705. Ask Jacq: Managing Change—From Target Audiences to Product Styles in a Growing Product Business | Q&A

Summary

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.

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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.

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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.

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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.

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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).

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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).

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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.

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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).

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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.

Transcript

[Jacqueline Snyder]

Hi, I'm Jacqueline Snyder and this is the Product Boss podcast. I've helped launch and grow thousands of product based businesses, even one of my own. And over the last 20 years, I've seen behind the scenes of businesses just like yours. Whether they are makers, manufacturers, artists, or food and beverage businesses. I have spent so many hours studying it all. I've discovered what makes them successful, what mistakes they could have avoided, how did they turn their ideas into successful business, and what are the strategies that they have used to make more sales and be discovered by more customers. And this is what this show is all about. Whether you're just starting out or you're looking to become a million dollar product boss, I'm here to give you the permission to chase your dreams, no matter how big or small. All you need is the right mindset, a little courage, strategy and support, and you too can be the next million dollar product boss. Let's do this. Oh my goodness. Friends, if you are anything like me, you probably spend more time running errands than running your business. Am I right? Like, everything needs something, we gotta run around. And I knew that this was like a major issue for me back in the day, which is why I decided to get help where I could. And I decided to let Instacart handle all of my grocery shopping. So I no longer had to worry about running all the errands and having to run out and get more almond milk, my lattes rather. I was like, you know what, we're just gonna let Instacart handle that. So I want you to imagine skipping the store and getting back to designing packaging, orders, making, or maybe actually taking a break, even a nap. Remember those? Okay, so with Instacart, you can get groceries and essentials delivered in as fast as an hour, so you can focus on growing your business without sacrificing a meal. Plus, less stress and more focus. And here's a tip. I've actually used Instacart before to order gifts from my daughter's friend's birthday parties because I haven't had time to run out and get presents. And I've been able to get the packaging, like the gift bag and the gift hello, Sephora, delivered to my house while I was in the middle of coaching sessions so that I could have the present right. It's like having a personal assistant without having a personal assistant. So if you want to do what I do and get the help where you can, you can try it. Now if you head to the productboss.com instacart hey, hey, product bosses. Okay, really, really quick. Are you spending more time making all your products or maybe packaging your boxes and actually growing your business? I know. Okay, so if you've ever wished that someone would just tell you exactly what works when it comes to scaling your product brand into real money, right, like good profit and making sales and growing this business that I know you've dreamed of, then I have something really special for you. I pulled together a special bundle of our top podcast episodes that every product based business needs to hear. So think of this as your shortcut straight to the strategies that help you grow your sales, build a brand that lasts and avoid that burnout that no one is actually talking about. Enough. So we're talking mindset shifts and marketing strategies and those behind the scenes lessons. And yes, you're going to have some quick action plans and strategies that we're going to share in here as well. So it is my top episodes playlist and it's totally free. We just wanted to gather it up so you didn't have to scroll through hundreds of episodes and think, what do I want to listen to? Right? Let's make it easy. So all you have to do is head to www.theproductboss.com top or click the link in the show notes, pop in your email. I'll send over those exact episodes that have helped thousands of product based business owners like you move from the hustle to sold out. Right. I want you to go from where you are to getting you seen and sold and that's all going to happen with this compilation of episodes for you. I just want to make it super easy. So let's start building your business with clarity, strategy, ease and freedom. Hey, hey product boss. And welcome back to another Ask Jacqueline. Q and A. Right? And this has been something new that we've introduced to the podcast and we've talked about this, but I have coached thousands of product based business owners over the years inside of my programs and they ask really good questions and we go really deep in coaching. And so what I'm bringing to you and we're going to try it out for the summer and see where we go to is these bite sized coaching sessions pull directly from real conversations with my students. And these students are inside my programs like the Product Boss, Sales Accelerator and Standout Society. Right? So in these quick episodes you're going to get actionable takeaways from real business owners just like you and you're gonna hear the coaching that I provide them inside of these programs and hopefully there is A big aha moment or takeaway. So let's dive in. I'm just wondering if there are ever situations where it's necessary to sort of either change your bestseller for different venues and audiences or if it's just better to always focus on your 1 bestseller. That's a great question. So I'll use Sarah Cornwell Jewelry, which is that handmade jewelry company that I talked about yesterday that wrote me the email that she's like, I didn't believe in myself. And then five years later, I've hit a million dollars. What we knew to be true was that necklaces, no matter what platform she sold on, were her bestsellers and that earrings were her second, no matter where she sold. But the other thing we need to be true is on Etsy, the customizable necklaces sold because why do people go to Etsy? They go for gifts, they go for custom. Like there's a certain customer that goes to Etsy and they're willing to even wait for the product. The people who bought from her on her website. So let's say she's running ads, she's building social, she's selling wholesale, like whatever she's doing and, and she's driving people to her website. The people who bought on her website were buying off the shelf necklaces and earrings. They did not want to wait. They were not coming to her for custom. So her bestsellers were still necklaces and earrings. But the type, the category of it actually was different. It was custom over here, non custom over there. A lot of you probably do custom one of a kind. Like there's that level of that and some of us wear it as a badge of honor. Like, I never make the same thing ever again. They're only going to get this one thing I've ever made and I don't make it again. But it actually puts you in a hard place because if, if you're like, I made this thing behind me and so it's like if I did that and I only ever had one and I, like, people were like, I love it. And I was like, but I'm never making it again, then I'm losing out on sales versus being like, oh, they all really like that thing, like, maybe I should make more of them. I might have started as one, but I'm going to make more. So I think for you, knowing the customer base that's showing up and adapting to what it is, if you sell crochet kits and yarn bag holders, they could be the same customer, but it's hard to Kind of be known for something there, Right. If you were doing both. But if you're like the place we go to do fun, fantastical, like crochet kits and it's really fun and awesome, but then you kind of switch it based on who or where you're showing up, then I think that you can do that. Does that resonate? Definitely. Okay, awesome. Good luck at that show and let us know how it goes.

