stripe bathrobes successful product brand

Something I see so often is businesses stuck.  Stuck in the now what stage!! You have gotten through the administration and build-up of picking a business name, finding suppliers, costing your product, building you website maybe even had a launch strategy to build up that big anticipation and release!! But then you did that and […]

So you have launched your product? Now what… 5 essentials to succeed as a brand.

So you have launched your product? Now what… 5 essentials to succeed as a brand.

11

Jul

Something I see so often is businesses stuck.  Stuck in the now what stage!!

You have gotten through the administration and build-up of picking a business name, finding suppliers, costing your product, building you website maybe even had a launch strategy to build up that big anticipation and release!!

But then you did that and bam.  Crickets’ again.  No sales or hardly any…..and it is tough. 

You struggle to get in front of new customers, there is hardly any traffic to your website and you are just not sure what to do next. You may have even asked yourself these questions…..

Should I focus on Instagram and trying to go viral? 

Should I head to some markets and get in front of buyers there?

Should I be using facebook, instagram or google ads?

Should I be trying to Wholesale?  Do you have enough margin for wholesale? Is my product retail ready?

These are all the question I see so many businesses ask and so many struggle with in this next phase of their business journey.  The next step.

Having a product-based business is not easy.  You need to constantly invest in more stock/product, you need to constantly find new customers and you need to constantly be planning ahead. 

What I love helping my clients with though is this exact issue.

Providing a roadmap of how to succeed as a product business.  A way to get your brand out there and generating the 5 figure and 6 figure months.  Million-dollar years and beyond.

One thing I can tell you from working in the retail and product business for over 20 years is that it is possible.

beauty products shown displayed for website

I have seen those with $20- $500 products have multimillion dollar businesses. I have seen those with fashion brands, accessories brands, artists, ceramic companies, jewellery labels, sunglass companies and so many more succeed and have strong profitable businesses.

image showing marmoset found ceramic brand photo shoot with glass vases lined up in a row.

BUT there are a few essential things you need to succeed and that is what I want to talk about here today.

colourful bed linen brand society of wanderers pillowcases and sheets in floral and striped bed linen

A starting point for success. 5 essentials to succeed as a product-based business.

  1. Get your Pricing RIGHT!! 

You need to have a good margin on your product.  That is to retail is straight tot consumer (DTC) and then also to wholesale it (B2B).  That means enough margin to be competitive in the market and also have enough left to pay your expenses and actually have a profit!

2. You need to have a unique selling proposition (USP).

You don’t necessarily need a unique product (although of course this always helps!] but you do need to have something about you that is different from what is already out there.  If the market is there and you have a unique viewpoint then it can work.  Knowing what that is, is crucial though.  Starting a denim brand without a unique style/brand purpose is going to be hard to break through the noise. Do your research and make sure you are offering something unique. Or solving a problem for consumers.

3. You need to have multiple sales channels. 

Yes -you can succeed being a DTC brand but you will need to invest big on acquiring customers (think customer acquisition cost-CAC) and getting eyes on your brand.  Better is to have multiple ways to get in front of your buyers. Multiple revenue streams is ideal.

Selling wholesale, maybe have a distributor, selling drop ship from other market places (asos, iconic, hard to find, amazon).  Being at boutique markets, having a pop up or retail space.  Pick the ones that work best for your product and customer

4. Investing in Marketing is a must!!! 

Whether that is via your product imagery, paid advertising, using influencers, print or radio advertising, email marketing, social media or content creators, or marketing strategists it is essential to invest.  And it should be viewed as an investment also not just an expense.  Ideally the money spent here is always going to give you a ROI (return on investment).  The age old saying “You have to spend money to make money” comes into play here.

5. Customer service and understanding the customer experience is key!!

You need to listen to your customer, provide them with a great experience, surprise and delight them, nurture them, understand their pain points, innovate for them, love them!!! Without happy customers you are one step away from a warehouse full of product.  Customer is king.

I dive deeper into these 5 areas and so much more in my FREE guide –  8 steps to a profitable product business.  You can grab that here and check that you are on the right track for succeeding in your new product-based brand and business.

Stay tuned for my new program out next week:

Build a Profitable Product Business- a Roadmap to $100K.

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