#neverstoplearning: what is your meatball?

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Happy Monday!

What is the “meatball” of your business? When you look at your product offerings, can you identify what’s driving your business?

Identifying your product assortment and merchandising is key to establishing success and maintaining growth within your business. The best way to begin to distinguish yourself within the marketplace is to answer these questions:

• • How would you describe your product?
    
  • What is that you do? Can you describe it in 1-2 sentences in a way that is clear and original?

For example, when I was beginning to develop my business plan for Pink Olive I wrote a mission statement that expressed exactly the kind of experience I wanted my customers to have — Pink Olive is a whimsical boutique created to inspire giving and beautiful living. Our mission is to make the gifting experience super fun, easy and attainable for little ones to loved ones. This core mission of feeling loved is at the heart of everything that we do and reflects in the product assortment. Every buying decision directly reflects the core mission of my business.

In much the same way, you can also use the same concept when developing your line of products. Once you establish a unique product mix that genuinely reflects your mission, you can start building on those layers that make sense for your business. Let’s now break it down.

Your “meatball” should represent about 50% of your business. Think about what products are currently driving your business. What are those “no brainer” items that you can sell all day long.

Once you know what the “meatball” of your business is you can think about about some opportunity product items. These products should represent about 30% of your business. Think about what you would like to introduce to your line based on selling and feedback from customers. Your goal should be to make opportunity products into your “meatball” business within 1-2 seasons.

Lastly, think about your “icing.” These products should represent about 20% of your business. Think about items that may not result in much sales BUT are great attention grabbers or press generators. Every line needs a few WOW items that may not always sell as fast, but help create a buzz and sell the other amazing products on your line.

Are you ready to tackle Monday?

Here’s to creating a business you love.

xoxo,

P.S. Are you looking to take your product business to new levels in the next 6-months or just want my eyes on your business to ask all your burning questions? I’m opening up two spots to my popular “Critique My Line” private strategy session — sign up here and let’s get started!