Knowledge Centre Is it for you?

Developing merchandise that sells and creates income requires analysis and planning. Before you begin, you should (at least) have a good understanding of the customer for your merchandise, the offering of your competitors/collaborators, the gap your merchandise can fill/demand it addresses, and how you will reach potential buyers. Research is essential.

To identify the type of consumers you want your merchandise to appeal to and work out the best way to attract them, ask yourself the following questions:

  • What age group and sex are your audience/customers?
  • What is their disposable income?
  • What type of lifestyle do they lead?
  • What types of products interest them?
  • Have your customers expressed a wider interest in your organisation’s design aesthetic?
  • Have you asked them if they would be interested in buying merchandise from your organisation?

It is worthwhile developing a separate business plan for merchandise especially if you are going to invest a (relatively) large amount on creating merchandise for your organisation. When preparing a short business plan for a product/suite of products you should start with the following:

  • Provide a detailed brief of the product(s) that are to be developed?
  • Who benefits from the product(s) and how?
  • What is the size of the marketplace for your products (domestic and/or international)?
  • How will your product(s) be delivered to the market and who is responsible?
  • Are there other organisations providing similar types of products (domestic and/or international) and what is unique about your offering? How do their products sell?
  • What finance is needed for the undertaking? Prepare a budget for the undertaking and stick to it
  • What skills (creative/production etc) are needed to develop the merchandise and who has the experience to deliver ?
  • What is the likely profitability of the product and what level of sales is necessary for ongoing viability?
  • Are there any legal considerations (patents/copyright etc) you might need to address?
  • Have you identified key events that will need to happen, and when, in order for the undertaking to be a success? If not, map them out and ensure you stick to the plan.

Bear in mind that ultimately the final barometer of your merchandise’s worthiness is its ability to sell and generate revenue for your organisation.

Design by New Graphic.