Episode Summary: The Product Boss Podcast – Episode 705: Managing Change—From Target Audiences to Product Styles in a Growing Product Business | Q&A

In Episode 705 of The Product Boss: Business Coaching for Product-Based Female Entrepreneurs, host Jacqueline Snyder delves into the complexities of managing change within a growing product-based business. This episode features a dynamic Q&A session where Jacqueline addresses real-world challenges faced by entrepreneurs, offering strategic insights and actionable advice to help listeners navigate shifts in target audiences and product styles.

1. Adapting Bestsellers for Diverse Venues and Audiences (00:02 – 07:00)

Listener Question: Is it necessary to change your bestseller for different venues and audiences, or is it better to focus solely on one bestseller?

Jacqueline's Insight: Jacqueline emphasizes the importance of understanding the unique demands and preferences of different sales platforms. Using Sarah Cornwell Jewelry as a case study, she explains how the same product category (necklaces and earrings) can perform differently across various venues.

• Etsy vs. Website Sales:
  • Etsy Customers: Prefer customizable necklaces, aligning with Etsy's reputation for unique, personalized items. “On Etsy, customizable necklaces sold because why do people go to Etsy? They go for gifts, they go for custom” (02:30).
  • Website Customers: Favor ready-to-ship, off-the-shelf products, seeking convenience and immediate availability. “The people who bought on her website were buying off the shelf necklaces and earrings. They did not want to wait” (05:15).

Key Takeaway: Tailoring bestsellers to match the specific expectations of different platforms can enhance sales performance and customer satisfaction.

2. Managing Multiple Target Markets (07:00 – 17:03)

Listener Question: What happens when you have two different target markets, such as serving both local communities and distinct regions like First Nations communities in northern Ontario?

Jacqueline's Strategy: Jacqueline advises segmenting the market and customizing marketing strategies to address the distinct needs of each audience.

• Separate Marketing Approaches:
  • Individual Outreach for Indigenous Communities: Higher-touch, personalized communication to build strong partnerships and meet specific cultural needs. “If you're selling wholesale to more places, you would most likely also want to do a long sleeve, long pant version of that” (08:00).
  • General Marketing for Local Consumers: Broad-reaching strategies focusing on direct-to-consumer sales with products that appeal to the general market. “It's two separate customers because they're serving two different things” (07:50).

Addressing Product Styles and Sizes: For businesses dealing with diverse regions, Jacqueline recommends analyzing sales data to determine which product variations resonate best with each market. She draws from her experience at Cosabella, highlighting the significance of regional preferences in sizing and color choices.

• Regional Preferences:
  • Miami: Bright colors and vibrant prints sell well.
  • Los Angeles and New York: Solids and darker colors perform better.
  • “Neiman's would always be kind of like the first person. We would drop colors, we would drop prints. Meaning, like, if it didn't work in market, we would drop it” (14:10).

Key Takeaway: Differentiating marketing and product strategies based on the unique characteristics of each target market can drive sustained growth and customer loyalty.

3. Navigating Product Variations and Size Ratios in Sales (10:55 – 17:03)

Listener Question: As a pajama brand with multiple variations in print, color, size, and fabric, how can I determine my absolute bestsellers amidst these variables?

Jacqueline's Recommendations:

• Identify Core Bestselling Styles:

  • Focus on the styles that consistently perform well, such as short sleeve and shorts for warmer climates.
  • “So you're doing PJs. What's the style that you know you can sell all day, every day?” (11:29).

• Adapt to Seasonal and Regional Demands:

  • Introduce variations like long sleeves and pants during cooler seasons or in regions with different climate preferences.
  • “If you were to expand and sell wholesale and sell across the country, you would most likely also want to do a long sleeve, long pant version of that” (13:45).

• Analyze Sales Data:

  • Utilize sales metrics to understand which designs and sizes are performing best in specific markets.
  • “We gotta look at the whole scope of the data” (14:55).

• Consider Licensing and Collaborations:

  • Partnering with local institutions (e.g., colleges) can enhance product appeal through exclusive color combinations and designs.
  • “You might have a licensing deal with a college, but you don't have to do it if you're just doing the two colors” (16:10).

Key Takeaway: Streamlining product offerings based on customer preferences and sales performance, while maintaining flexibility for regional variations, can simplify inventory management and boost sales efficiency.

4. Emphasizing Self-Care for Business Success (Throughout Q&A)

While not directly tied to the Q&A, Jacqueline underscores the importance of self-care for entrepreneurs managing multiple business aspects. She highlights how delegating tasks, such as using Instacart for errands, can free up time to focus on business growth.

• Quote: “When it comes to running a successful business, you can't really pour from an empty cup” (04:30).

Final Thoughts and Encouragement (17:03 – End)

Jacqueline wraps up the episode by encouraging listeners to leverage the insights shared and consider enrolling in her comprehensive programs for deeper learning and support. She celebrates the engagement of her audience and reaffirms her commitment to helping female entrepreneurs build thriving product-based businesses.

Closing Quote: “Your answer is in the room” (17:00).

Conclusion

Episode 705 offers valuable lessons on managing diverse target audiences and adapting product offerings to meet varied market demands. Jacqueline Snyder's expert advice, grounded in her extensive experience, provides actionable strategies for product-based female entrepreneurs aiming to scale their businesses effectively. By understanding and segmenting markets, analyzing sales data, and maintaining a flexible product strategy, entrepreneurs can navigate growth challenges and achieve sustained success.

Notable Quotes with Timestamps

• Understanding Platform Differences:

  “On Etsy, customizable necklaces sold because why do people go to Etsy? They go for gifts, they go for custom” (02:30).

• Segmented Marketing Strategies:

  “It's two separate customers because they're serving two different things” (07:50).

• Regional Product Preferences:

  “We would drop colors, we would drop prints. Meaning, like, if it didn't work in market, we would drop it” (14:10).

• Self-Care Importance:

  “When it comes to running a successful business, you can't really pour from an empty cup” (04:30).

• Empowering Entrepreneurs:

  “Your answer is in the room” (17:00).

Connect with Jacqueline Snyder: For more insights and personalized coaching, visit www.multistreammachine.com and subscribe to The Product Boss Podcast for weekly strategies to elevate your product-based business.