Knowing how many products you should offer is always a challenge.
Yes, you may like to have lots of your choice to have something for everyone but that’s not going to work.
This product advice relates to anyone in the handmade industries, digital products, manufactured products and could be useful for service industries who create packages for their services.
1. Be clear on who your product appeals to
Chances are you want to position your products to be something of value with a price tag to reflect that.
2. Think about how much you can produce (and promote)
Having time to market your products is just as important as creating them. You might be spending every minute creating beautiful things but if you don’t have time to tell the world about them you will never sell.
Divide your time between producing and marketing to ensure you delicious offerings get found, and more importantly bought.
Also give yourself the time to prepare and promote a new product. Build excitement by talking about it, or getting others to talk about it too by sending samples to key people in your target audience (don’t focus only on your peers in your industry)
3. Limit the options and consider limited editions
Just because you could create 35 fabric options for your gorgeous cushion covers, or 12 super cool designs for your insulated coffee mugs doesn’t mean you should. Similarly, having 10 online products for sale at the same time creates a daunting choice decision for anyone who might want to buy.
Instead, consider having 4 options for fabrics, or colours. If you want to test a few new ones go for it – market it is as limited edition to build excitement – if it flies then make it part of your core offering.
4. Less products will make you more money
Having less on offer will lower your production costs:
- If you buy fabric wholesale in a larger quantity your unit cost is lowered.
- If you are manufacturing your product your unit cost is lowered dramaticly the more identical products you buy.
- If you make digital products you will save money by producing something of high quality that more people can buy over a longer period of time.
5. Think of yourself as a fashion house.
Every wondered why fashion houses just have 2 collections a year? Autumn/winter and spring/summer?
It’s to help them develop a great collection AND give the collection the time to be seen, found and bought.
And naturally, as the season goes on there is the anticipation for what’s coming next (a great part of your marketing done for you already!)
Getting known for a few things helps you be top of mind for your delicious offerings and help you get that crazy cash you deserve. Knowing how many products to offer isn’t that different to knowing how many services to offer.
Less choice does equal more returns as it positions you as an expert in your industry.
Need help with planning your product launches, or how many products you should offer? Get in touch!