Craft & Maker > Business > Product Line Strategy: Expand Your Offerings > Exercise: What's Working With Your Offerings

Exercise: What's Working with Your Offerings

 

Product Line Strategy: Expand Your Offerings

 

Lesson 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 Description

"...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..."
-I Must Draw (CreativeLive Student)

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.