So, you have created a wonderful product that you’re sure everybody (and their mother) should own. The problem is this. Your product may be fantastic, but there are probably another 100 or so variations of your product already available, so you need to know how to sell your creation in what could be a crowded marketplace. Here are the four golden rules you need to know about when trying to sell your product.
1. Know where to sell
You can either sell your product yourself through an online store, or you could pass your product on to somebody else, such as a local store, to sell your product for you. You will keep the majority of the profits if you choose to sell the item yourself, though unless you have a decent marketing strategy in place, you may not reach the larger audience that a high street store may gather. However, the store will also keep a share of the profit that comes through sales. They might also violate your pricing terms, though you can find this out by using a service such as Trade Vitality. Ultimately, you may decide to sell your product through both mediums, as well as using other online and offline sources, such as Amazon and advertising through local media. The choice is yours, but be sure you know your legal and patented rights when you advertise and sell your product.
2. Focus on branding
No matter where you sell your product, it is your branding that ultimately counts. Considering the number of similar items already on the market (unless your product is genuinely unique), you need to stand out from them. Therefore, you need to build a brand. This includes coming up with a creative name for what you are selling, as well as brand colours and a logo that will stand head and shoulders above similar generic items already clogging up store shelves. Knowing your demographic also helps, as specific wording and design can appeal to a particular audience over another.
3. Highlight the advantages
You need to positively reinforce every benefit your product has over your competitors. This will involve a degree of research on your part by studying what others in the same market are offering, and making steps to beat the competition. It may be that your product is built from stronger materials, or it may have eco-factors which will win over the more environmentally aware members of the consumer market. If your product doesn’t stand out in terms of design or use, you can still alter your pricing strategy, undercutting your rivals, but not so far that you run at a loss. List the advantages and push them within your marketing strategy.
4. Make a quality product
You say your product is better than your competitors, but is it? If your product doesn’t do ‘what it says on the tin,’ you are going to have some very angry customers on your hands. In this age of social media, you will also garner bad word of mouth, meaning people will get to hear about your shoddily produced product. Get over this problem by creating something without fault. At all stages of the manufacturing process, get involved with product testing to ensure the item is kink-free. Then, when the product is ready for sale, be sure to include detailed and easy to follow instructions within the packaging. If the buyer has difficulty assembling your product, no matter how fantastic the finished result, you can expect a lot of returned items coming back to you. A quality and easy to use item will sell well, and give you positive word of mouth from the picky consumer market.
There is a lot more to selling your product than what we have covered here, but consider our advice as a basic guideline to help you at the outset. With some savvy marketing skills and a top-quality product, you may find the success you are hoping for.