Exercise: What's Working with Your Offerings
Lesson 5 from: Product Line Strategy: Expand Your OfferingsMegan Auman
Exercise: What's Working with Your Offerings
Lesson 5 from: Product Line Strategy: Expand Your OfferingsMegan Auman
Lesson Info
5. Exercise: What's Working with Your Offerings
Lessons
Why You Need to Create New Products on a Regular Basis
08:26 2What Holds You Back from Creating New Products?
09:38 3The 4 Step Product Expansion System
05:30 4Step 1: Find Your Next Direction
01:39 5Exercise: What's Working with Your Offerings
03:13 6What’s Working: Student Example
05:59 7Exercise: Identify the Gaps in Your Product Offering
09:02 8Identify the Gaps: Student Example
15:09Exercise: Look to Your Passions to Inspire Your New Product Offering
05:07 10Step 2: Declare Your Intention for Your New Product Line
07:04 11Declare Your Intention: Student Example
10:44 12Step 3: Develop Distinctive Design Ideas
01:35 13Exercise: Gather Outside Inspiration
07:54 14Exercise: Carry Over the Common Threads from Previous Designs
09:10 15Carry Over the Common Threads: Student Example
08:05 16Exercise: Design Your New Product Ideas Without Judgement
05:01 17Step 4: Evaluate Your Ideas for Market Success
02:25 18Exercise: Identify the Unknowns in Creating New Products
04:50 19Exercise: Consider Production Costs
03:00 20Consider Production Coasts: Student Example
07:40 21Exercise: Look for Market Support
05:05 22Moving Forward with Your New Product Line
07:49Lesson Info
Exercise: What's Working with Your Offerings
So let's, dive right in. I want to examine what's working in your current product line. So how do we identify what's working? And this is where and just a few seconds I'm going to stop talking so much and you guys going to start thinking a lot more? All right, so how did identify what's working? There are two things that I like to look at. Look at your sales data and then talk to your customers and fans gonna break these down for you. So, first of all, let's, think about your sales, dea, what are your best sellers? Your best sellers? Air usually what you're known for. Its people are responding to the best and then because this is not always the same. What generates the most to revenue on what generates the most profit? Because you might have something that the best seller and it generates a lot of revenue, but it might not be your most profitable piece. So might not be the best foundation to move on to your next collection. You might be better off looking at where do I profit a lot. Wh...
at are the pieces that have a really high margin that's not the right thing about the prophet peace when many pieces, I have a really high margin because that might be a good way to do more of what's working so this is just a quick screen grab from my shopify store and you can see growth sales byproduct title is my top six seven necklace necklace, necklace, necklace, necklace, necklace you know, it works in my product line necklaces, right? And I can drill down a little bit deeper aa lot of them are actually statement necklaces if I look at this actually that top one right there happens to be the necklace that sarah is wearing proving my point so I look at these that's really the most basic necklace of these bestsellers everything else is really big statement necklaces so when I look at my line and I look at what's working and also what's generating the most revenue and the most profit it's really those big, bold necklaces that's what's working for me in my line and then what people think about when they think about your lines so maybe you aren't selling a ton yet you like I don't know what my best sellers are, megan I don't have a lot of sales death data what people think of what types of products you get the best reaction too is there something that you show or where posted online that someone like oh that like that's really what's getting the most reaction from your audience? For me that was two things happened to actually overlap where I sell best and what I'm known for having to be my necklaces. So for me, it's, pretty easy. You might have something different. But the idea right now is it doesn't have to be one thing. We really want to brainstorm all of the things, all of the things that really work in your current product line and that's, maybe our first step in figuring out where we go next.
Class Materials
Bonus Materials with Purchase
Ratings and Reviews
I Must Draw
Megan is a brilliant instructor and each of her classes is packed with information to take your business forward. This class has practical steps to help you identify gaps in your product line. Through her own experience of developing product lines she helps you to understand how to stay consistent and cohesive. This is a great class, highly recommend.
Francesca Balagtas
This class was absolutely fantastic. Even though I've had my etsy shop for a while, it has always been something on the side for me while I was attending school full-time. Now that I have the time to really focus and commit to my business I can finally take the steps I need to build up my business and make some real revenue. Because of this class I now know those exact steps to push my shop with full speed ahead. Megan is fully engaging as well, which made the class easy and fun to follow along. Great class, Megan!
Danielle Celeste
Megan Auman is such an amazing artist, craftsman, strategist, and communicator. Everyone trying to make a living selling what they make needs to see this. I think this was my favorite class in the series. Getting such incredibly thoughtful, thought-provoking and concise information from an academically-trained fine artist and teacher was UH-MAZE MAZE!