[Unknown Speaker 1]

Thanks. So what happens when you have two different target markets?

[Jacqueline Snyder]

Tell me about it.

[Unknown Speaker 1]

So I'm in northern Ontario, Canada, so we're kind of at the end of the road here. But I traveled to 26 different First Nation communities that I fly into. So they don't buy the same things as the local people. So how do I go about picking my top best sellers?

[Jacqueline Snyder]

Okay, great question. It looks like you have a brick and mortar.

[Unknown Speaker 1]

Yes.

[Jacqueline Snyder]

Okay, so I think you. Okay. How long have you had this business?

[Unknown Speaker 1]

28 years.

[Jacqueline Snyder]

Okay. So there's a level of you could split your list and have different marketing. Right. You can have different emails that go out to the programs, hey, we're coming to town. Let's book our thing. That might even be more one on one. Like when you sell wholesale, for example, wholesale is. Is partnership. And that sounds to me like it's a little bit more partnered with the programs and coming up with ideas for them versus like just blanket marketing. Does that sound right? Are you there still? We met a loster. So what I think I'm gonna say is that if that's the case, right. And there's some people that need more. We talked about this yesterday with the jewelry brand. Like, there's some things that it's not mass marketing, and those are relationships you'll hold and your marketing approach will be different. It might be more one on one. It might be outreach. You might have an email list. It's like, hey, the season's coming up and this is when we come visit you. This is our offer. This is what we have for you. Front facing for her with the other part of her business, which sounds like locals, and I'm not sure if she does online or not, would be your general normal visibility outreach. They are two separate customers because they're serving two different things, like two different reasons. It's like if you. I don't know if you made napkins and you were selling to hotels and had napkins and like what they needed versus napkins that individual families were buying and putting on their tables, you just kind of approached it a little bit different. All right. Not sure, if she's back.

[Unknown Speaker 1]

But yeah, I'm here.

