If Your Product is Not a Necessity There is Still Hope
A hot topic of conversation as of late has been recession proof products, items that people need instead of want. Well, unfortunately there is a whole world of people selling products that are not necessities, particularly in the apparel and beauty industry.
Companies in these industries are reacting to the harsh economic times along with the rest of the world. Manufacturers of goods at the designer level are offering lower price points, broadening their product range and focusing on new markets. They are focusing on designs that are more commercial, simple shapes with great details. However, as the buyers and editors who attended New York Fashion Week said, don’t make them too simple! Their advice is to make each piece very special, every one must be a window piece. Consumers still want that special item to help them escape this economy. If that item is also comfortable, has longevity (updated classics) and provides a sense of fun, you’ve got a winner.
Now is a time to really give thought to your product and marketing. I still believe it’s a great time for small businesses. Entrepreneurs have a great passion for what they are doing and will find a way to make their mark.
September 30th, 2008 at 12:53 pm
I sell a product that is not what people need but what thay want. I sell fibers for spinning and crafting items ,such as crochet hooks. I feel I am getting a good start in this because it is a product that people will run out of and need to replace, so I get re-orders. And with all the hectic lives people live now ,I feel people are looking for ways to relax, so I teach spinning, crocheting, and knitting. Also with the gas prices my people ar looking to stay home for entertainment. So I think the key is to sell something that is going to run out on your customers for that re-order.
September 30th, 2008 at 2:02 pm
I agree Brenda! People are definitely looking for at home entertainment :). Where are you located?
September 30th, 2008 at 3:25 pm
This article provide excellent insight for us in the beauty industry. This is a time to get creative with marketing and still reach people.
September 30th, 2008 at 4:14 pm
I agree that there is always a market for unique, well made items. It seems that in hard times when people want to do something nice for themselves or their homes, they want something which gives them a sense of being special; that they earned whatever they purchased. Something for the home which gives that kind of satisfaction is golden in tough times or not.
September 30th, 2008 at 8:32 pm
What a great article. It feels good to know people are looking for a sense of fun! Its important to continue to enjoy life, even know it may be a rough time in the economy!
October 1st, 2008 at 9:19 am
Thanks for all your great comments everyone!
October 1st, 2008 at 9:22 am
After reading your blog, thought you would be interested in this…
CNBC will be airing “The Entrepreneurs” on Wednesday October 1st at 10p ET featuring the founders of Feed Granola Jason Osborn and Jason Wright. They will be discussing the methods which led to their estimated three million dollar a year business. Additional web extras can be found at http://theentrepreneurs.cnbc.com
Please let me know if you would like any additional information.
Thanks,
Kevin
201 735 4730
October 1st, 2008 at 1:16 pm
Thank you for the great advice. As the owner of Aromatic Alternatives Home Fragrance Designs, I am concerned about people cutting back on “luxury” items.
Lisa
October 3rd, 2008 at 10:54 am
Thanks for the heads up about the show Kevin. Unfortunately I missed it but I will check out the web extras.
Lisa & Kristin, I’m glad you enjoyed the article!