When starting your first business, starting with a full collection of products may often be your first thought. But what if we told you that starting simple might be the best way to go?
Today’s video will focus on how starting with too many products may be counterintuitive to a new business. Over the years, some of the most successful brands have been ones that have started with just one simple product. Join us on today’s discussion and 5 reasons why starting small and simple can be your pathway to success!
1). Quality over quantity
Sometimes more doesn’t always mean better. Building a reputation and being known for reliability should be a priority in your products. Brands like Forever 21 aren’t really known for anything in particular. They’re simply known for selling massive quantities of fast fashion; and don’t have specific brand recognition in their customers.
2). Make your mark with one recognizable product
Starting with just one product and being well known for that can give you the opportunity to expand once you figure out what works. Brands like Crocs or Kylie Cosmetics, all began with their signature product and then proceeded to expand and become really successful businesses.
3). Create focused marketing campaigns
By starting with one product, you can really specify your marketing plan and brand vision! Being able to save your energy and dedicate your branding towards one specific product can result in a stronger marketing campaign overall.
4). Cut down on initial costs
Save yourself the time, money, and riskiness. Starting a full collection can also be riskier and have a bigger possibility for failure. If your customer base gravitates to just one of your products; your other items within your collection may go to waste. Save on initial start-up costs by investing in your strongest product.
5). Discover which products resonate with your customers
Establishing your strongest product can be done through focus groups and product research. Discover your target market and think about what your customer base would need and want. If you have more than one initial product idea, getting an outside perspective on your “best” product can help you to decide which ideas to start with.
Thanks for joining us for another week of tips, tricks, and lessons in starting your own business. We come up with new videos and blog content weekly so make sure to keep an eye out on our Instagram and Youtube to find out our next topic!
About Pivot & Pilot Creative
Pivot & Pilot Creative is a boutique design agency based in Vancouver that serves clients internationally. We specialize in branding, packaging design, advertising, and website creation. Pivot & Pilot helps food, lifestyle and wellness products stand out with epic packaging design.
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