Want to know the secret to creating a best selling collection?
Here's 6 ways for product businesses to do just that and grow your sales.
So, how do you know if your product range is going to sell? How can you grow your sales with your next collection?
We all know those luscious shop windows we love to gaze into and those website landing pages when we’re shopping online that get us reaching for our credit cards. So, why is it that some ranges sell out faster than others, why are some product businesses constantly selling out?
Having worked for over 20 years in retail, developing products, growing major brands and now supporting product business founders there are 3 things I see:
· Product business founders who are confused on why their product isn’t selling as well as their competitors.
· Business owners who want to grow their sales but their products aren’t being seen.
· Frustrated entrepreneurs with money tied up in slow selling stock
When I’m out shopping or browsing online, I want to be tempted, educated, and directed on what I should be buying- for example if you are in jewellery what’s the best look for me to take from day to evening this summer? I want someone to make it easy.
Your customer wants to know from you what they should be buying. Let’s make it easier for them. As a product business owner, you are the expert, and your range is your best recommendation to your customers on what they should be buying. So how do you know your range is going to sell? How do you create a best-selling collection? In my opinion, the most successful brands who regularly have sell out ranges are those that make it easy for you to shop with them. They create cohesive collections that direct you with ease to what you should be buying for the season. Their ranges are cohesive, easy to understand and easy to shop.
Having a cohesive collection means your products sits well together, your products are recognisable as a collection you have created and every product has a reason to be part of your collection.
For brands with sell out collections not only have they created desirable products, in every product they 100% radiate their brand values and their story. Each product is recognisable as theirs, so it is totally unique and ultimately stands out as memorable.
In other words, their range is cohesive. Focusing on the cohesion of your range helps you because:
· The consistency and thought in your range shines and differentiates you from your competitors.
· A cohesive collection makes your customers feel like they are buying from a "proper' shop.
· You’ll be more likely to have repeat customers. Thanks to a cohesive collection your customers will be able to mix and match their purchases and they’ll know they’ll love their second and third purchase with you as much as they loved the first. A cohesive collection will:
· Avoid your customers dreaded in decision caused by too much choice and guide them to multiple purchases.
· Increase your conversion- your customers will be able to mix and match your collection easily as they'll be easily able to co-ordinate a colour palette or style.
· You'll be able to create stunning photo shoots.
· You'll be clearer on what you will be sharing on your social media channels.
· It will be easier to secure PR coverage.
· You'll be able to negotiate economies of scale with your supplier’s ordering more of less products.
· You'll have a higher sell through and reduce profit lost on discounts and mark down.
So, here are 6 ways for brand founders to improve how cohesive your offer is and create a best selling collection with amazing sales results:
1. Identify your target audience and make them your friends.
Knowing your audience and how best to serve them is going to directly influence your sales. What are they looking for? How are you making their lives easier? Make sure you are talking about this in your marketing.
2. Ask yourself, why are your customers buying your products and apply your findings.
You could also ask your customers why they love your products so much- zone in on the answers.
3. Know your values and purpose.
Be clear on why you set up your business and what impact you want your products to have for your customers. Your customers will share your purpose and will like to buy from likeminded businesses.
4. Create collections with a clear theme using colour and design interpretation and don’t forget to put in a structure.
For your products to stand out you need to be clear on how your range is structured and how you interpret your brand colours and design through your products. How does it all sit together in a way that is easy to understand? Each product in your range should exist for a reason.
5. Get a clear pricing strategy.
Know your market and know your value in the marketplace so you are pricing yourself at the right level. Be clear on where your prices start and finish. What is your entry price point?
6. Be consistent. Keep it up. Customers won’t always buy from you the first time they see you. They may connect through another channel, online in a store. Keep everything consistent and the sales will come.
Working on how cohesive your collections are takes time and effort. If this is something, you want to be working on then drop me a DM. My strategy session could be just what you need. Let’s talk. Taking time out to see your product range from your customers perspective and review its cohesion is an investment in your business. Do you know how cohesive your product offer is? If you need a hand with this drop me an e-mail to book a free chat to see how I can help you. E-mail me on email@example.com now
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