We’ve all had that moment of excitement – maybe it’s late at night, or while you’re in the shower, or out for a run. That moment where the idea for a new product or design just pops into your head! You rush into the studio in order to make your new idea a reality.
But before you add that product to your to current line, you need to step back and evaluate that new product, not as a designer, but as a business person.
I’ve been working on a new product line, and here are some of the questions I’ve been asking myself as I decide which pieces will make the final cut. These are questions you should ask yourself too as you consider adding a new product to the mix:
Does it improve upon an existing product? Sometimes new products aren’t really that new, they’re just an improvement to an existing product. If a new design is similar to something you already have in production, make sure it’s an improvement, and not just a lateral step.
Does it cannibalize an existing product? We all hope that adding in a new product will lead to more sales. But if the new product is too similar to something already in the line, you risk cannibalizing the sales of the existing product. The best product additions are ones people can buy with an existing product, not instead of.
Do I need to remove a product to bring this one in? Depending on how you answered the first two questions, adding in a new product may actually mean taking one away. If the product is an improvement on or a direct competitor with an existing product, taking away the older product could help the new product sell better.
Does it fill a gap in your current product offerings? When adding new products to a line, you should be looking to fill gaps, because gaps are usually missed opportunities for a sale. If the bulk of your line consists of $80 necklaces, adding another $80 necklace isn’t as effective as adding $40 earrings (which you can use as an up sell) or a $200 necklace (which becomes an aspirational piece for collectors.)
Does it fit with your current pricing? Once you’ve done your cost and market-based pricing for your new product, you also need to consider how that fits in the pricing of your existing line. Does the price of the new product make sense with everything else in your line? If your pricing is really inconsistent, it can be confusing, or worse, a turn off, to potential customers.
Designing new products is one of the most exciting parts of what we do. And adding new products on a regular basis is also good for sales. But every product idea shouldn’t necessarily make it into your final production line. Using these questions can help keep your product line manageable, your customers happy, and your business profitable.
My motif is my brand, so ultimately, having it on a lot of different things is my dream. I’ve been designing tableware for some time and recently began making jewelry. I’m hoping to open doors to my work to different kinds of customers, but would never want to close any to customers for other products. Your questions are sensible and thought-provoking; your posts are helping me find my way. Thank you!!
I have been struggling with this. I want to discontinue some designs, but I want my customers to have the option to come back and purchase a made-to-order matching piece in the future. I have about 300 items listed in my etsy shop. Any thoughts?
Hi Beth,
I’m not sure if I’ve understood your question correctly because, well, I felt like you’d already answered your own question!
Why not have a “made to order/by special request” section that is specifically for those discontinued but available by request items?
Mariana
@Mariana
I just feel that there are too many items to sort through. I like having items made-to-order, but I think people will have a difficult time choosing when there are 300 items in my shop. I think I have decided to deactivate about 100 listings by the end of next week.
It can also be very difficult to keep track of all the items, it takes a long time to edit etc.
~Beth
Thanks for this article! Always trying to improve things in my shop.
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This is very thought/action provoking. I’m just about ready to launch two new products to my existing line; turns out they fall in line with your five questions but totally unplanned/lucky. I will certainly consider your questions before moving forward with additional new products ~ thank you! ~Cindy
Great article!
Just started to paint smaller objects & canvases to add to my shop, with similar themes as the much larger furniture that I typically sell. I’ve had quite a few suggestions online and at shows for lower priced objects. And I’m having a ball trying new things!
I will keep these questions in mind as I continue to expand my ideas…
Thanks
@Mariana
I just feel that there are too many items to sort through. I like having items made-to-order, but I think people will have a difficult time choosing when there are 300 items in my shop. I think I have decided to deactivate about 100 listings by the end of next week.
It can also be very difficult to keep track of all the items, it takes a long time to edit etc.
~Beth
Great questions – thank you for the thoughtful article. Sometimes we get so excited by the creative process we forget to evaluate how it fits our business model. I am going through some of this now myself.
Thank you for the thought provoking article. Always nice to have a quick read, but chock full of pertinent info for us small business people. I think I need to add some of my bath salts in smaller containers to give a variety of prices. Also, I used to just do the 12 zodiac signs, but have started to also do the Chinese Zodiac signs (year of the rabbit, snake etc) – Shiloh
Thank you for your 5 important ???????… i am designing some new items for fall/winter
this has helped a heap!!
Kanjidoll
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