Question

As the owner of AJs Venture, producers of Jackets. Explain the various levels of your product and describe how u would like to promote the product.

Answer 1

Levels of the product JACKET :

INTRODUCTION:

Introduction is the first step. During the creation of jacket step, tons of expenses would pile up since no sales would be made since the product isn’t even available to the public yet. During introduction, sales would be very slow and would slowly build. The break-even point for the jacket occurs almost at the end of the second year and only then would we start to make a profit.

GROWTH :

Growth is the second and most exciting step. This is when people start to hear about the jacket and all of the benefits that it offers. They will learn about the solar power aspect, how the jacket incorporates all types of wearable technologies, and how it is customizable. Since not everyone had Google Glass (I personally don’t have the money for that) then not everyone will want a charging adaptor for it. So during the growth stage, sales are going to be super high and profits will gradually grow.

MATURITY :

The maturity stage is when the product’s sales start to slow down. This could happen by competitors adapting to our design and improving on it or even by people’s needs changing and the jacket becoming obsolete. This is inevitable in every company and happens eventually, whether it is sooner or later.

DECLINE :

Finally, the last stage is decline. This would happen if company, unfortunately, did not adapt to the changing wants and needs of consumers (i.e. you). This is when sales and profits decline and the company stops making money. This would be a very sad day for the company and for producers, who were the original creators.

Promoting the product JACKET:

1.Social Media

With 3.5 billion people using social media as of 2019 it’s no surprise that it’s also one of the most popular channels for driving sales. Most platforms are visually based.

Some promotional techniques :

• Build up hype: Share teaser images of the design, and if you’re ordered a sample definitely share photos and videos wearing it. You can also hint at a your new merch by simply posting “something big is dropping soon” or sharing the launch date. This keeps an air of mystery while building excitement about your new products.
• Drop at prime time: The best time to announce products is when your audience is engaged. Consider announcing new products on social when most users are logged on, at peak time on sites, during live-stream if you’re on a social networking sites.
• Make it limited edition: You can make products available for a limited time by setting an end date within the listing’s settings. Remind your audience as the end date nears with regular posts. Keep in mind you can update your listing’s visibility settings if you need to create your merch in advance.
• Offer a discount: You can make promo codes available for a limited time too. By adding a time limit on your promotion you can create a sense of urgency and drive more sales within a shorter period of time.

2.Teespring Integration :

Teespring offers an extensive list of exclusive integrations designed to help you sell more. Make sure you’re taking advantage of as many integrations as possible to increase your sales.

• Boosted Network: Teespring’s Boosted Network is a collection of marketplaces and automated promotional tools designed to increase your sales. We’ll automatically add your listings to marketplaces like Amazon and eBay, feature your content in buyer marketing campaigns, plus we’ll help you drive more sales through retargeting ads, search engine marketing (SEM), and more.
• Social media merch shelf: Use the Teespring x merch shelf integration to sell your merch directly below your videos on social media. Enjoy more customization capabilities by choosing the products to display under specific videos. Take advantage of social medias new ‘pin’ feature while live streaming to drive even more sales.
• Twitch merch store: Teespring x Twitch merch store integration enables you to sell merch and engage with fans using features like built-in OBS and chat alerts. The extension’s fully integrated shopping experience lets viewers purchase your products without ever having to leave your stream. You can also create and sell subscriber-only merch to reward loyal fans and increase subscription rates.
• Streamlabs: The Teespring x Streamlabs integration allows your followers to create custom alerts whenever they purchase your products on stream. Alerts feature the product they purchased as well as a custom message from the buyer.

3.Email Marketing :

Share new designs and products: it’s a great idea to share new designs and products with past customers. If you sell to different audiences or niches keep in mind you should only contact people about products related to the design they originally purchased from you.

• Thank customers: who doesn’t love a little gratitude? Contacting past buyers and thanking them for their purchase can be a nice gesture, and may lead to future sales.
• Share promotion codes: we know promo codes can boost sales by up to 60%, so why not thank past buyers by offering a discount on new products.
• Ask for photos: sharing customers selfies confirms the quality and can significantly help increase your sales. Learn about the power of social proof and use it to create engaging content in the future.
• Source new design ideas: follow up with a message to ask customers asking what they’d like to see next. Sourcing ideas from your existing audience is the perfect way to create successful designs.