In my years as an entrepreneur, I have successfully opened two brick and mortar businesses, and from those two grooming businesses, Artisan Barber and Orchard & Ludlow, I have started my own product lines. When I started the process of launching my own product lines, named after the two aforementioned barbershop and unisex salon, respectively, there were a few steps that I had to take to ensure success and that I recommend to others.
1. Create a SWOT analysis. SWOT stands for, strengths, weaknesses, opportunities and threats. As a business owner, you should use this framework to determine any opportunities for your business and analyze your strengths, weaknesses and threats. This will help you be prepared for anything that comes your way and aid you in creating a product line that will work for your company.
2. Determine the target audience for your product line. Decide whether your products will be for women, men, or both, the age group and more. You’ll come to realize that your product is not for everyone and it will not succeed if you attempt to market it towards everyone.
3. Ask yourself what are your products’ point of differentiation. How is your product unique in the market it is about to enter? You can make your product unique through its’ packaging, its’ scent, specific ingredients and more. Packaging plays a huge role in conversion and why people will purchase from you and the latter can help develop loyal customers who will continue to purchase from you.
4. Geography. By this I mean knowing where you would want to sell your product. Location is very important and can be a huge factor in how much of your product sells. Narrow down whether you’d want your product line to be sold in your home city, or hometown, or home country or around the world for example. Then decide how it will be produced. You can search for a manufacturer or a private label or you can even do the product development yourself. Regardless, this is a question that must be answered. Now, if you decide that launching a product line is something that you’re interested in pursuing and a little more guidance could be of help to you, don’t hesitate to reach out to Artisan Luxury Brands. Our media group would be more than happy to take a meeting with you. Otherwise follow these steps and good luck to you launching your own product line.