Have you ever wondered what the secret is to making products that people will buy? Do you ever think to yourself, "There has got to be a secret formula out there that only some people are privy to!"
The truth of the matter is, those people that you see as "successful" have done one of two things:
They either got incredibly lucky with their product success and just nailed it on the spot.
Or (and this is the more probable answer) they've gone through these 5 ways below to figure out what is actually selling and what isn't as much.
I've studied hundreds of successful creative business owners and have read countless books on the topic of product development. And I have learned one BIG important strategy that is a common thread among them all.
Here it is: Although there is not exact formula that works for every single entrepreneur to become successful, there are definitely some factors that come in to play to get you there.
If you follow these five important steps, you're well on your way...
1. Figure out what your top sellers are
Knowing what your top seller is can open up a world of new doors for you. The obvious being, you create more of the these products than you do of other products so that you don't sell out and can maintain the demand.
But another reason, and this is the most important one, is that there are ways you can create new products based on your best sellers top traits.
For example, let's say you're selling fresh fruit and your most popular item is oranges. You would want to have more oranges ready to restock your table once they start to sell out. But you could also start to think about what other items might sell as well as your oranges. To do this, you need to think about the reasons why people are buying your oranges. Is it the time of year? Is it because it's a citrus fruit? Is it because they look the juiciest out of all your fruits and veggies? Or is it the price?
Whatever the answer to that question might be, you can think about other products that tie in to those common traits. So, for our example, what if you brought in apples and also offered them at a good price? Or what if you started selling a pre-made fruit salad that includes the oranges?
Knowing "why" your most popular items are doing so well can help to open up new doors for new best sellers.
2. Pay attention to what people look at the most
Have you ever had certain items that get a ton of views but no one buys? Why is that do you think? Again, it's time to do some detective work. It's possible that the item could just be a really good eye grabber that brings people in, but for the most part, is not something that majority of your customers would purchase. (For example: maybe the hot pink style gets a lot of clicks, but most people wouldn't be courageous enough to wear it. And instead they buy the black style.)
There could be a specific reason that they are not buying that item. Maybe the color isn't quite right to them, or the price is a little too high. Or maybe the material is the reason why they're not purchasing.
What if you conducted an experiment and created two new versions of that item that gets a lot of views answering these questions. Once you put those out in to the market in limited quantities (whether it be online or in person), you might be able to get a better answer as to why people aren't buying but really enjoy looking at it.
3. Look at your competitors and ask the same questions
Another great way to learn more about your customers is to look at your competitors products and ask these same questions. Which products do they sell the most of? Why do you think that is? What product could be added to their collection that would compliment the top sellers perfectly. This is a great way to get your creative juices flowing with your own work - You're bound to spark some new ideas.
Also, what products seem to get a lot of views but not a lot of buys for them? Pay attention to the reasons why and what changes could be made to your own products to tweak and make them better.
On a side note: I should also mention that competitive analysis is not meant to copy other people's work. Instead it's to understand your market and how you can make your own original products even better! But that goes without saying right!?
4. Review your previous sales
This is something that I didn't realize I needed to do in my first business for at least a year. I just got caught up in the hustle of things.
But once I started going through previous sales and actually looking at what sold the most, it totally opened my eyes.
I thought my best sellers were completely different than they actually were. It was a big lesson learned - if you don't record and review your sold items in your business, you really stand to lose out on potential money!
5. Ask your customers through a survey
Have you ever thought about just simply asking your customers which products they like the best, and if you were to make new styles, what would they like to see?
Sending them a survey is one of the most underrated ways to create more sellable products!
The cool thing about it is that most of your customers are happy to help you out! I've done many surveys here - some of which you may have taken yourself. My favourite survey provider is Pop Survey. They have a beautiful layout, and they're free.
I usually let the survey run for a few days before I start to analyze the data. I've also noticed that giving your customers a deadline to complete the survey by works best. Also, if you can offer a little incentive like a coupon or discount for taking the survey, you're bound to see bigger results.
Always ask yourself what is the reason why your top sellers are selling so well. If you find the root of the decision to buy, you will open up more possibilities to add more top sellers. Ask these same questions for your other products. Use the answers to make them even better too!
Your products are the reason you're here. You love creating them and they provide you with your income! They are the most important piece of your business. For that reason, you should take the time to really consider how you can make them better. Do this frequently - every 4-6 months is ideal - and you'll be on top of your game.