We all want to increase our sales and grow our business. Today we are talking about ways you can do just that. You can watch it here or ready below.
We are always looking for new people to buy our products, right?
People don't buy products. They buy the results that your product gives.
You need to make sure that you are marketing your product with the benefits it delivers. For example, my husband sells a product that is an odor eliminator.
He markets his products to police officers to use on their bulletproof vests because they can't wash them. He is selling the solution to the stinky vest. He is not selling an odor eliminator.
He is solving their problem. The police officers come home, their wives don't want the vests in the house because they stink so bad.
Just spray the product on the vest and it no longer stinks. His product is selling a solution.
What is the solution that your product solves?
Next, identify who your ideal customer is, and what the problem you are trying to solve.
Clearly, with my husband's business, it's police officers, or military, or anybody that wears a bulletproof vest. So there's the ideal customer, and the problem he's solving is the stinky vest. It can even go further, like the stinky squad car or gear.
Who is your ideal customer, and what is the product that you are going to solve for them?
If you market directly to your ideal customer you're going to have a far greater chance of success.
You've identified the problem, you've identified the customer. Now you want to figure out what is your competitive advantage?
What is your competitive advantage that is different from all your competitors?
For example, my husband's competitive advantage is that his products are all natural. It doesn't have any harmful chemicals in it, it's non-toxic and it's safe enough for kids and pets.
This product is clearly different than anything on the market, and that is his competitive advantage.
Use the resources you have that are free for marketing.
Social media is great for using hashtags that can draw in new customers as they search for a solution for their problems.
For example, using my husband's product again... think about the hashtags #lawenforcement, #bulletproofvest, #kevlarvest.
How you can you attract new customers that are searching for things relevant to your business using hashtags?
Use testimonials in your marketing.
Work on getting testimonials from your current customers you already have. When potential customers are looking for you, they like to verify, "Hey, this person's legit, this person's really good. They do what they say they're going. The product does what it says it's going to do."
Show and share the humanistic side of your business.
Share the human side your business. I know it's scary to get in front of the camera. Don't be afraid to get in front of the camera and let potential customers know who you are. Let them see the humanistic side of your business. It moves the know, like, and trust factor along faster.
So there you have it, lots of strategies for growing your product based business.
If these tips helped you please share it with your friends that could benefit from them.
Blogging is one of the best ways to drive traffic to your website. Blogging is also one of the biggest hangups for product-based business owners. They don't know what to talk about and they think they don't have anything to share with the customers. Today we are talking about ideas you can blog about as a product-based business owner.
Watch it here or read below.
Blogging is one of the best ways for the know, like, and trust factor for the customers to get to know you. Today I'm going to give you several ideas that you can blog about, as a product based business owner. I would love to see you all start blogging. It's great for SEO, and it's great for driving traffic.
Your startup story
Share why you started your business. Also, share how you got your business going. What the idea was, and what drove you to start the business.
Meet the owner
Tell your customers all about you as a person individually. Let them see who you are, and what you do personally.
Behind the scenes
People love a behind the scenes sneak peek. Let them see you making the product. Let them watch you picking and packing the product to ship it. Let them see inside your workspace and the ins-and-outs of your day at work.
I have a friend who owns a chocolate company. Chocolate Johnny, he owns the company Perfection Chocolates in Sydney Australia. He does such a phenomenal job on the behind the scenes, and showing inside the factory and the chocolate being made. If you're not following him, you should go check him out. He is doing a great job of behind the scenes.
Do a tutorial of how to use your products
Show your products in use, share all the things that your product does and how to use it.
Share your top sellers and what the other customers are buying. Let your customers see what the fast moving items are for you. People love to know, it helps them make a decision quicker.
Let your team talk about their favorite products you sell and how they use them. It gives your team recognition as well as focusing on your products.
Customer success stories.
You can highlight one of your customer and how they use your products and what they like about it. The customer can share how your product solved a problem for them.
Do a Q & A
You could take questions that you're getting through your customer service and answer them. You could literally have Q & A be a blog post every week if you get a lot of questions from customers.
