2024 Prep Crash Course – “Products” Module #1: Analyzing Your Successful Products
If you want to grow, the first question you should ask yourself is, “What am I doing right?”
Hard work is sometimes the answer. It’s not always luck. It is sometimes the cost.
Whatever the reason for one of your product’s success, it’s in the data.
That’s why the first step in this journey is to analyze the data from your successful 2023 products so you can replicate and build on that success in 2024. And data can sometimes come from unexpected places.
It’s the first of four steps centered on “Products,” and it’s probably the most fun.
As you have experienced, Merch-By-Amazon (MBA), with its powerful print-on-demand capabilities, has revolutionized the world of apparel and merchandise sales.
This lowering of the bar certainly helped us all. However, it also increases the amount of effort you will need to employ in order to stand out from the competition.
TAKE A DEEP DIVE INTO SALES DATA
The first thought any successful maker has when taking a cursory look at products that did well is usually, “let’s make more.”
Well, sure. You probably have the talent and gut instinct to replicate your success. However, there may be other factors in play, and the only way to get a 360-degree picture is through data analysis.
Gathering Sales Data
Analyzing the success of your Merch-By-Amazon products begins with accessing and understanding your sales data. Amazon provides comprehensive tools and resources to help you access this information, which is crucial for making informed decisions. Accurate, up-to-date data is the bedrock of your analysis.
Organizing and Analyzing Sales Data
Sales data can be vast and complex, especially for those with numerous product listings. It’s essential to create a systematic approach to categorize and group your products for analysis. Amazon’s Seller Central offers reporting features that can facilitate data organization and visualization, enabling you to gain actionable insights.
You may be overwhelmed by the data. This is where MerchInformer’s robust Merch Analytics tool come in handy.
With a single upload of all your reports, Merch Analytics will parse the data and provide you with the insights you need to determine which of your products sold best in 2023.
For more details, read our step-by-step blog entry here.
IDENTIFYING EXCEPTIONALLY WELL-PERFORMING PRODUCTS
Setting Performance Metrics
To understand why certain products are thriving, it’s vital to define key performance indicators (KPIs) for your t-shirts and apparel designs. Common KPIs include sales volume, royalties earned, customer reviews, and the frequency of returns or refunds. These metrics form the foundation for evaluating your product’s success.
Analyzing Sales Trends
The past year’s sales trends can reveal invaluable information. Pay attention to seasonal patterns, holidays, and cultural events that may have impacted sales. Recognizing what sold well and when it sold well can shed light on your most successful products.
UNDERSTANDING THE FACTORS BEHIND SUCCESS
Unique Selling Points (USPs)
In the fiercely competitive world of t-shirt and apparel design, having a unique selling point (USP) is a game-changer. It’s your USP that distinguishes your designs from the rest. For example, a t-shirt design featuring a unique, eye-catching illustration, a clever and humorous phrase, or a style that perfectly captures a pop culture reference can make your product stand out.
Easier said than done, but as we pointed out earlier, there are already lots of MBA sellers out there with 2024 merchandise, so you’ll have to make sure your product can differentiate itself.
Effective Marketing Strategies
Effective marketing is a cornerstone of product success. In the context of Merch-By-Amazon, this includes building a strong brand presence, using social media, email marketing, and other channels to promote your designs. Pop culture references and timely designs often leverage current trends and events, making them more likely to resonate with potential customers. For instance, tapping into the excitement surrounding a popular TV show or a trending meme can boost your sales.
Customer Demand and Niche Targeting
Understanding customer demand is key to thriving in the world of apparel. Merch-By-Amazon producers can tap into customer feedback and reviews to gain insights into what resonates with their audience. It’s not just about creating designs; it’s about meeting specific needs and preferences. Designers who successfully target niche markets by catering to particular interests, fan communities, or subcultures often find a loyal customer base.
Leveraging Data-Driven Insights
Once you’ve conducted a thorough analysis of your sales data and the factors contributing to your product’s success, it’s time to apply these insights to your strategy. You can make informed decisions about your product listings, pricing, and promotional efforts. Adjusting your offerings based on what’s proven to work is a smart approach.
Refining Marketing Strategies
Refining marketing strategies is a continuous process. When a pop culture reference or timely design works exceptionally well, you can replicate that success by identifying similar opportunities. Experiment with different advertising platforms, messaging, and promotional methods. A/B testing can help you fine-tune your approach.
Expanding the Product Line
Successful designs often open doors to related products and variations. For example, if a pop culture-themed t-shirt becomes a hit, consider expanding into related merchandise like mugs, posters, or phone cases. Diversifying your product line can cater to a broader range of customer preferences and boost your sales.
The journey of success in Merch-By-Amazon is not a mystery; it’s an outcome of meticulous analysis and strategic decision-making. By diving deep into your sales data, identifying the unique selling points of your designs, and applying effective marketing strategies, you can replicate and even surpass your past achievements. T-shirts, apparel designs, and merchandise featuring pop culture references and timely themes have their unique allure in the market.
Armed with insights from data analysis, you can refine your strategies, expand your product line, and continue to thrive in the dynamic world of print-on-demand.
Next entry: Brace yourself, we’ll be looking at the products that were NOT successful.