If you’ve enjoyed success marketing and selling a product, it’s likely that you’ll be looking into ways to move the product range forward and build on strong foundations. If you’re looking for ideas to propel your business to the next level, look no further.
Using analytics and streamlining your marketing strategy
You may be aware that your product is selling like hot cakes, but it’s always beneficial to gather as much detailed information about sales as possible. Who is buying this product? Where are they hearing about it? How are they buying it and which retailers or vendors are they choosing? How much are they prepared to spend? Have any special offers been available, and if so, how effective have they been? Using analytics and market research, you can find out more about the most effective ways to sell and market your product and put your energy into these channels going forward. If you’ve found Facebook advertising to be incredibly useful, but you’ve had limited success on YouTube, invest more money in your Facebook campaign.
Developing the product
If you know you’ve got a winning product, think about ways you can develop and improve it. Could you offer the same product in different sizes? Could you work on something that is suitable for a child if the product you’re already selling is aimed at adults? Could you provide your clients with unique features like personalization? Take selling gifts as an example. Investing in new kit like an engraver from BossLaser would enable you to sell bespoke pieces and accept custom orders. Offering additional services like this could give you a USP that sets you apart from your competitors. It’s really useful to listen to feedback from customers who have either decided to buy or leave your product on the shelf. Why did that customer decide against buying the product? What does the other client think about the product, and what would they like to see from you next? If there have been any negative comments about the product, the development stage can be used to iron out issues and create a better version.
Expanding the range
Many business owners have designs on creating a range, rather than focusing on a single product. If your first product has been a hit, it’s time to consider the next step. It’s logical to create a collection where every product is linked in some way. You don’t want to end up with a random selection of items. Think about your brand, and what you want to do. If you’ve developed a novelty item, try and predict the next big trends in the gift industry. If you’ve sold countless units of a newfangled gardening tool to promote plant growth, you could branch into outdoor furniture or gadgets that are designed to eliminate physical pain for gardeners with a bad back. Do some research to gauge the reaction to your ideas and see what’s already out there in the marketplace.
If you’re off to a flying start with a new product, you may be planning your next step. If you’re looking to develop that product or create a range, think carefully about promoting your brand and making your new products relevant to your business, and use market research and analytics.