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Product Line Strategy: Expand Your Offerings

Lesson 11 of 22

Declare Your Intention: Student Example

Megan Auman

Product Line Strategy: Expand Your Offerings

Megan Auman

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Lesson Info

11. Declare Your Intention: Student Example

Lesson Info

Declare Your Intention: Student Example

And now I'm gonna hot seat some people so what we're going to dio in your hot seat is we're gonna talk about your overlaps and we're going to set your intention and your deadline who wants to go first I know tiffany of excited how about up here? I like this part all right, so tell us kind of what are your three things so what's working? What are the gaps? What are you excited about? So what really works for me? I have a very customer focused line of jewelry that super easy and sellable so my hooves very classic pieces my everyday jewellery cells really? Really well, my gaps from a price points and for you it's going operate what do your president now just to kind of remind us where you're at twenty five teoh one twenty five yeah. Um so what do you know what I really get excited about? Um are working with stones. Stones have always been my things is like day one I am nature driven and I like raw stones so sort of bringing that that very natural aspect of that ideo into my everyday life ...

but I kind of need into my work gets me super excited so then to bridge that with the stones I think that's great here's where I am weii nervous and struggling over it I feel like you know bringing out these sort of very rare really cool raw stones I like I'm super into the geological aspect of them and setting them in really beautiful delicate solid gold setting so sticking with my aesthetic sticking with that classic v x but then taking you know kind of raw stone giving allege so what makes that no one makes you nervous about that solid gold that's expensive this is an expensive line of jewelry so this is not going to be a a drag and drop price point thing this right here this is going to be a big one of a kind right yeah and so what I would say in this so for you there's a very clear intention right? You know that you want to launch this line of gold and raw stone so that's your that's your attention right? Yeah gold golden raw stones launch this collection because you know that price point and leading people up to that decision is a factor. This is a case where now when you set your deadline you can go a little bit further in the future so that you have time to build your audience up yeah so that you can actually guide them through so I think for you you could actually do this in two ways you could think about doing kind of an interim release before this collection if you feel like you need to warm your audience up or you could just spend a little bit longer really talking about this collection and getting people excited, so I would say normally I like to give make people kind of set a deadline within the next month or two because I really like to drive action, but I think in your case, we want to set the deadline just a little bit further out so that you could really warm your audience up, get you in the habit of e mailing your left a little more, getting people kind of a little bit more comfortable with that new price point. So what do you think a good deadline for you would be in terms of launching this collection I put down in spring solstice because I've been wanting to launch collection of and solstices oldest I twenty first of right? Yeah, what may may yeah e e good a good date. Yeah, one thing that you do want to check when you're setting deadlines is actually look at what calendar day that it like, what day of the week? That is, right? You even though you want to do it at the solstice, you want to look at it like we're memorial day falls if it hits a weekend, because a summer weekend is a really hard time to launch a collection online. Right, so even though you want the sources and that's a really good driving point, just double check that date to make sure that it's not going to give you a slightly more uphill battle, ok? Ok, I think that's perfect and then what you want to do is that you've got that intention now you've got that deadline of may twenty first issue yeah, I'm now you want to make sure that you're starting to kind of talk about it with your audience now, even though that feels a long way off, this is not a case where you want to wait too for two weeks out to start teasing this collection, you want dark kind of bringing them along and what you're thinking about now so that they're really ready to buy by the time you come because that's going to get over that price resistance for you also ok, awesome, cool thank you. Perfect. All right, let's do one more thing on cnn because you have been up yet you're in my line of sight all right, so let's start with what's working what are the gaps? Are you most excited about exploring at store my wedding day? Gold foil cards are most popular, but that's like what I kind of want to get away from, ok, so do you have other things that you feel like are working but are not the thing we want to get away from so in person and my prince my water color prints work so I was thinking of offering them at a higher price point but then including some more calligraphy so more customers going to it um so that can drive up the price point so can I ask another question about the wedding day? They're reading the cards you said yeah and so they're they're something or someone buys to give yeah so like a bribe give tio like her husband what is it about them that you don't like that you want to get away from a mme a lot of work, a lot of work for the price point yeah, they their custom then what hossam eyes just gold foil just cost more than the regular