Craft Focus - Apr/May (Issue 72)

84 Make a fresh start for spring by investing in product development, says Michael O’Connor 1 STUDY THE COMPETITION Many business classes teach participants how to perform a SWOT analysis, focusing on strengths, weaknesses, opportunities and threats. Start by taking a serious look at your competitors, making a list of those that offer similar products and services. Even if you think your item is completely original, it’s important to put yourself into your customers’ shoes and imagine what they might buy in lieu of what you have to offer. Review your rivals’ marketing materials, including their ads, brochures and websites. Evaluate how your offer will stand up against this, as well as the ways in which you expect to excel. Work out where the greatest threats lie. 2 TARGET THE IDEAL CUSTOMER To launch your product with minimum financial outlay, it’s essential to focus exclusively on the prospects you believe are most likely to purchase from you. This may include In with the new The early part of the year is a great time to launch new lines. Crafters are always on the lookout for fresh inspiration, and product development is a great way to strengthen your brand, increase sales and more importantly, drive loyalty to your customer base. However, bringing stock to market is no easy task so of course, it needs to be planned thoroughly.