Next Steps

Ok let’s write down some possible next steps for clarity!

How to 10X business income?

  1. More products
    1. More colours
      1. Have tried this before. Very time-consuming to manage so many SKUs’ inventory level and production timeline. Unless we have lots of demand for each colour, this is adding a lot of overhead and pissing off factories.
      2. Alternative approach: Limited edition colours, exist just to bring fresh eyes to our site. If sells well, keep. If not, done after limited edition, and let customers know it’s sold out and never coming back.
      3. Update not-so-hot colours to say “limited edition” and add in description that they will not be replenished. “Last chance to get it” like IKEA says.
      4. Regularly explore seasonal colours, based on clothing trends.
        1. Get the calendar for when to check out H&M etc.
    2. More styles
      1. Copy competitor’s popular styles. See Section 3.
      2. Add birthstone
        1. Explore the possibility of this one with Fred or Martin?
        2. Find the manufacturer of Rinfit who has a metal attachment for their rings
      3. Open moulds for engraving designs that are popular
      4. Regularly explore competitor’s popular styles
      5. Dual coloured from Fred would be great for engraving. Which underneath colours though? Does one colour have to be black?
    3. More engraving designs
      1. Such a great way to try out different ideas! I think I can 4x our sales on Etsy by offering more engraved designs. Once the designs are confirmed to sell well, we can open mould and sell them on Amazon
      2. Ideas:
        1. Celtic knots
        2. Horoscopes
        3. Animals
        4. Hobbies – cycling, skating, swimming, hiking, golfing, sailing, kayaking
        5. Symbols – diamonds, LOTR, rainbow, other special old world symbols
        6. Quotes and self-signalling – love is love, rise up
        7. Trending stuff – diamond hands, emojis, Gamestonk, Doge
    4. Packs
      1. Like our competitors, pack of 5 or 7
      2. This works better for the low end brand
    5. Branch out to new products – bracelets, dog silicone accessories, sex toys, menstrual cups
      1. Lots of product devel and marketing effort, which adds overhead, and can distract from main product.
      2. Can test on a small scale before deciding if want to put more effort
  2. Add 1 or 2 more brands
    1. Get to sell more on Etsy, perhaps (unless just competing with KT). Lower price drives KT’s prices down perhaps…unless it’s just lower in quality. It’ll attract that lower bracket. Same price will mean….same quality, and normalizing what we charge.
    2. Cheap brand – On Etsy, no returns, only exchanges; capture cheap market, sell packs
    3. Same/higher price brand – can focus on dual colour and their engraving? Can also “silky smooth” all surfaces, and air flow inner wall.
  3. More marketing / more traffic
    1. More Amazon listings
      1. We have so few listings right now. About 5. We should try adding 5 to 10 more. This is probably the fastest way to grow.
        1. New style of striped with air flow
        2. Arc CF with air flow
        3. Edge CF with air flow
        4. Rise CF with air flow
        5. Dual inner colours 
        6. Cheap thin bands in packs
        7. If expensive, silky finish
        8. If cheap, put in packs
    2. FB ads
    3. Collaboration with other brands
    4. Paid SEO (hire someone on Fiverr)
    5. Free SEO (blogging, VA posting backlinks)
    6. PR – get articles, etc
  4. Higher conversion
    1. More reviews
    2. Better reviews
    3. Better products
    4. Better prices
    5. Better Amazon listings – enhanced brand content, better listing images and title and bullet points
    6. Amazon store front
  5. More effective marketing on each platform
    1. Is Sellerlabs doing well? How to support them to perform better?
    2. Have CA managed by Sellerlabs?
  6. Higher average order value
    1. Free shipping with orders > $35
    2. Discount when you buy more
    3. 48 hour steep sale (so people want to get as many as possible)
  7. Higher returning customer rate
    1. Accumulate points
    2. Send more emails
    3. Retargeting ads
  8. More sales channels
    1. Subscription box
    2. Wholesale accounts
    3. Sell directly to firefighters etc
    4. Sell to gyms, stores, etc
    5. Walmart.com and other online channels
  9. Better management
    1. Keep stock level steady
    2. Easy & fast new product design and launch
    3. Scalable marketing
    4. Cheap marketing (not sure where to find this yet but getting new customers cheap is key)

Action in Priority Sequence:

  1. Get some designs going with Fred
  2. Replen with Martin and set it on autopilot
  3. Start FB advertising
  4. Create more engraving designs