Selecting And Changing Your Product Lines - What Should I Sell Now
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Selecting and Changing Your Product Lines: What Should I Sell Now?
Summary:
Product Sales TrackingWhile everyone is always on the hunt for new products to sell, understanding the performance of your current offerings is equally important. To make informed business decisions, ask yourself: What’s selling? Why is it selling? When does it sell best? How often are your customers buying?"just once, weekly, or monthly?
Ruth King, CEO of BusinessTVChannel.com, an internet TV station focused on small businesses, emphasizes the importance of tracking your product sales data.
Key Considerations:
Product Sales Tracking
To make strategic decisions, accurately track your current product sales. Start by asking essential questions: What products are moving? Why? When do they perform best? How frequently do purchases occur?
Ruth King offers practical advice for monitoring sales:
- Use an Excel Spreadsheet: Create a unique customer number for every new client.
- Track Purchases: Record details about what products are bought, when, and how often.
Within months, patterns should emerge, offering insights into what’s working and where adjustments may be needed.
When to Add a Product
Introducing a new product that complements your current lineup? First, test it with your existing customers. Ensure product additions align with your current offerings; for example, snow pants might not fit well on a footwear site. Consider price points?"if your typical range is around $10, a $200 item might not attract the same customers.
When to Remove a Product
Pay attention to your sales data?"sometimes previously popular items see a decline due to seasonality or increased market supply. New competition offering lower prices can be a challenge. Try adding more value with enhanced customer service or a better website experience. If a large competitor enters the scene and significantly undercuts prices, it might be time to pivot to another niche product that will appeal to your audience.
Dos and Don'ts
Every product follows a lifecycle from introduction to growth, maturity, and decline. Knowing when to transition is crucial.
- Don’t Chase Fads: Avoid getting swept up in ever-changing trends.
- Stay Informed: Keep up with market changes that impact you.
- Adapt to Trends: Stay aware of trends and make necessary adjustments, just as major retailers do.
By following these strategies, you can make informed decisions about what to sell and when, ensuring your business remains relevant and profitable.
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