You probably have new product ideas occasionally, but not all of them will make it into your collection. There is a 3fine balance between chasing every new thought that comes to mind and understanding which ones are worth continuing.
Here is a checklist you can use for developing new products for your Etsy shop.
Is It in Accordance with Your Brand?
Revising your ideas to retain consistency across your product portfolio is essential. This results in a strong and positive brand message and may serve as a guideline when introducing new products. Every day, the online world bombards us with information. In today’s fast-paced world, you need the customer to grasp your business at a glance.
Is It Anything That People Want or Need?
As a creative person, it might be tempting to produce things that you enjoy producing. However, if your purpose is to create sales rather than solely personal pleasure, you must first determine if others desire or need the item. Ask feedback from friends, family, and coworkers. If your idea is genuinely new, the answers to these questions may be hazy, but it’s worth asking.
The first step in integrating your creative and business mind is to become acquainted with the reality of your product and the type and size of the market it serves. Finding this harmony is a tremendous task that requires practice. Don’t be disheartened by the limitations this places on your creativity, but do know that some creativity is best preserved for personal enjoyment and others for selling. Both may coexist in your life.
Is It Profitable?
Some things are a lot of fun to produce but aren’t lucrative. Calculate the time and expenses needed and the approximate retail price you may charge. Take note of the cost of the materials needed and the time it takes you to complete the item. You’ll need to figure out an average hourly rate at some point to calculate the labor cost for the item. Developing a rate for your own time might be difficult.
Being realistic about your costs and revenues early on might save you heartaches later. This phase is also an excellent approach to developing the sort of company that can grow if you ever need to hire assistance. Don’t underestimate the importance of your own time!
Is The Market Crowded?
Is your concept truly innovative? It’s time to start doing some research. Check out the competitors online and see what the average price points are. Study your competition, not just the handcrafted industry. Begin by checking Etsy, as this is the primary platform where you sell, but also search non-handmade sites to see whether a similar product is already mass-produced. Handcrafted might sometimes be a selling point to allow you to compete with mass-produced things. However, not all items are equally competitive. Sometimes you’ll have an idea that you think is brilliant, and you believe you’re the first person in the world to have thought of it. But then you Google it and discover it is available in packets of 30 for $4.99. That’s life. It’s time to let go of that notion.
It’s just as essential to look at what’s not accessible right now as it is to look at what is. If you notice an interesting gap in the market, such as a niche that isn’t being filled, it might be the starting point for developing a new product to fill it.
Will It Sell Well Online?
Does this idea apply to the online marketplace? Some products are more challenging to sell remotely than others. For example, selling leggings, made of elastic fabric and readily suit different body shapes, is far easier for me than tailored pants, which customers want to put on in person. Consider this moment and ask yourself, “Will people feel comfortable buying this thing online?
Why is Your Product Better?
Make the greatest possible version of your product to move your concept from excellent to exceptional. This may not always imply making things more flashy, larger, or bolder, but it can also include providing better packaging, photo style, higher-quality materials, or even a better product description.
Public tastes and preferences will shift, and new competitors will join and exit the market. In some aspects, it resembles a living thing. As a designer and creator, it’s your responsibility to keep an eye on this ever-changing industry and utilize your understanding of your specific specialization to make the best, most educated business judgments you can. Taking the time to ask yourself these questions before starting can save you hours of aggravation in the long run.
Social media is a great marketing tool to spread the word about your new product. Learn how to do it here!