Launching a new product, let alone a custom product line, is a scary moment for any eCommerce business. The introduction of new products brings with it the potential to boost your profits, but the expenses associated with such a move can drain your existing resources.
It also poses the risk of endangering the sale of established products through what marketers call product cannibalization. Therefore, you must understand that launching a new custom line can represent a serious risk to the survival of your brand. To prevent this, you need to adopt a well-thought-out approach that will allow you to create a detailed strategy and look into your contingency options. Below are five steps that will guide you on how to launch a product line on Shopify.
A niche market refers to a focused set of clients or businesses who want to purchase specific offerings from your Shopify store. You can think of it as the process of specializing in the products you want to provide. When your store specializes in providing specific products instead of a broad variety of offerings, you get to become more productive, allowing you to save more money. In the process, the store also gets to create a comparative advantage over its competition. For example, if you look at the pet industry, you’ll note that there’re different animals ranging from cats and dogs to lizards and snakes. Creating a line that specializes in dog collars means you’ve chosen a niche market. The same holds for GPS trackers and cat sweaters.
Before you can begin looking into product options & customizer potential, you must start by identifying and understanding your customer’s needs. Proper identification of these needs makes it possible for your product line to meet market demands. This is the key to customer satisfaction and increased brand loyalty. To identify customer needs, do the following:
Who is your target market? You need to conduct extensive market research to help you identify and define your intended audience. Through market research, you get to understand what the desired market likes, dislikes, and is looking for in upcoming products.
When you know who your audience is, you become more motivated to create something that’s innovative and which will resonate with the audience. Besides creating products they’re looking for, you also get an opportunity to create items that they need but don’t know they need.
Take some time to monitor the behavior of your target market closely. Use available research tools to obtain as much information about this group as possible. You can even consider asking for feedback directly from potential or existing customers to learn their needs.
Use the feedback you receive to craft the right product mix. A good product mix can increase your sales, attract more customers, boost your margins, and even make your business more sustainable. Plus, it provides an avenue that can help you stand out from your competition.
Make no mistake: an easily recognizable and loved brand is among the most valuable assets any eCommerce business can own. According to a recent Nielson Survey, close to 59% of online shoppers prefer buying new products from brands they know or have interacted with before.
Before you can begin telling your brand story, start by determining what this story will be. Ask yourself what you want your brand to be recognized for and what will make it stand out against its competition. It’s essential that you get a good understanding of your brand identity.
A well-crafted brand story creates a sense of trust and familiarity and resonates with the customers on a personal level. All these can influence buying behavior, as the narrative not only communicates what the brand is selling but also why it matters.
Inviting customers to leave reviews and testimonials is one of the best ways to demonstrate expertise. No one can speak to the quality of your custom product line better than people who’ve already used them. Having strong, positive testimonials is crucial to demonstrating your expertise in your chosen niche market.
Learning how to use words to your advantage is an art. An excellent product description highlights the key benefits of the product on offer. Ideally, it should go beyond listing specifications and provide the benefits that a customer will get from the product line.
The reality is that building a community is not as easy as taking a walk in the park. However, creating one around your new product line can be fulfilling and engaging, provided you remain focused on your goals.
Startups fail here because they rush to content creation before they can understand the why. Always start by understanding the reasons why you need a community. Is it to increase brand loyalty, improve customer support, or provide a space where your customers can trade ideas?
As the community grows, look into strategies for creating content that educates, entertains, and engages your target audience. For this, you may need to lean into engaging visuals, humor, and inspiring stories. Leveraging social proof may also help you with this.
Shopping should be enjoyable. As you create a new custom product line for your Shopify store, don’t forget to invest in creating a genuine leisure experience. A bad shopping experience will usually drive potential buyers away, affecting your sales and overall bottom line.
Fortunately, you can perfect the shopping experience by:
Truth be told, there’s no such thing as a fail-proof methodology or the perfect product launch. The odds will always be stacked against any new custom product line. But if you take the time to discover your niche and tailor your product to it, the odds will improve slightly.
While at it, remember to create brand authenticity by telling the story behind the brand and sharing it with your community. Actively engaging with the community and leveraging social proof will help it to grow.
Lastly, don’t forget to listen to your customers. Their input matters, and they need to know that your brand listens to them!
