One of the most important ways to sustain profits in your handmade business is to create new products and service that your targeted audience will be eager to buy. You can accomplish this in a number of ways, but I will talk about three major ones here.
Expand Your Current Best Seller
This one is probably the lowest impact as you are using historical data to find the best seller from you store and growing it from there.
How to determine your best seller from your Etsy sales sounds like a great short training so if you aren’t sure how to do that go ahead and leave a comment below.
For now let’s assume you have parsed the data and your know exactly what your current best seller is. Great! We can go from here by remaking the same product in multiple colors. Here is the color recipe that I think works best:
If you know your niche well, chances are you should have a pretty good idea of what they really need and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell. This is a good way to go ahead and launch a new product!
Make New Products from Your Best Seller
This one isn’t so bad either. This one takes your best seller and really forces you to sit down and brainstorm. I did this last year with my line show which was selling little tiny handmade animals from fabric from Uganda. Now that product is very niche, but I was getting great comments on it which inspired me to expand the line. This really just requires three things: (1) your time, (2) a writing utensil, and (3) a piece of paper.
The goal here is to really throw out all of the ideas and see what inspires you the most. Make samples of your favorites and put them out there and see what sales. The goal here is to maintain a common thread but expand. Think of women, children, and men…
New Product Pivot
This one probably sounds like the scariest. Honestly thought you have a support structure all around you. If you are not sure, take the time to survey the people on your email list/s or poll them at Facebook to ask which options they would find most useful. Let them pick from a range of choices. The answers may surprise you. They will certainly stop you from wasting a lot of time and effort and perhaps money creating product A when they are really eager to get their hands on product E.
Alternatively you can look at what your competitors are selling, and at what price points. Don’t copy them but go ahead and brainstorm from here. Sometimes the put our blinders on to our own product and it turns out that there are thousands of people doing market research for you daily. Have fun with this…