I'll write an update here for this - and I would love to have your or anyone's elses opinion and input.
I have 2 versions of this product designed - including label artwork done for each, as one is just a lesser expensive version of the other.
Some people say that they really like when I go in depth about formulas and behind the scenes things and everything that goes into making a product, so I'm going to give some insight into why this product hasn't been pushed to the front and has been difficult to make some decisions on.
One holdup was that an ingredient I wanted to use was in short supply for awhile and we use it in other products, so business wise I could not justify going out of stock on an existing good seller to use the limited supplies available of that ingredient in a new product. It could have put us out of stock of an existing good seller and also there was no use launching Libido Boost XT to then just sell thru it and be out of stock anyway. That issue though is now resolved as the supply chain has normalized on that ingredient and we bought a lot of it to make sure we have plenty on hand.
When designing a product, there are a lot of factors that come into play, but two of the biggest ones are the desired number of capsules and also the price point that a company wants the product to sell at.
I have a habit, which is bad for business, of designing the best possible products and looking at pricing and realizing that to make an average margin the end price of the product would be higher than I think people could afford or want to buy it at. This has led too a lot of times where we'll wind up with a great product at a great selling price, but its because we make better formulas (higher cost) and sell them for less than other companies.
There's the personal side of me that's glad to do that because I want people to be able to afford the products and love them. However, there's the business side of me that gets harsh reminders from our CPA that I do that entirely too much and that if I want to ever have money to really grow the business and advertise, that I have to stop going low margin on everything haha.
Here's how all this applies to Libido Boost XT.
The number of capsules for the product needs to be maximum of 4 because anytime a formula goes over 4 capsules, you lose a significant amount of the general market customer base. That limits the formula to a maximum of 3,000 mg. and that's if all of the ingredients are of average density and you can fit the maximum average volume per size 00 capsule of them.
That leaves us as the price point.
One of the best ways to determine a price point that a product needs to be at is by looking at what other products in the particular category sell for and also looking at what products in that category that have failed tried to sell for. I exclude products with crazy marketing budgets bc most of the time those are going to sell regardless.
That's where a problem comes in because the most common selling price for products in this category that sell well is 29.99 and then some at 39.99, but the sales numbers on those are substantially less, which is to be expected bc 29.99 is like a magical number to many supplement consumers.
There are some great natural testosterone boosters available that increase libido like Optimize-T and M-Test, but for the purposes of this product design, although it will increase natural testosterone levels, that's not the focus - the emphasis is on libido and erection quality.
I honestly cannot find a single libido specific product on the market that I am impressed with - and part of that goes back to the above price points that I walked anyone reading through, because to sell at 29.99 and figure margins, retailer margins, etc. - that doesn't leave much room to use really good ingredients because many of the really good ingredients in this category are expensive.
When I start designing a formula, I tend to go all out and start off by designing the absolute best possible formula and then scale back from there.
In this case, the formula I wound up with that I really wanted to do, which would be an incredible product would be a 49.99 to 59.99 product - and that's not a 49.99 to 59.99 product with a healthy margin, that's with a low margin. If it were done by a company that goes off ideal margin structure, it would be 89.99 to 99.99.
I'd be fine with going lower margin on this and having it sell at 49.99 to 59.99, but I'm not sure it would sell at that price range.
It would be a heck of a value for all of the ingredients in it, but the average general consumer would never know that - they don't know about the ingredients and would just see a product that was out of their comfort zone price wise.
That led me to doing a toned down version of the formula, but its still expensive - that's something I've been struggling with is that there is just no way to do a product that I'd be proud of and have it sell at 29.99 and even 39.99 would be removing quite a bit of what I want to be there.
Sorry for being long winded here, but some people say they like when I walk people through the process like this and that they like that I care enough about consumers to allow people to be a part of this process. I enjoy it and I like the feedback and interaction.
So anyway - that's where I am on this - deciding between the ultimate end all be all libido formula that would sell for 49.99 to 59.99 or doing a still great and better than anything else version that would sell for 39.99 or so.
I hope I explained that in a way that made sense and didn't bore anyone to death.
