Branding and Promoting a New Product
Once you are off the ground and running as a beading business owner, you may become confident in the products that your company offers. However, there will come a time when you want to expand your business in new ways--and not just when it comes to customers.
Inc.com says that one way that many entrepreneurs choose to initially expand their companies is through branding a new product. As a jewelry maker, chances are you already know how important it is to give your consumers a wide selection. However, have you ever thought about branding a new, specific piece?
There are a number of reasons to push certain products, especially during certain times of the year. For instance, the holiday shopping season is an optimal opportunity for you to market beading that incorporates Christmas themes. In other cases, you don't necessarily need a holiday to brand a new product.
As the seasons change, so does fashion. Because you're making jewelry, you have the ability to cash in on trends accordingly and use these opportunities to push new items.
Before you brand a new product, there are a few things you need to take into consideration. Entrepreneur.com notes that creating a specific sales plan for the product at hand is crucial to its success once it hits the market. In your plan, it's important to include an overall sales goal and a timeline.
Set a definitive number of sales to reach by a certain date upon one initial launching of your new product. Although this may seem like putting an unnecessary amount of pressure on yourself, the idea is to give you a way to gauge the overall success of your new product.
Once you roll out your product to the public, it's also important to to track sales as they occur. Jot down the data and compose it into chart or graph form in order to give yourself an early indicator of how well the piece is doing.
As always, you should also have a target audience in mind while trying to introduce and brand a new product. This means picking a specific market to try to sell your jewelry, whether it's women or young adults. Doing so can make it easier for you to advertise and reach out to customers.
After you have created a detailed sales plan to brand your new product, it's time to start looking at ways that you can spread the word about the item. One of the easiest and most effective ways to do so is to utilize the internet.
First, make sure your store website is up to date with information on the new small beading item. This may mean advertising it on the front page through pictures and details on the price as well as any discounts that may apply.
Next, take your efforts to the next level by moving onto social networking platforms. If you have a Facebook or Twitter account, this is the perfect opportunity to use them to your advantage. Update your accounts with information and pictures of the new product, as well as useful details on how consumers can get their hands on it.
Finally, don't forget to take advantage of other means of communication over the internet, such as email. If you routinely put out a newsletter or have a list of email subscribers to your store, this is the perfect opportunity to introduce and brand a new product. It doesn't have to be a large and overbearing announcement--just provide details on the piece as well as pictures that may intrigue customers to seek more information through your storefront or website.
Another way that you can brand your new product is through old-fashioned public relations methods. This means sending out a press release to local radio and television stations or newspapers in the community that may be willing to publish information on the item.
Planning an event to launch your new product is another step you can take if you really want to hit the ground running. This may mean holding a special even at your store, such as a sale, to drive business and inform customers of the item. However, not everyone has the time to do so, as being an entrepreneur is a demanding job.
To quietly, yet effectively, promote your product, consider putting up a few signs around your storefront. This should be enough to at least grab the attention of your loyal customers, as well as passersby who may be looking for the perfect gift for a loved one.
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