Diversifying Your Product Line

 

Diversifying Your Product Line

 

Lesson Info

Collection Planning

We are going to move into planning and pricing now, ok, to areas kind of big subject matter again, we're gonna break it down into bite size pieces. So is easy to follow collection planning is the first thing so collection planning it is a term that's used within the industry that I'm used to working in, and really, if you kind of break it down, it really comes to quantity of items, the type of items and the price points you're thinking about. So, you know, collection planning sounds very grand, very big, very complex think about it from these terms, the type of items, quantity and the price points. Ok, so why do we need to do a kind of a collection plan? Well, we spoke a little bit earlier when we were talking about the vision of the mission, kind of keeping it kind of light, closing the loophole exactly why you're building this line it's kind of keeping it focused, so the collection plan does the same thing with your collection. You visit you physically kind of write these things. Now...

you put post it notes down to visualize your plan is your building it, and it tells you how many products that you're actually thinking about. Having something in your head and thinking, I'm going to build a scarf line of, like, ten scarves and, you know, and then, you know, so five scarves are going to be, you know, one color and then fifteen scarves he's always when I started off a ten and now I've got fifteen if you physically write it down and you build a planet, it kind of keeps you very focused this to what you're doing and why, okay, thie other thing of plunders, it basically gives your customer permission to buy multiple products for multiple occasions, okay? Which is what you're wanting to do, you know, we're in it. We're in a business here, you wanting to sell beautiful product to beautiful people, and you want them to kind of really embrace the product that you're producing on you want to make it cohesive so that they will buy one product and think a wayne, you know, it's, this kind of works really nicely with that's, so I came in wanting a pair of earrings, but I'm actually leaving within earrings with hearings, a necklace, a bracelet and a ring and it's and they all work together. That's what your cousin you want your customer to be kind of going in with, okay? The one way of building a collection plan is by building a kind of a pyramid it's a kid so we call that kind of a collection pyramid it's a concept which a lot of companies work with and again it's really a kind of a set of principles it's a set of rules ls to work within, and I'm going to show you companies that, well, I'm going to put a plan together based on a pyramid structure, but I have two examples of companies I found on etc which don't strictly work with a pyramid, but they take aspects off that plan to actually make their company work so again its principles that you work within to really kind of enhance your product. Ok, so the first question is thinking of you new product, how many different variations can you make? Okay, so that's quite a kind of a broad question the example I'm going to give is with my with my scarf, okay, I'm thinking of, you know, a plane scarf I could do a printed scarf, I could do a scarf, which was two sided, you know, different print each side when it comes down to it's still a scarf, but I'm thinking of different variations, so like with my question of thinking of your new product, how many different variations you can make just make a few notes right now about thinking about your unique product. How me? Just different variations you can make on that. Christmas may be a good time to kind of throw some questions out to the chat room as well, of different, different variations of the products that the company's air currently making.

Class Description


Once you’ve established your business with a single, successful product, imagining what else to sell can be daunting. You don’t want to end up with a disjointed collection of products, but you do want it to be fresh and exciting for existing customers. In Diversifying Your Product Line, you’ll learn the art and science of expanding your offerings and growing your business.

Susie Breuer is the author of Blue is the New Black: The 10 Step Guide to Developing and Producing a Fashion Collection and in this class she’ll help you generate ideas and make smart decisions about expanding your apparel and/or accessories business. You’ll learn how to:

  • Research the market to understand both price and your customers.
  • Build a concept and action plan for starting out
  • Manage multiple product lines
  • Source raw materials and manufacturers

You’ll learn how to accurately assess a product's viability before you waste time and money developing it. Susie will also teach you how to develop a consistent, logical pricing strategy you can use again and again.

Susie makes the complex process of developing a financially solvent product and production plan easy. You’ll get expert-level insights into all aspects of developing a new product and walk away confident that you know everything you need to know to expand your business.