Last week Maker’s Row hosted an event on product sales for some of our NYC members. There were tons of great takeaways but here are five that stood out:
1. Why vs. What. For online sales, think about the “why”: tell a story when selling the product. For retail sales think about the “what”: be practical when it comes to price and quality.
2. User Experience Matters. To ensure customer satisfaction, have your friends test out the product, and use the product yourself for a few weeks before bringing it to market. Also, don’t forget to test the packaging that comes with it.
3. Timing is Everything. Make sure you are reaching out at the right times for your industry. If you reach out off-season, the buyer’s budget will be spent already–even if you are a good fit for the store.
4. Design for Sales. When thinking about retail sales, brands must design for sales. Often times the most unique pieces are not the ones that will create a sustainable sales cycle. One strategy that one of our panelists mentioned for online sales is to have an “anchor offering” and experiment with one a new “out there” product once in a while. Some of the experiments work, some don’t but it’s important to try.
5. Research Your Competitors. Find the brands you want to be associated with. Make sure you are within range when it comes to price and quality. Check out this related blog post for more information.