Finding success in the retail industry is all about having the right product, at the right price, at the right time!
The success of your product based business is definitely not just down to luck, the most successful businesses have a very clear plan so they are able to launch with impact.
When building your product launch strategy there are 3 key things to consider:
Right Product: Buying habits and trends change constantly, so this is why having a clear product strategy mapped out in advance is key. Make sure you have done your research and understand exactly where your product sits in the market.
Determine what your products USP is and tell the world all about it.
Right Price: Pricing your product correctly is so important. There is definitely such a thing as undervaluing your product as well as pricing too high. Some products also may have a price ceiling where customers would have a perceived value of your product and even just being a couple of pounds over this could make all the difference in converting that customer. To find the right price first of all you should be looking at your cost and identifying what you need to sell at to make a decent profit. Next look at your competitors and see how much they are selling similar products for and how this compares to you. And finally ask yourself what would you pay for this product if you were buying it for yourself. Is it worth the price you're putting it out at?
Price Time: Timing is key with most things in life and that’s especially relevant when you are launching a product! Plan your launches around key events in the retail calendar or a time that serve a purpose for your product category. For example if you are UK based and you decide to launch flip flops in November, the chances are your product isn't going to sell immediately as it’s freezing, but if you launch in April when everyone is looking forward to summer holidays then you're product has likely going to have better success from the word go.
Check out my retail business membership platform "The Commerce Club" to find out more about building a strategy that works for your business.