[Jacqueline Snyder]

Hi. Okay. I just coached you on it because I wasn't sure if you were there or not. But real quick and you can go back and watch the recording. I think that there are two audiences because there are two different results at the end. So one is going to be more individual outreach and communication and like higher touch which will be probably the like working with the indigenous people in the programs there. And then your typical marketing and website should be front facing, direct to consumer who would come into the store and buy from you. Hey, friends. Okay, so I don't know if you're anything like me, but sometimes it feels like my self care routine is slipping through the cracks because when I'm juggling wearing all the hats in my business and doing all the things, I mean the last thing I have to do is like really fulfill that self care routine that my daughter's talking about. She's like, mom, so listen. So when it comes to running a successful business, you can't really pour from an empty cup. And a lot of times that self care is like one of the first things to get yourself recalibrated. So that's why I want you to meet Glossy. Now Glossy is my favorite daily beauty supplement designed to transform your skin and gut health from the inside out. And I'm actually an investor in this business because I so believe in this idea of science backed ingredients for digestion and skin hydration. And Glossy makes it really easy to look and feel your best without that whole 10 step routine in the mirror. The thing I don't actually have time for, all I have to do is simply mix the stick into my water and I'm good to go. So if you want to try this because I so believe in this business, I think it's amazing. It's done so many wonders for my skin and my gut which are two things that I need help with. And you want to simplify your wellness and, and your beauty. All you have to do is click in the show notes and you can use the code Jaclyn Snyder. So it's my full name. Use the code Jaclyn Snyder and I'm hooking you up with 15% off your order. So cheers to glowing skin and a thriving business.

[Unknown Speaker 2]

Hi there. I just launched a pajama brand locally in Charleston in November last year. Sales to date are about 87,000. My question is really. So I'm happy with like pushing the prices. I value my product but my question is I've got so many Varials. So I have. What print is it, what color is it, what size is it, what fabric is it? So I'm finding it really difficult to work out, like my absolute best sellers. Like, is it because it was in winter? Is it because it was a horse riding print when the races were on? Like, how do I analyze that better?

[Jacqueline Snyder]

So you're doing PJs. What's the style that you know you can sell all day, every day?

[Unknown Speaker 2]

Short sleeve, short combination. Because we're in the south and obviously it's hotter for longer.

[Jacqueline Snyder]

Look how fast you answered that. Okay, so that's bestseller style one. And then in the fall, what is it? Is it. Is it the same one but just pants, long sleeves, long pants?

[Unknown Speaker 2]

Again, it depends. So if it's sold locally, it's still the short sleeves and the shorts.

[Jacqueline Snyder]

Okay.

[Unknown Speaker 2]

But the local prints outsell the other prints. It's just. And I'm. What I'm really struggling with at the moment is like the size ratio. So going into it blonde, I went with like a 1, 2, 2 2:1 ratio. Then from the sales, I went 2, 3, 2, 2, 1. And it just depends. Like sometimes the designs are really big with sororities and therefore it's a smaller sizes generally. And then the other prints are really big with everyone. So I just feel like overwhelmed by the variables.

[Jacqueline Snyder]

