Now is the time to introduce new products in your line. With the holiday buying season just starting (in some areas, it has already started), it is the ideal time to introduce that new item you have created.
Sometimes, there are simple ways to design new products that you may not have thought of before.
Following are some tips from the Arts Business Institute:
- Understand your brand and your concept clearly, and design for the audience you have chosen…. As you continue to bring in new product, it should be geared towards this same audience, to create repeat sales, and cultivate collectors. Successful artists offer about 30% new designs every year.
- Work from one concept and build a collection around it….Your collection may be a series, a suite (such as necklace, earrings, bracelets, etc.) or have other elements that flow through it, such as color palette, theme, size or a signature look that makes it all work together.
- Take a cue from your customer. … Your customer feedback will help you improve the line that you have, add more designs to fulfill their “wish list” and also understand what is not working within your line, so that you can make any necessary changes.
- Keep bestsellers and discontinue slow sellers. If you have product that is consistently selling well, don’t mess with a good thing – keep it. It’s a general rule of thumb that 20% of your product will account for 80% of your sales, …
Sometimes, starting a new line can seem simpler than it sounds. Back when we were developing our gourmet business, one of our buyers who featured gift baskets, loved our Idaho Redneck product, but said it just wasn’t appropriate for her higher end customers. So we developed our Gold Mountain line: Same products packed with fancy gold and black foil labels. The line was a hit for many of our buyers who did not care for the Idaho Redneck humor!
So, have you put your thinking cap on to see what you can do to make a few changes to your products which can develop into a whole new line for you!