IT IS ABOUT that time of year when manufacturers and brands will be building products for upcoming trade shows as well as new product lines to launch throughout the year. While we all know there are thousands of manufacturers out there carrying a multitude of product lines many of which are extremely similar, how do you stand out in this crowd and how is your product different?
Are you building your product differently with a thought process behind it? If you are unsure what that means let me walk you through some steps to consider for the next time, you are in the process of Product Development.
1. Build features with the retailer in mind.
What features have you put in place or rather designed that you had the retailer top of mind when building the product?
One example could be building multiple carat total weights of a specific design to allow the retailer to offer multiple price points or to help the consumer visually see the difference in a larger carat total weight to translate into an upsell.
Another example could be once designing one piece such as a pair of earrings be sure to make a matching pendant and ring to help the Retailers sell add-ons to consumers or plant the seed for upcoming occasions.
2. Build features with the consumer in mind.
One example could be that when designing the engagement ring be sure the center stone head does not stick outwards which would cause the matching band to have to be a perfect curved match. I have seen over the years when it comes to buying the matching wedding band consumers become unhappy when finding out only a curved band fits and due to this, they can never wear the band alone.
Another example may be instead of adding a generic chain to a pendant add on one that is versatile being 18 inches in length but having a 16-inch jump ring. Consumers love this feature because no matter the attire the necklace works. Typically, you might change the length to 16inches when wearing a turtleneck but 18 inches if you are wearing a v neck blouse.
3. Building an emotional tie to the product or story that retailers can share with the consumer.
One example could be what was done many years ago whereas throughout the Industry we named 3 stone pieces the Past, Present, and Future collection. This pulled emotional strings for consumers and when they came in for the need of an anniversary gift this was a go-to because of the emotional tie and story stay behind it.
Another example may be a two-stone ring engagement ring offered that is called “Forever Us.” To some couples, the two diamonds may represent the fact that each individual, when they come together in marriage, becomes one. For others, the two stones may represent two important elements of marriage being love and friendship. No matter which way you look at it, they both represent the fact that you have a love and passion that will last forever. These stories resonate with clients.
So, my advice next time when you are in the product development stages consider these 3 tips and do not forget to streamline these to not only the buyer of the retail operation but the sales associates who sell it.