So what she's talking about with a 1 2, 221 is the cuts of it. So like 1 extra small, 2 smalls, 2 mediums, 2 large is 1 extra large. Meaning when you're selling wholesale. That's. And I teach this inside the program about like the units sold. So that's. What if people are like, what is she talking about with these numbers? I got your code. Couple things you're dealing with, you're selling in the South. A couple of things that happen when we sell out. And please, please, please don't take offense to this. I used to work for Cosabella. It's an Italian lingerie company. They were like the original $18 thong. I was their designer. We knew that we sold more to the coast, so LA and New York, Miami. And they were. They're an Italian company, but we were based out of Miami. It was during the low rise, like Britney Spears jeans. And at that time it wasn't sizing inclusive. Okay. Sometimes when we get to middle America and the south, the sizes do tend to go higher versus, like, if you were in la, you might be selling more extra smalls and smalls just because of the way that the culture is here versus when you're selling where you are. It could be the case. It might not be because you're also telling me your line of sororities, which Love Shack Fancy, for example, has leaned heavily into sororities right now. And they sell $800 dresses and $300 skirts, right? So there's a customer for everyone. And Love Shack Fancy is. She's tiny. Like everyone's tiny in that brand. So I think what you're asking is, you know, the style that works. Okay. 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 that you could then sell if you were selling wholesale to more places. Because it's not just the south, but right now where you are, and you're doing amazing, you're so close to a hundred thousand dollar business. That's what it is. The next thing you're going to figure out the same way that Love Shack Fancy is Love Shack Fancy. You can always go for frilly girly roses. It's very like European bows, like that vibe versus there's pajama brands that have this vibe. And there's like everywhere in between. There's the Von Halls, there's unisex type PJs, there's ones that have lots of animals. So then your prints have to be what you're going to do. And in Costa Bella, we did this. We knew that our more playful, youthful prints worked in la, in the West Coast. We knew that our solids and our darker ones worked well in New York. And we knew that our bright colors, like our mango and papaya, like these really bright colors worked in Miami. We didn't have everything available everywhere and we were selling a Neiman Marcus. And so the Neiman Marcus Vier really like determined what we were selling. Like, we were like, 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. We just wouldn't even bring it to market. So what I think for you, what it is is it's understanding who the person is that's buying from you. And just what are they expecting from the prints that when they think of you, they think it's the same way that, like, when we think of anthropology, we think of anthropology looking a certain way versus if we think about Love Shack Fancy looking a certain way. So you know your bestselling style, which is awesome. And do you do any solids?

[Unknown Speaker 2]

I do, but it's funny, they don't work in all markets. So I picked up a customer from the Magic in Vegas and it's a tiny store in Mississippi, but it's in the college town of Ole Miss and the, the solids fly out there. So I was going to do away with the solids until they bought all of them. And then I was like, oh my gosh, now I'm back to the drawing board.

[Jacqueline Snyder]

But it's one store, so we also have to look at our data. Right now I've also worked with Game Day clothing because you can't, you know, like she can't say this is an old Miss Pajama, like whatever, but if you like the two colors. Ole Miss exactly. So here's if I'm going to just. And this is like, this is really right up my alley. So it's hard for me not to coach you on this. And I'm going to try not to give you too much on this just because I want to be open. But if you're selling a sororities in college kids and it's in the south and you know the vibe that they like in the prints, you will have a variation between how many prints you are able to do within your minimums. Because I don't, you know, you can't make a gazillion of everything. So you might be like, every collection I come out with, I do five prints, three solids or what I've worked with Game Day clothing, so this is for everybody out there is that you would have to do a licensing deal with a college, but you don't have to do it if you're just doing the two colors. So if you really are doing stuff with sororities, you could really lean into colors and try color combos. That would make sense. And that could also like super take off. But if the data right now, you're putting it in front of a lot of people and your prints sell all the time and your solids really only sold to this one store and you've given it a good heave ho. It's also okay to just be like, it's kind of like that boyfriend that's mean to you, but you keep going back. It's like most people don't want this, but like this one person said, so maybe I should keep it. We gotta look at the whole scope of the data. Okay. Okay.

[Unknown Speaker 2]

Thank you very much.

[Jacqueline Snyder]

Thank you. Thanks for listening in to this Quick Q and A with Ask Jack. So this coaching moment is just another moment that you get to drop into what it's like, inside of my programs and hear the questions being asked and going deeper. So if this has given you any clarity or momentum, which I hope it has, imagine what happens when you keep learning with us, when you get into the curriculum that we have in our programs. So don't forget to follow and subscribe to the show. And we've got so many more episodes coming your way to support you on the day to day. And I cannot wait to see you and shout out to my students and shout out to those of you that have been so willing to share and ask, ask the questions. Because like I always tell my students, your answer is in the room. All right, see you in the next one.