After the long Tet holiday, it's a good time for shops to prepare for the new sales season. One of the most important tasks is product development.
With the experience of consulting and supporting thousands of shops on e-commerce platforms, Lameco would like to share 7 simple steps for successful product development after Tet.
Step 1: Research market trends and needs
This is the most important step. You need to spend time carefully researching market trends and needs to find the right products.
Some research methods include:
- Monitor leading shops on Shopee, Lazada to see what products they are selling.
- Use search and keyword analysis tools on Shopee, Lazada to find highly searched products.
- Survey customer opinions on their shopping needs.
- Follow new trends on social networks like TikTok, Instagram.
Step 2: Choose the right product
Based on the research results, you should choose 1-2 products with high growth potential to develop. Some selection criteria include:
- Product meets the market demand.
- Suitable for the strengths of the shop (source of goods, techniques, manpower...).
- Easy to differentiate from other shops.
- Investment cost is moderate.
Step 3: Design and prepare the product
After choosing the product, you need:
- Attractively design packages and labels, easy to identify.
- Prepare suitable sources of goods, materials, formulas.
- Plan production with a moderate initial quantity.
- Test the quality of the prototype.
Step 4: Build pricing strategy
Price greatly affects the success of new products. You should:
- Set a competitive price while ensuring profits.
- Consider discounts, promotions to stimulate demand.
- Compare with the prices of similar products.
- Calculate costs to set a reasonable price.
Step 5: Plan effective Marketing
Marketing plays an important role in introducing new products to customers. You need:
- Design attractive posters, product images.
- Write detailed product descriptions, usage instructions.
- Create demo product advertising videos.
- Run ads on Facebook, Google to reach many people.
Step 6: Launch and test sale
- Introduce the new product to loyal customers, get feedback.
- Officially launch with a small quantity to test the market.
- Monitor feedback and evaluate effectiveness to adjust plans.
Step 7: Expand production and distribution
If the new product is successful, you should:
- Expand production with a larger quantity.
- Distribute widely through online and offline channels.
- Boost Marketing campaigns, promotions.
- Research to develop more similar products.
Thus, with the 7 simple steps above, we hope you can successfully develop new products after Tet and increase your sales. Wishing all shops good sales in the new year!
Lameco is a leading company in consulting and supporting sales on e-commerce platforms like Shopee, Lazada and Tiktok Shop. Contact us now for effective new product development strategies!