This weekend, I asked the FB community what they most needed help with and is what they responded:
“How about succeeding on a ‘shoestring budget'”. And I thought, that was a great idea, let me answer that question.
Let me list 5 crucial things you must do to succeed on a shoestring budget. They have absolutely nothing to do with product development by the way:)
1. Know your market – Get absolutely 100% crystal clear on who your ideal customer is. Talk to them daily on social media, ask probing questions, watch them at craft fairs or locations where your competitors sell products. Study your market. Don’t assume either. Just take in the information on who your ideal client is, their needs and how you can serve them – you may be pleasantly surprised.
2. Learn to speak their language – After you have studied the market, next is to learn how they think. The words they use and repeat it back to them as you take the time to get to know them. You’ll be amazed and how your customers respond to you.
3. Don’t cast a wide net – Get very specific on who your client is, what issues they need to be solved. I can’t tell you how many people say I want a skincare product that will treat acne, dry skin and make work as an anti-aging product. It’s like what? You want a skin care product for people with acne (13-30), dry skin (40+), anti-aging (40+). An all-in-one approach to different market’s won’t work. Pick one market it and master it. You can bring out multiple sku’s for one market.
4. Before you create a product, create it on paper – This is one tip I want everyone to take to heart. Don’t do anything until you have created the line on paper. The look and feel, packaging, pricing, all of it because as you study and learn that product line may evolve and it’s easier to start over with a pencil than it is with 1000 bottles of a product that you can’t move.
5. Create demand – How are you going to create demand for the product? That’s the difference between successful brand owners and non. I’ve worked with companies of all sizes from one-man (woman) shows to multi million dollar operations and the absolute one thing that sets them apart is their plan for an ability to create demand. And let me tell you that most of them are not in the mass market retail chains. Nope, they are in the very niches spaces of retail and that’s space where I want you to dwell as well.
Work harder on defining and studying your client base and creating demand for your product than you do worrying about the logo, bottle, product development stage.
Because while, creating product is awesome (I do it weekly) that alone will not make your brand a success and from the bottom of my heart, I want you to succeed.
Hi,
Just wanted to say that your site is great and I really appreciate the great advice you provide to everyone on here.
We’re a startup and we are products guys from other categories but this is our first run at the beauty category. We took a product we’ve known about for many years and private labeled it and are marketing strictly online. We are very close with the manufacturer and she has been selling the same product for a decade now at a much higher price point. She convinced us finally to take a chance last year and we did some research and decided to finally launch about a few months ago. Wish I knew about you before and I would love to send you some product to get your feedback.
Thanks,
Dave M.
Pebble Beach Beauty
Pebble Beach Ca.
Hello Dave!
Thanks for your comments. Send me a link to your product and I will definitely check it out: privatelabelinsider@gmail.com
I work my business from home. Would you mind looking at my site and telling my what you think? I created my own line of natural, dry skin care products.
Hi Kenyatta,
Thanks for the comment. Your products look beautiful! Are you making your products by hand? The packaging looks good, what’s your #1 concern?
Hi Melody
Great information, im really learning a lot from your posts. im actually doing research at the moment to see if it is worth launching my idea. I am emailing friends and former work coleagues and trying to get myself to get salons to sample my products.
How would you suggest i do more research?
DO you think giving out unlabelled samples, compared to the labeled ones is a waste of time and of course money? Im really trying to keep the costs at minimum.
Once more, thank you for all the resources.
Hi SP< Glad that you are enjoying the site. Sampling is always a very good strategy. I recommend it to all of my clients. It gives your potential clients a chance to try the product and remember the supplier. If you are new to the industry, sample it out to 10 test subjects that are in your target market. Receive, and analyse their feedback and make your decision as to move forward or not. If this is something you want to do, do it! There are many successful brand owners and the HBA ( health and beauty category) is only expected to grow in the next few years! Thanks again for reaching out!
Hi Melody,
I am not sure how to further reach my market – which is environmental/organic minded people. Would really appreciate your feedback on my website and whether you think i have directed it well to this market. I tried selling at Markets, but it didn’t work for me as I was not cheap enough and presentation was not ‘home grown’ style. I formulate all my products at home.