With 2 billion shoppers worldwide, e-commerce is on the come up. 💰
But it’s not all sunshine and roses. Just 2% of visits convert into sales online. It’s a race to capture your target audience’s attention and win their business. Luckily, there’s a shortcut:
Multiple product launches.
Having more items in the market exponentially increases your store’s revenue streams and scalability. So if you’re wondering how to take advantage of new product launch opportunities, you’re in the right place.
There’s a knack to getting multiple products into the market simultaneously, while still making a profit. We’ll share a step-by-step winning formula for multiple product launches so you can maximize your time and money, and win big.
The scoop on multiple product launches
Wondering where the cash will come from for your next product launches? SellersFi can help.
Every retailer knows getting a new product off the ground is a major undertaking. But launching multiple products at the same time? Let’s just say, it’s definitely not for the faint of heart.
Yet, some of the best and brightest e-commerce brands arrived at their hockey stick growth moment by way of this exact strategy — launching multiple new products at just the right time.
So if it feels like that time is now, don’t shy away from the challenge. The payoff from multiple product launches can be huge.
Let’s dive deeper into some benefits you can look forward to when you run concurrent product launches:
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Once you’re ready to expand your product offering, it’s time to craft a solid plan to ensure each launch is a success.
From balancing multiple advertising campaigns to securing inventory and keeping your growing roster of suppliers on a consistent payment schedule — there’s a lot to juggle.
Let’s take a closer look at the steps to take to make your multi-launch strategy as bulletproof as possible.
Before you start pumping more products out into the world, it’s important to take a good, hard look at your store’s numbers.
Understand where your store is financially and where you want it to be in the next few years ahead. A clear financial breakdown will make you aware of any cashflow gaps so you can take action to streamline your budget.
Don’t forget to consider factors like:
Another thing to consider is your competition.
Check out your competitors’ product ranges and look for any gaps you can fill to help differentiate your offering and increase your orders. Opportunities will look different for every product, so keep an open mind on the marketing and product positioning methods you can adopt.
For example, some products may work well as a bundle, while others may sell better if you improve their quality.
When you’re eager to get started on your product launches, it can be tempting to whip out the credit card or head straight for the bank. But there’s a better way.
The cheapest cash is that which you can drum up internally. As an added bonus, you’ll also reduce your risk exposure and reliance on external capital sources.
So before you apply for funding, look for ways to generate cash organically then sit down and consider the best way to fuel your expansion plans via external funding, if needed.
Here are some ways to boost your cash flow to fund multiple product launches.
Expenses for products can vary greatly, so plan ahead.
Outline all the costs you expect to rack up including a small buffer for unexpected expenses. To ensure your breakdown is accurate, think about the different areas you’ll need cash for and get quotes from vendors and suppliers to find an average.
Some costs to include in your launch budget are:
All products have some seasonality, whether it’s huge ups and downs or barely noticeable blips. These seasons will affect your stock and capital requirements throughout the year so it’s important to stay clued up.
Use your inventory forecasts to understand how much stock you’ll need upfront and throughout the year.
Keep a close eye on your inventory availability and don’t forget to factor in things like promotions and marketing campaigns that could lead to a spike in orders. 📊
You made it this far which is a stellar achievement. Give yourself a pat on the back! 👏🏽
Now it’s time to get this show on the road.
To free yourself from the overwhelm of multiple tasks on multiple launches, tally up all the jobs you’d need to complete to launch all your products at once. Then, tackle them in groups or “batches” to ensure all bases are covered.
You can also assign deadlines and approach each batch as a sprint or key milestone in your launch plan.
If you find yourself in the hole with tasks, don’t try to do it all alone. Get help from additional staff, a product launch specialist or a virtual assistant to help ease your workload.
Some essential tasks to either complete or delegate are:
Launch products that complement each other together so you can repurpose content and research. You’ll also boost cross-selling opportunities and conversions for your store. 💯
If you’re sure you have a clear understanding of your store’s financial obligations and launch plans and you’re still in need of additional capital to help make it happen — it’s time to call in backup from a flexible e-commerce funding provider.
For product launches, a working capital line of credit can be a big help.
But not all providers really understand what e-commerce is all about and why it can be important to launch multiple products at the same time.
To make sure your funding provider is fair and flexible, look for the following factors:
✅ Quick application and approvals processes.
✅ Fair interest rates and fees.
✅ Funding that can be used for any business purpose.
✅ Understands e-commerce.
✅ Provides ongoing support.
Like or loathe it, there’s one strategy that is proven to help generate consistent results not only in business but in life too:
Goal-setting.
Armed with clear targets and action steps, you can make progress faster and use multiple product launches to catapult your brand into e-commerce stardom. So, before you create your next product launch, put pen to paper. Map out what you want to achieve, by when and the actions you’ll take to make these goals a reality.
For example, let’s imagine it’s June and you want to raise awareness of your new cookware collection made from recycled materials launching on 3rd September.
In your goal-setting notes you could have something like this:
Goal: To raise awareness of our latest eco-friendly range
Target: Reach and engagement levels to hit 50,000 each
Key tasks:
Launching products in groups is a fantastic way to keep customers engaged, pull in sales, and expand your territory.
But make no mistake, multiple product launches can take a lot of work and cash to pull off. You’ll need a firm grip on what you want to achieve and how you plan to stay one step ahead of the competition while remaining in stock.
Make research your ally so that you can narrow in on the right approach, products, and channels. Don’t be afraid to go against the grain to get shoppers’ attention and put processes in place to ensure every important task is accounted for.
Before you know it, you’ll have everything you need to use these next launches to fuel even greater growth for your brand.
Thinking about launching multiple products? Find out how the right e-commerce funding can help.