Take about a cause you support
Another thing you could talk about is a cause that your business is behind. You could talk about the cause, and how your business supports it.
Hopefully I have given you some good ideas to blog about and you can get started blogging.
-Make a list of all the things you can blog about in your business
-Share with us in the comments what you are going to blog about
What you'll get:
A FREE PDF of 16 ways to market your business.
A plethora of fabulous information and actionable tips sent to your inbox from me.
A lot of good vibes your way from a human being who genuinely wants to see you succeed in your product-based business.
Like it or not the holiday selling season is upon us. You still have time to plan some marketing that can bring in big results if you don't have anything planned. I have used all these marketing tactics in my business and they all worked well.
#1 - Have A Friends and Family Day
I have done a lot of friends and family days over the years with my business. I have found the best time to do it is Tuesday or Wednesday before Thanksgiving. The reason I like to do this before Thanksgiving-- I wanted customers to spend with me before they went Black Friday shopping.
I would create a coupon code and hand out to all my friends, family and employees. I tell them to hand the code out to all their friends and family members that would enjoy a 25% discount in my store or eCommerce shop. I had a firm start and stop, day and time, as to drive the sense of urgency. For example, I would say from 1:00 p.m. until 9:00 p.m. on a specific day they could redeem their coupon code on my website or in my store.
I discovered that my friends, family, and employees were great free marketing through word of mouth. Once they bought my products and enjoyed them I had new repeat customers. If you figure the cost of Facebook ads or newspaper ads, it was less money for more sales without advertising costs.
Give it a try, set a date and make a coupon in Canva for a discount of your choice. Once you get the momentum going each holiday with your friends and family sale they will look forward to the discount each year.
#2- Try A FREE Gift With Purchase As An Incentive To Buy
They say success leaves clues so I always liked to watch the big boys and see the kinds of promotions they were doing. Since I was in the candle space I watched Yankee Candle Company and Bath and Body Works a lot. I figured they had huge marketing budgets so I liked to watch what they came up with.
I would sign up for their email lists and calendared when they did promotions, how often they emailed and what their discounts were.
One of the things I saw them do over and over was a gift with purchase. I started following along and doing a gift with purchase myself.
I found I was the most successful when I had the purchase price be $35 or less. For example, I found some candle holders that were .59 but the perceived value was at least $10 retail. I could advertise spend $35 and get this FREE. The promotion was win/win for the customer and me. They were able to upgrade their gift with a holder and not just a candle.
You can find all sorts of items at wholesale or below and use them as a gift with a higher perceived retail value. You can find items like this on Amazon or AliExpress. There are also a lot of jewelry companies that supply to the wholesale space. A few of the companies I liked to use was Accessories West Imports as well as Lava Accessories. You can find all sorts of scarves, jewelry, and accessories with large enough margins for a FREE gift with purchase.
#3 - Make A Bundle Pack To Increase Average Sale Price
Bundles are a great way to turn a variety of products into a high-ticket gift or purchase.
The best way to sell more bundles is to take three or products and put them together in unique packaging. This can be as simple as a gift back and tissue, a gift box or even cellophane bags with a ribbon.
The best way to price the bundles is to make the price a little better than what it would cost to buy them separately. This is an incentive for the customer to purchase as they are saving money and have the package wrapped.
As an example some of the most successful bundles I have done....I had lotions that were $9 each. I put them together in a cellophane bag with a ribbon and a gift tag on. I priced the two pack for $15 and promoted with ads that said gift-wrapped lotions 2 for $15. These simple gifts flew out the door quicker than I could package them up. You can buy cellophane bags on Amazon and put something together like this yourself. Everybody is looking for gifts under $20 for neighbors, teachers, co-workers and more. If you make it quick and easy for your customers you will sell a lot.
Have you thought about making bundles with your current products? Leave us a comment and let us know what your sales promotions are this holiday season.
Make sure you sign up for our NEW webinar to get more ideas to grow your product-based business here.
Today I want to talk to you about mistakes that I see product-based business owners make over and over again.
I've compiled a list of some of the top mistakes that I see. I wanted to share them with you so hopefully, you won't make any of these mistakes, and if you are making them, you can fix them. You can read below or watch the video.
