When thinking about a new product, it is wise to figure out if there is a real NEED prior to spending a lot of time and money developing this latest fab idea. If you do your research, and really dig around, you'll quickly find through the internet and by looking in stores if your product will be in demand, or just get shelf space for a week before it goes on sale.
Another option is to reinvent something you already do well, and make a "new" or "knockoff" version of your cash cow. If you look at some of the classic brands over the years, you will see how they have morphed and changed to evolve and produce a new version of their "it" item to keep up with the times and keep the cash machine cha-chinging.
One example I really like is the classic Converse shoe. It was originally a high top, then was reinvented as a low top, years later cool colors were introduced and now it is available as a slip-on lace-less version. Converse is really good at jumping on trends (even dishing out animal prints for the sassiest of girls) and keeping up with the evolving times. I also love how other companies like Ed Hardy took the classic shoe to the edge with their tattoo printed canvas style shoes.
Another big designer – non other than Louis Vuitton – is reinventing his classic Noe bag….aka the bucket bag we all know so well from the '80's. The cool part is that this bag was originally designed for a Champagne Vintner in 1932. The original leather bucket bag was pretty big and held 5 bottles of champagne. LV is debuting this newly styled smaller bag this May in chic hot colors like yellow and purple, and of course a ton of others as well. Oo la la.
Love to know if this idea gets some of your creative juices flowing and if you can reinvent one of your "it" items and turn it into a new hero.
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Manufacture a Clothing Line? Offer online specials and encourage your shoppers to hold Zoom dinner parties and dress up. Book a call with me today and learn how to get through this crisis. sarahshawconsulting.com/sarahshaw/apply-case-study/
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4 days ago
Can you share what's working for your company today?
Any kind of PR is good PR...... especially when it takes 5 minutes and is free! I'm putting together a collaborative blog post and need your input! Since our normal way of doing business has changed, we have been forced to pivot to stay nimble during this unprecedented time in our lives.
Share all your awesome info here: sarahshawconsulting.com/how-are-you-making-money-today/ I'd love to hear new ways of doing business that you have discovered or invented during Covid shutdowns.
How are you getting online sales?
Are you still selling wholesale?
Are you drop shipping?
If you relied on pop-ups, what is your new normal?
Have you turned to advertising to drive traffic?
Are you seeking more PR?
And anything else that is working for you..... I want to know and learn from you too.
Please share ways that your company has pivoted during Covid-19 shutdowns and limitations and how you are making money today. Requirements:
Please share a short paragraph and give us your best tips!
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Want magazine editors to try your products? Pitch them to write about zoom dinner parties and encourage them to dress up. Send them something to wear.
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