Archives for February 2012

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are you listening?


Hey there,

When you first started your product line, you were probably so excited that you could burst! You wanted to get it out in the world, buoyed by your dreams of vast success, and rave reviews from friends and family. You have a beautiful product and a website that is ready to sell. A few months go by and you realize that no one (or very few) people are actually buying your products. What went wrong? The more important question to consider here is:
Are you really listening to the marketplace or have you succumbed to tunnel vision?

There are two major steps you need to take when you launch your business. Before you write your 50 page business plan (it’s okay if you haven’t already done so already), create a one page executive summary that addresses the following questions:

1. What is your current problem?
(i.e. Is there a void in the marketplace for your product?)
2. What is your solution?
3. What is the opportunity?
4. Who is on your team?
5. What is your business model?

Once you have clearly defined your answers to these 5 questions, test out your products in the marketplace.

Participate in local craft fairs and flea markets relevant to your business and get in-person feedback. Is the price too high? Does the packaging need some work? Does it look too “crafty” and not professional enough? Really listen to what people are saying (both good and bad). It’s not always easy to hear but it is very important if you want to improve your product and sales. When you can truly listen, take feedback without being defensive, you have an opportunity to change and propel your business forward. 

So are you listening? Start asking your customers! If you have the opportunity to ask in person, just do it. If you have a mailing list, send out a quick survey (I love using surveymonkey.com). You would surprised how open and willing people are about giving feedback.

xoxo,

Grace Kang
Your Retail Product Mentor

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are you masterminding?

Hey there!

Here is a picture of me masterminding with Justin from Krane Financial Solutions :) Are you masterminding? According to the Webster dictionary, a mastermind is a person who supplies the directing or creative intelligence for a project.

From a business standpoint, a mastermind occurs when you get 2 or more people to put their heads together to focus on someone’s project at hand. I am a firm believer that two heads are always better than one. When you are masterminding, there is synergy of energy, commitment and excitement that participants bring to a mastermind group. Every participant help raise the bar by challenging each other to create and implement goals, brainstorm ideas and support each other.


The concept of the mastermind group was formally introduced by Napoleon Hill in the 1900s. In his timeless classic, “Think and Grow Rich” he wrote about the mastermind principle as:
“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

He continues…
“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

As an entrepreneur, you need to be masterminding with others to give you feedback, help you brainstorm new opportunities and set up accountability structures that keep you focused and on track. You will have a community of supportive colleagues who will brainstorm on your behalf – it will be like having your own board of advisers!

If you can put together your dream team of advisers, what would that look like? What would you like to get from the group? I would love to hear your comments here.

When you can put yourself out there with other like-minded entrepreneurs thinking on your behalf, something magical can happen!

Happy Masterminding!

xoxo,

Grace Kang
Your Retail Product Mentor

lovemaki

“Working with Grace has been an amazing experience. In our very first session alone, she’s tackled a lot of the questions I’ve been needing answers to. Every session with Grace gets you excited & motivated about your business.
Wearing all hats for my own business can be overwhelming. Grace helps you in the right direction, and help you find balance.
The knowledge that she offers is invaluable – these are the things I may have not figured out on my own, or probably would have taken a while to figure out. It has truly been a pleasure working with Grace.

Justine Cajanding, Designer and Founder
www.lovemaki.com

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are you ready for some C&C?

competition

Hey there!

Are you ready for some C&C? If you can’t beat them, join ’em!
 
The two big C’s in this business, competition and collaboration, are more related than they may first appear. They both deserve equal contemplation and consideration and need to be inter-weaved into your decision making process.
 
A little (healthy) competition can feed your creativity and assist in your drive to stand out from the crowd. There may be tons other products similar to yours in the market, but it only takes one unique quality to grab someone’s attention. When you are aware of what is already out there, you can confidently speak to how your product is different and how it fills a void in the market. After all, most stores whether big or small are limited in shelf space. Your product has to offer something different to warrant a piece of their prime real estate.
 
When it comes to collaboration, you want to partner with other like-minded companies where both parties win-win. In researching your peers, you may also come across some companies whose work and philosophies complement yours instead of competing with them. These are the companies you should be collaborating with, whether you’re creating exclusive merchandise for each other (you know how I love exclusivity!) or working together on a new, one-of-a-kind product. You can also add them to your entourage and feed off of each other’s fan base.