First mistake - Not pricing products so that you have enough gross margin in your product
So what do I mean by gross margin?
It’s all about pricing your products correctly. I like to start with my product and figure out what is the perceived retail value of this product. I take retail price and divide that by two, and that would be your wholesale cost/price. Then you divide wholesale by three, and the cost of goods for your product shouldn’t be more than that.
Sample- Retail Cost is $10, divide by 2 = $5 which is your wholesale cost, now divide the wholesale cost by 3 = 1.66 your cost of good shouldn't be any higher than 1.66 or you don't have high enough margins.
Now, that formula can work a little bit different if you're not wholesaling. If you are just retailing your product you manufacture or make you can take your cost and times it by 2.5 to 3X over cost and that's an okay margin to price at retail. Of course if you have a perceived value that is higher go ahead and price your products at the higher rate, it makes for a better margin.
However, if you are wholesaling your product, you have got to make sure that your cost of goods for your product is at least a 3x for the wholesale price and then 2x wholesale price for the retail price. Make sure that the perceived value is that price or greater to sustain those margins.
Why a 3X over cost?
⅓ COGS ⅓ Overhead ⅓ Profit
If you lower to a 2.5 over cost it will work, but you are starting to erode your margins and it can become a problem if you have higher overhead expenses.
Second mistake - Missing the proper selling cycles and seasons
Buyers typically go to the trade shows in January/February and July/August. It makes sense to release new products around the time that those trade shows are. I always had new product launches in January and July, and that way when the buyers came to the trade shows, they could see the products.
If you're not going to trade shows, you still should be putting new products out around those times. Holiday products should come out in July or sooner. The bigger the retailer is, the earlier that they start buying.
For example, when I was working with big chain stores such as Kohl's department stores, I was showing them Christmas in January. They were making commitments for holiday orders by the end of February or early March.
If you're calling up buyers in October or November with Christmas items, you're way too late. You need to be thinking about your Christmas and your holiday products early. The small independent stores will probably be thinking about Christmas in June, July and August. However, the bigger the stores are, the earlier they're going to be thinking about it. Don't miss your product launch seasons and don't call buyers too late.
Third mistake - - Not niching down enough
You cannot sell your product to everyone in the world. You've got to be able to niche it down enough that you can target your marketing and your advertising.
For example, my husband has a product that is an odor eliminator. Now, if he just marketed it as an odor eliminator, who in this world doesn't have an odor they need to get rid of at some point?
There are a lot of products out there in this space. It's a really competitive niche, but what he's done is narrow it down into niches where he can solve a specific problem for a specific person.
For example, one of the areas that he's had great success in is selling his odor eliminating product to police officers. They wear bulletproof vests, and they get so stinky because they can't wash their bullet proof vests. Police Offices have a definite need/pain point because they don't want to be smelling all the time and need to get rid of that awful odor.
My husband is target advertising to those police officers that wear bulletproof vests to get rid of that odor. He isn’t advertising to just anybody that needs to solve an odor problem. It is scary sometimes to narrow your niche but it really does work.
Another example my husband markets to is hockey players. Their gloves stink really bad. They can't get rid of the gloves because they are so expensive. They sweat every time they wear the gloves and when they put them back on they stink. Hockey players are always looking for solutions for stinky gloves and equipment. He is marketing to hockey players, specifically for their knee pads, their equipment, bags and their gloves.
Think about your product. How can you niche it down even more?
It is a big mistake if you're going too broad and too wide in your marketing, so niche down.
Fourth mistake - Not being clear on your message
When I say your message, I'm talking about your marketing message. You can have the greatest product in the world, but if you are not marketing it correctly, nobody will know your business exists.
There are three things I want you to really be clear on in your marketing messaging for products
1. What it is.
2. What it does.
3. Why I need it.
If you're clear on those three points, the customers will quickly and easily be able to figure out why they need to purchase your products.
Are you being very clear in your messaging? Are you telling customers what your product does and why they need it? Are you solving their problem with your marketing copy?
