Creating a product line that sells isn’t easy. Every year, thousands of businesses launch, and you’re likely to face competition, no matter what niche you choose.
In order for your product line to be profitable, you have to find a way to stand out, even in competitive markets.
Fortunately, there are some steps you can take to make sure that your product appeals to your customers and sells!
Read on to find out how to create a product line that sells.
Choosing the launch products for your product line
The products you launch your line with make a big impact on the future success of your business. You have to choose those products carefully.
The two secrets to choosing your products are to have the right mix of products and to do market research.
Like so much of your business, your product line starts with the people you serve. What are they looking for? Do they have problems that aren’t being solved? What can you do to solve those problems?
Market research should give you those answers. In order to research, join online groups where your target audience spends time. For example, if you sell supplements or juice, join wellness and weight loss groups on Facebook. If you’re a beauty brand, find popular groups like Beauty Lovers.
If you can’t locate your target audience online, think about people in your network. Do you have friends or family members that represent your target audience? Once you find your audience, ask questions, offer surveys, and pay attention to their language, fears, frustrations, and goals.
From there, you should be able to see what people are looking for and where the gaps in the marketplace are. You should choose your launch products based on that research and knowledge.
Pick 3-4 products to launch with
Many business owners make the mistake of trying to launch with too many products. But keeping your initial product line small can be a great strategy for small businesses and startups.
This strategy keeps you focused and niched, making it easier to market, communicate what you do, and promote your products. It also keeps you from getting overwhelmed or bogged down with too many products.
Finally, it makes it easier to test, adapt, and expand. When you have a solid launch line of 3-4 products, you’ll be able to track what sells and what doesn’t and make adjustments before bringing new products in and wasting valuable time and money.
Focus on what you can do well
When choosing your initial products, you first want to start by thinking about your target audience. What products are they wanting to buy?
You want to choose products that are unique, meet a customer’s need, or tell a good story. It needs to be compelling and attractive to your target audience. You also need to focus on what you can do well.
For example, if you’re launching a juice line, stick to a handful of flavors that you know you can perfect. You can always expand your line later! Or if your company sells supplements, choose a handful of products to start with that you think might be best-sellers.
If you’re launching a beauty brand, you’ll want to choose one anchor product that you can execute well along with 3-4 complementary products at varying price points.
For example, if your primary product is an eyeshadow palette, your complimentary products could be eyebrow pencils, mascara, and eyeliner. (For more tips on creating a beauty line, read this post!
Start to get an idea in your mind of what products you know you can create well.
Once you start to get an idea of the products you want to offer, it’s time to perform some competitor and product research!
Perform product research
You shouldn’t finalize your products without quality research driving your decision. Remember that your product must appeal to your target audience. It doesn’t matter if you create the best product in the world, if you aren’t selling it to the right person, it won’t sell!
First, identify 1-3 competitor brands that you want to emulate. If you’re not sure where to find those brands, look at Amazon or retailers specific to your industry.
Pay attention to their best-sellers and the products that have the most positive reviews. Also note the price points as a gauge for your own.
While you look at your competitors, be sure to read the reviews. What do people love about the products? What do they not like? What’s missing that you could offer with yours?
You want to create products that hit the same points that your competitors’ customers love while also satisfying their needs or offering something your competitors don’t. When you can create a line that does that, you’re likely to sell and be profitable!
Choosing a product line that sells comes down to serving your target customers, paying attention to what other brands are doing, and finding a way to position yourself as unique.
Following these guidelines will help you get started so that you are ready to launch a profitable product line!
Just starting out and looking for more tips as you launch your business? Read our post, Successful Business Owners Have These Things in Common, to figure out what it takes to start a thriving business!