1. Quality and performance
It goes without saying that your product should be top quality. This does not always mean using the most expensive materials, but that your product is created with skill and finished to a very high standard. This reflects its true value.
Your brand is the heart and soul of your product. It’s your style, your voice and the feelings your customers experience when they think of your product. It’s a combination of tangible (logo, taglines, colour, fonts) and intangible elements (an emotion or aspiration).
The key to your branding is consistency. Branding is your story, marketing is your communication.
Correct pricing is a key element of long-term growth for creative entrepreneurs. Getting it right in the beginning saves heartache down the road.
There is no cookie cutter pricing strategy and your pricing will be unique to your business. However, as a start at least, follow this basic formula:
Cost price = Your hourly rate + cost of materials + overheads
Cost price x2 = Wholesale price
Wholesale x2 = Retail price
Get your pricing strategy correct in the beginning and you can build and expand on your solid foundation.
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From a customer’s perspective, packaging should be pretty, eye catching and fabulous. From a retail perspective, a buyer also considers how durable your packaging is and if it will withstand merchandising and handling. The packaging must protect the beautiful product inside while allowing customers to handle and admire.
5. Amazing photographs
You’re not expected to be a professional photographer but you are expected to take great product shots, or source someone who can. Photographs are a key influencer for retail buyers, especially when they don’t have your product samples.
6. Legal responsibilities
If you manufacture your own products it’s important to find the correct labelling standards that you need to comply with. This will depend on your product type and location.
You may also need to take legal advice on product liability insurance, as retailers cannot risk their customers getting hurt. Research the legal requirements for your product category in your part of the world.
If you implement these strategies, you may just have retailers forming an orderly line to stock your products in their store.
What are your thoughts on rocking the retail world? Are your products stocked in stores? Share your story.