Let’s use my husband’s business as an example again. All he has to do in his marketing to target police officers with bulletproof vest is say, "Are you tired of stinking every time you put your vest on to go to work?" They have a specific problem he can market to. How can you market your products to solve a problem in a specific niche?
Fifth mistake - Not doing promotions
I know there's two schools of thought on this, but let me tell you, success leaves clues. Look at someone in your niche that has a bigger business that's successful. Go sign up for their mailing list and see what they're doing.
They're going to be sending out promotional emails on the regular! You have to come up with some promotions you can do. You don't have to give your product away. You don't have to do crazy things, and if you have questions on it, I have done a webinar on promotions that drive up sales here along with tips on how to schedule them and what kind of promotions to do.
It's really important that you do promotions for your business because it gives you a reason to get in front of your customers over and over again. You want to have a reason with a sense of urgency and a call to action that will make them buy your product now.
If your product is available all the time at the same price, they're not going to be as excited to get it and/or they will wait and never purchase it.
Hopefully these tips helped you.
Are you the best-kept secret in your business? Do you know that the product that you sell, or the service that you offer would give amazing results and people would just absolutely love it?
Well if they don't know you exist, they're never going to find out. Today we're talking all about how to get visibility for your business. You can watch the video here, or read below.
The first thing that you can do to get visibility for your business is to have a website.
You need to have a home base or a hub where people can find you when they Google your name or your business name. If you're selling on Etsy, Amazon, or another platform, but you don't have your own website people can’t find you. You need a website, even if it's just a landing page or a one-page website.
I know this is a place that a lot of people get hung up, but there are amazing resources that are available. There are drop and drag websites that give you the ability to build your own website and your own landing pages. Some of the resources that you could check would be Weebly.com or Wix.com. You can find something like that, or even lead pages where you could have a simple landing page if you don't want to go to the trouble to do a website. Do something though because you need to have a base for visibility.
The second thing you can do to gain visibility online is start a blog.
You don't have to blog every day. You don't even have to blog every week, but what you do want to do is be consistently putting content out there on a regular basis so that once they find you they can continue to come back to get more information. It also gives the search engines the ability to go through and search, and find you, and update your website. So starting a blog is really important if you want to have visibility.
The third thing you can do to gain visibility online is join some Facebook groups.
Get in the Facebook groups and start engaging and talking to people. It's not just about going in there and then throwing your information there. You've got to be a lurker, and then start getting into the communicating and participating, and then people are going to find you. So communicating in the Facebook groups is a really good place to start. Now if you want a really good Facebook group to get started, go ahead and hop on over to our Facebook group, Product Biz Made Easy, and we'd love to have you there.
The fourth thing that you can do to gain visibility online is be consistent on one social platform.
If you're on social media pick one platform and focus on it, do it really well, and be consistent. Facebook is where most people are hanging out, so Facebook is a good place to start if you're not on Facebook or not actively engaged on Facebook. Facebook is the number one driver to websites, so I would definitely be using Facebook. If you're already using Facebook then pick another one and become very well versed in it. Pinterest is another really good one for product-based business owners to participate in.
The fifth thing you can do to gain visibility online is get out locally.
Get out and get active in your community and participate in some events and some meetings and groups of different things that are business associated, or associations that are affiliated with your type of business where it would be a good fit. It's amazing how when you start local it can branch out further from there. So that's a really good place to go.
Success leaves clues...
This is the one thing that I'll tell you over and over. Success leaves clues. Who is doing what you want to do really well? Watch them. See what they're doing. What platforms are they engaging in? What groups are they in? What events are they attending? How often are they putting content up on their websites? Don't copy them, learn from them. Success leaves clues.
I have given you six great ideas on how you can get visibility for your online product-based business. Now, remember, if people don't know you exist they don't know your products exist. They can't buy them. So don't be the best-kept secret in town. Your action item for this week is to get out there and be visible. Then I also want you to make sure that you come on over and join our Facebook group, Product Biz Made Easy, to get started.
What are you going to do to be more visible? Please share with us what you're going to do. You can start by leaving a comment....you'll be visible. 😀