card. Okay, so it may be one of those things when we look at what's working so even though that entire product isn't working, you might say you know what? Things that are somehow related to a wedding that's what that could be what's working for me. So as we're thinking about this new this new collection I want to do more of the water color prints of the calligraphy is there like a tie in to a wedding gift that could potentially works that's one way on that thing you have to but that's a way to kind of think about how can I take what's working and not do exactly that but use it to inspire where I'm going that well, some of the thoughts that I wrote down was maybe like, say that a invitations or like wedding invitations just like templates or things that people can like, buy and download and they customize it themselves and so what you see is your gaps there's a lot of gaps because you probably got a lot of opportunity to give us a couple of things you think are may be the most obvious ones for where you want to head next. Um just probably offering more within the category so, like, the wedding thing can totally being yeah, what categories air you hitting right now? Mostly just like day of or like, will you be my bridesmaids and things like that just don't card yeah, so it could definitely be like bar menu prints for the wedding and things like that and then are you gonna take any gaps and price point you need to go up, you go down where you definitely can go up. Okay? Yeah. All right, so what are you excited about that, um, more of my calligraphy work, so so where do you think you see the potential? I have a few thoughts, but I want to hear from you first and then I might trying to steer you in a few other directions that's what I get to do well, I'm definitely trying to build my client tall for my wedding invitation ok? Because that's like god can shoot up to, like five hundred thousand dollars and are you thinking those that you're an do is custom yes so so what do you have right now? That showcases sort of like the wedding invitation sweet that customers can see I'm working on that my website okay it's a goal that I have for like and effect ok, you have examples already or do you need to develop new one eye? I have to develop anyone's. Yeah so to me that seems like the perfect actual next collection is that you are going to launch and obviously their custom, but one of the things that I think is really important to keep in mind when you're doing something and that's custom but high end and you're dealing with brides who are very stressed out they want to feel in control but they also we've been talking about decision paralysis. They have decision paralysis, so if you can show them some really great examples that's going to help and I think what we want to do here is not be like drip out a couple of things on your website but actually really say I am launching my new wedding collection so instead of being like I've had a couple examples this is the new collection that I want to showcase a couple of different ways that you can really employ me and my watercolors, my calligraphy and doing this new collection so you feel comfortable with that is your intention toe perfect and what's your deadline that's a lot work e a lot of work but I want to keep something in my think about timing of wedding season so when our brides ordering I'm the next wedding season I'm getting a lot of in cruise right now you like I know this is it's a lot of warrior but this to me sounds like super crucial super crucial and it's worth it to like push through even pull a couple of on there if you have to to get it done very, very soon because otherwise you're literally basically waiting people get married all year long but there is clearly a wedding season and you want to catch that momentum so what do you think you can do this by um I could probably do it and like two to three weeks I think two weeks should be your boy I realize that's a lot and remember this is why we set deadlines instead of perp p schools because even if you only get like three groupings designed this is going to push you to do it and then launch it into you're excited about this. Yeah, like in the back of my mind, I was like, I definitely need to do this, but I have, like five other directions I can go into. But now is your intention for right now, right, and that's, the beauty of this system to its, we pick one thing, we focus on it, and then you can come back to the next thing and come back to the night gang. Perfect, thank you, thank you all right.

Class Description

You need a healthy range of product offerings to sustain a handmade business, but developing a coherent and profitable product line strategy isn’t always easy. Learn the smart way to grow your business in Product Line Strategy: Expand Your Offerings with Megan Auman.

The right blend of products will stabilize your revenue and excite your customers. 

In this class, you’ll learn how to:

  • Come up with new product ideas that sell 
  • Fit new products into your existing brand 
  • Narrow your focus and plot a course for success
  • Strategically launch your new products into the market
  • Megan will teach you a simple system for expanding and evolving your product line. She’ll help you evaluate the viability of new product ideas and she’ll show you how to develop processes for launching new products and designs.

Product Line Strategy: Expand Your Offerings with Megan Auman will help you develop the right mix of products so your customers are satisfied and your venue is stable. 

Class Materials

Bonus Materials with Purchase

Expand Your Product Offering Class Workbook

MALSWYM Private Facebook Group Invite

Ratings and Reviews

Student Work

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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!