M2-5: Slice & Dice Your Products for More Profits
Slice & Dice Your Products for More Profits
What are Some Strategies to Make More Sales? Let’s talk about some ways you can stretch your offerings and inventory to make more sales.
Pre-Sell: Have an idea? You could create a mockup of your product and pre-sell it! If enough are pre-sold (amount of $ that will make it worth creating) - go ahead and create it. No amount of market research can compare with actual sales. Keep in mind you will need to be very transparent with your customers so they know exactly what they are getting and when they will receive it.
Small Selection of Products: If you have a small selection of products, consider splitting out your product variants (sizes, colors, etc.) of each of your products instead of creating variants. It will look like you have a bigger store with more offerings.
Repeat Customers: Create multi-packs and / or a subscription model.
Other Uses for Your Products: If your product can be used for other uses, create different versions without having to carry more inventory, additional brands. [Share story about arm sleeves for different parts of arm and legs (changed labeling) and then creating different brands for different tribes using the same sleeve - brand the packaging]
Customer Ideas: Listen to your customers for new product ideas or variations. Aside from your customer service team connecting with your customers, the founder / CEO should also create a one-on-one relationship. Consider sending out an annual or semi-annual email thanking them for being a great customer and ask for feedback. Of course you should offer some type of incentive (discount, etc.). Creating a great customer relationship will not only increase your bottom line but also grow your business.