that it’s just not working and often times it’s a combination of things that are not working. I wanted to share some tips on how you can course correct if it’s not working for you.
Tip #1: Get very clear on who your target market or customer is.
I know that sounds easy but it’s really not and most people skip this step.
Do you know how old your customers are? Her favorite color? His favorite blogs? Other Facebook pages that she visits?
If it’s a teen, her favorite vlogger? If it’s a ethnic hair care line, her favorite brands and go-to channels for new hair style tips?
If it’s a men’s care line, is he buying it? Or is his wife or partner? And if so, where do they shop?
Dig deep here and figure out who your customer is, what they love, what they are thinking about and what moves them.
Tip #2: What problem is your product solving?
Seems simple to answer but it’s not for everyone. I had a client a year ago wanting to develop a product that could be used for both feet care and hair care at the same time. I sent her home with the same homework that I am going to give you.
Answer this question, what problem is your product solving?
One of my favorite nail polish brands for young girls is Piggy Paint. The problem that it solved was that it was a safe nail polish without the harsh chemical for young girls. That’s really important to mom’s who want to limit the chemical exposure for their daughters.
Tip #3: Where does your product stand in the market place in terms of pricing, value and positioning ?
A. Who are your competitors? Even if it’s a national brand, write out your top 5-7 competitors. You are evaluating them for offering, pricing, product size, etc.
B. What makes their product unique? Does it have a special ingredient? Before and after pictures? What promises is it making? What are the reviews saying about the product?
C. Are you priced correctly?
I say this all day in my Speed Product Creation course and I will say it now, the market place sets the value of pricing. You can use the Keystone method of pricing of COGS x 2 (2.1-2.8) for wholesale and then wholesale x 2 for retail but in the beauty category (skincare, haircare, make up) this formula just doesn’t apply that often.
Tip #4: What are you willing to do to make this work?
How long are you willing to stay committed and skill up in areas that you need help in or outsource to experts?
What I say over and over to clients in Speed Product Creation is that your primary job as the brand owner is to be the marketer and promoter. This requires that you either have to learn how to market your product or higher someone to do it for you. I find that many of the successful starts up do their own marketing at least initially.
Don’t be afraid of going slow, be afraid of not making progress and course correcting along the way!