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    knowledge Sharing — female business

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    50 Shades of Pink

    Yes, I recently finished reading the book, "50 Shades of Grey" and um, well I only read it because it was on our book club list and I want those hours of my life back.  ;)...but my  blog post has nothing to do with the book, it has to do with business reasons to limit your colour offerings of products.  

    50 Shades of Pink

    In the case of Baby Wisp, we are able to offer a large variety of shades of Pink, but not very many of blue or special colours like this season's hot tangerine trend.  Why?

    This post is inspired by the 5 or so emails I received in June for special request colours to be offered in our products.   I thought it might be a good opportunity to share a business lesson I learned the hard way.  This, of course, is in my humble opinion only based only on my personal business experience so take it or leave it (for those who are interested in this blog for the business advice I share).

    Running a girl's accessory company, I can tell you that Baby Wisp sells more pink than all other colours combined.  How is this possible?  First, consider that we offer at least 3 different pinks in each collection. We have close to 30 collections which means we stock more pink than any other colour.

    Pink Polka Dot Bows

    Take, for example, our polka dot mini latch clip 5 pack.  3 pink variations of polka dot ribbon at the top while our other polka dot pack is more mixed with only 2 pinks.  We sell more of the pink packs 3:1.  I could illustrate this across many of our offerings.

    From a customer perspective, you can easily see the logic for the purchasing of pink over other colours.  The majority of a girl's wardrobe in Canadian  society is pink (yes, gross generalization and no stats backing that claim up- opinion piece here people!) so it would make sense that when accessorizing, you would purchase accessories that would get the most use possible out of them.  Especially, for high end, high quality boutique accessories, it just makes sense to optimize your investment.  For gifting purchases, you are pretty much guaranteed that buying her a pink hair bow is going to match something in her wardrobe.

    Orange Mini Latch Clip Baby BowFrom a Business perspective, consider the cost of stocking say...ORANGE.  We sold approximately 10 last year online.  Selling ten bows in a year could not sustain our business.

    It's the only orange product we carry so it's not that it's in competition with other styles.  It's the colour itself that is limiting it's sales.  We did sell ten though, so there are customers who want it...but to take up expensive inventory space and divert cash away from investing in other stronger selling products that move at 100 or 500X faster rate; it does not make much sense.

    Being a specialty boutique does mean we offer unique products, styles, and colours so we do try and offer grey, yellow, navy, orange and green but the balance we strike is that those colours are very, very restricted and cannot be offered across all collections due to warehouse space and cash reasons.

    We take very seriously the feedback of our customers in our growth strategy so with enough emails, phonecalls, tweets and facebook messages from our retail and wholesale customers we continue to expand to new styles and colours each season.  Trend-setting based on customer driven styles.  Speaking of, what type of new products or styles would you like to see Baby Wisp carry?  Join the facebook conversation or comment here.

    Being completely YOU when you blog and telling it like it is

    Being completely YOU when you blog and telling it like it is

    I recently read a couple blogs of female business women that I really enjoyed reading.  I find myself analysing the fact that they laid out their personal situation for us all to read.  I mean LAID IT ALL OUT THERE.  I enjoyed reading them because I felt connected to them. There is some comfort in feeling connected.

    People connecting

    The first I’d like to mention is from mommy connections founder

    Did you go and read this?  Reading this you see the roller coaster of emotion she felt and the pain she went through, correction – is going through.  For women who have gone through this, imagine the powerful connection they feel and comfort in knowing they are not alone.  You can see from all the thank you’s and sharing in the comments how appreciative people are.  This blog post struck me, not because I’ve had any miscarriage, but because it is so deeply personal.  I also feel a little more educated about how someone going through a miscarriage feels.  I certainly won’t be saying “everything happens for a reason” to them.

    Now, for the second blog post,

    <content removed by Beena Masellis on Feb 19, 2012 – sorry guys, unfortunately there was a very hurtful situation that occurred today which has forced me to remove reference here> .

    I’m a complete and utter stranger, yet through twitter and blogs I feel like I know this woman.  And she’s ok with that?  Thus far, I haven’t been able to put myself out there like this.  What about weirdos?  Aren’t there weirdos who could stalk her?  Isn’t there someone who will write some lame/ mean comment?  Too risky.  I don’t know if I can do it.  What am I saying?  Of course I know.  I DON’T do it.  I enjoy my privacy but I also enjoy sharing what I’ve learned and getting feedback from people out there.  I struggle with this.  I don’t have a profound conclusion either.

    Here’s the quick bulleted list I came up with about being completely honest in your blog entries:

    Pros:

    -being “real”

    -therapeutic release

    -potential of connecting with awesome people

    Cons:

    -you’re exposed.  risky.  It’s one-sided sharing.  People will meet you and know you way more than you could know them.

    -judgements/ being misinterpreted

    – Mean comments ( I get emails from people sometimes that really, I can’t believe they write to another human being they haven’t met and want service from, in such a rude manner.  The anonymity of commenting online provides extra incentive to say stuff that wouldn’t happen to my face.  Do I want to open myself up for this?)

    -Weirdos.  Like on facebook – you know those ‘creepers’.  They read all your facebook statuses and posts but never comment or ‘like’ so you never know they are there.  egh. shudder*.  Weirdos., I re-iterate.

    I really admire the courage of real bloggers.  If you look at all my cons, it basically boils down to fear.  Why does any of those matter?  If you make one more worth while connection – wasn’t it worth it all?