You design your products, build up tons of stock, set up at a craft fair and hope people like what you brought and want to buy.
The hard part is; you can never know 100% what people will and won’t buy until you put it out there.
But….you can increase your chances of creating a product that gets sold and save costs along the way by doing research and working off facts, not guesses.
Let’s assume you’re in the dream up stage of your new product. You have an idea, have figured out several details but haven’t actually begun making any.
You’re in the safe zone right now; not a lot of money has been put into this new product idea and you have very little risk at this point.
Follow these 3 steps to continue to keep risk low:
Free worksheets included, download them at the bottom of the article.
Every great product solves some sort of a problem. Which problem is your new product solving and how is it making your customers’ lives better? If someone has already purchased from you, why do they need this new product?
It doesn’t have to be a major problem. It could be as simple as owning something in this season’s trendiest color or remedying having “nothing to wear”.
If you really can’t think of a problem your new product solves, you may want to go back to the drawing board. Think about the problem you wish your products would solve or take a trip to your customer’s mind for a second. What do they wish your products would solve? Imagine they were to say “If only there were _________ (your category of product) that did ________.” Fill in that blank. What’s your customers’ dream solution?
There’s a reason behind every purchase so determine what will be the driving reason for your customers and how you can highlight that.
If you’ve already built a customer base, get to know them a little better by doing some digging. You’ll likely be promoting your new products to them, or people similar to them, so they’re a great source of knowledge.
Check out your:
Numbers are the safest to work from. They tell the truth and aren’t persuaded by emotion. Sometimes you have to follow your gut but the more you can factor in evidence, the greater chances that “gut feeling” will be spot on.
If you currently have a list of emails for your newsletter, send one out asking your subscribers if they’d be interested in providing you with some feedback.
The key is to consider what exactly you want to know about the product and ask specific questions to draw those answers out of people. Simply sending a photo of a new product and asking if people like it, doesn’t do you much good. Get them to be subjective and get their opinions. Ask questions that can’t be answered with a “yes” or “no”.
You may ask: what colors would you prefer to see this in? What type of details do you look for when purchasing a product like this? What objections might you have to buying this product?
People are busy so keep it short and simple. I love typform for gathering answers. You can use their free version, add your branding and analyze your results in one spot. You could even sweeten the pot by offering something to those who do respond. Perhaps a coupon code they can use on a future purchase would encourage more people to reply.
If you go to Google’s Keyword Planner you can enter a few keywords and see the amount of searches there are for your search term each month. The ideal keyword combination will have high search results and low competition. Meaning lots of people are searching for that product but there aren’t a lot of businesses advertising it. Competition may not always be low but your keyword should have a decent search volume.
It may even spark some new ideas and move your product in a new direction. If you search the term “scarf” using Google’s Keyword Planner tool and it shows you there are 1 million – 10 million searches for scarves each month, you’re sitting pretty. Now check out the specific terms people search with “scarf”. You may notice that “headscarf” has a high search volume and “medium” competition. This may influence you to move your scarf in that direction instead of creating a “mustard coloured infinity scarf” which has low searches and high competition (actual stat from Google Keyword Planner).
Remember, we’re in the “dream up” stage and haven’t started anything major yet (like creating 100 of the product). Changes are cheap at this point and can save you and make you more money in the long run so take the time to get it right.
You may already have that proof through existing customers. But if you’re targeting a new group of people to expand your reach, do some research and make sure they’re easily found.
If you’ve gone too narrow with your niche market, you may have a hard time finding ways to reach them through marketing. You can always build your own audience and reach a very specific niche of people through social media and word of mouth. But keep in mind; it takes much longer to do it on your own than make use of existing marketing channels that lead to your audience.
You’ve already got the concept for your new product so this isn’t to see what competitors are doing and alter your design. It’s to try and find something similar to what you want to sell and check stats to see the popularity of it.
Etsy is a good place to look since they can show how many sales a vendor has made and how long they’ve been selling through the platform.
Just because sales or reviews are low for a product, doesn’t necessarily mean it’s a lemon. The seller may not promote their Etsy shop or they may be missing a few key elements that make a sale. Check:
If their products don’t have these elements right, that could be the reason for lower favourites, reviews and sales. Keep in mind; if your products don’t follow the above tips either, you run the same risk of low sales.
Instead of creating a ton of stock, create one prototype. Make it look awesome, photograph it well and put it out there. Post it to your website, social media pages and you can even display your prototype at your next craft fair or event.
Make product as orders come in and reduce the risk. If turnaround time is quick, you can simply take orders as usual, as long as you’re able to keep up with them.
On the other hand, if it’ll take a few days to create the product after it’s ordered, make that clear to shoppers and state the time between order and shipment.
Bring your prototype to craft fairs and use it as “display only” while accepting orders. You’ll want to try and offer free shipping since craft fair shoppers aren’t expecting shipping charges when they visit the event. But you can build some of that cost into the price or it may be worth it to take on those costs as part of your research.
You can stay in this test phase for as long as you feel is needed to prove the success or failure of a product.
Making an item one at a time does consume more production hours than creating product in bulk. But you’ll save time and money by not having to spend it on materials and production that you may or may not see a return on.
Download the free worksheet using the GET THE WORKSHEETS form below and fill it out:
If you want more info on creating products that sell themselves and require very little marketing efforts or you’d like more details on how to find your audience, download THE SUCCESSFUL INTROVERT.