Here is a company who has done a great job in collaborating with like-minded designers to grow their business. Hello Lucky was one of the first specialty letterpress design studio that came on to the scene in 2003. The competition in the letterpress world has grown tremendously over the past few years. They responded by honing in on their strengths and partnering with designers like Darling Clementine, Julia Rothman, Kate Sutton to create exclusive product for them. Well done!

hello lucky

 
Whether competing or collaborating with fellow creatives, the best thing you can do is stay informed and be alert! You don’t need to re-invent the wheel. However, you do need to step out of your comfort box and not be afraid to shake things up. The reward will be priceless :).

How can you C&C? I would love to hear your strategy here!

xo,

Grace Kang
Your Retail Product Mentor

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What’s under your nose?

Happy Wednesday!

We all wonder what our business would be like “if” we could take our business to that next level. We search high and low for that big A-ha moment in our business and start daydreaming. I hate to burst your bubble of the ever-thinking idea of, “If I win a million dollars my life will be perfect!” “If I get that big investor everything will be good.” Or, “If I get that order from Bloomingdale’s my business will be set.” As much as it’s good to think BIG for your business, (trust me, I’m a big vision person too) you also need to start breaking down those BIG goals into real bite-size action plans. If you have a BIG goal, how can you make them happen?

Someone wise once told me that your profit breakthrough is already in your business, right under your nose. Start combing through your product business and see what is sitting there just asking for you to act on it!

Here are a few places to start:

  • Do you have a blog interview request in your inbox that can lead to new connections and potential sales?
  • Do you need to increase your prices?
  • Does your website need a makeover but you haven’t given the green light?
  • Do you have a networking opportunity coming up that you are not sure about going?
  • Do you need an assistant but have not put up that ad on craigslist yet?
  • Is there a coach that you wanted to work with but haven’t made up your mind?
  • Is there a store around the corner that you want to approach but haven’t?
  • Is there a win-win partnership idea that has been brewing in your mind but haven’t approached them about it yet?

Your profit breakthrough is already in your business, waiting right out of sight. Who knew that YOU are the “if” that you have been waiting for!

Make a list of 10 things that you haven’t acted on and let’s turn your plan into action!

xoxo,

Grace Kang
Your Retail Product Mentor

p.s. A BIG, warm welcome to all of the new readers who joined our community! You are going to love the resources you will find here to help you make your product retail-ready… Enjoy!

image: nan lawson print

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Trade show is over…. now what?

Hey there!

Happy 1st day of February! Is it really the second month of the year already? :)

If you have been following my previous post about how to attract buyers to visit your booth, you are in for a post-treat! :)

So you’ve spent the last 3 days exhibiting at a trade show. It was great to meet and greet, schmooze and hopefully gather bucket full of potential leads. But now what?

You might be exhausted from being on your feet and talking all day long but this is not the time to take a vacation! You can treat yourself to some nice meals, a massage perhaps but there is ONE thing you must do within one week of exhibiting at a trade show.

FOLLOW UP!

Every time you give out a linesheet, you want to ask for a business card. Every time you connect with a potential retailer, you want to ask for a business card. After they leave your booth, you want to write a little note on the back of the card that will help you remember details of your conversation. This will help refresh the buyer’s memory about what you discussed when you follow up with them after the show.

Buyers walk down aisle after aisle, booth after booth, meeting you and your competitors. You want your company (and your personality) to stand out even after the show is over by showing each buyer that you remember them and valued the time they spent talking to you. Follow up on your conversation and offer to assist them with any questions they might have.

As a side note: Remember that department store buyers and specialty buyers work in very different ways. Department store buyers will rarely leave orders at the show. Specialty store buyers who are traveling for the show will most likely place orders at the show. (I hope you gave them a sense of urgency to place the orders at the show by showering them with incentives, right? Good :) Many buyers will need to digest everything they saw at the show, and place orders when they are back at the office. By following up, you will increase your chances of being one of the lines up for consideration.

 

How are you following up with your prospects? I would love to hear from you here.

xo,

Grace Kang
Your Retail Product Mentor

 

p.s. A BIG, warm welcome to all of the new readers who joined our community! You are going to love the resources you will find here to help you make your product retail-ready… Enjoy!

 


I am super excited to be one of the panelists at the Believers in Business Conference in NYC on February 4th. The conference will feature a diverse set of business leaders who will speak about the role faith plays in their business decisions and public identity. Look forward to seeing you there! :)