Boosting Sales By Increasing Your Product Line
While Wal-Mart is a huge retailer they do follow solid business building principles any sized business can follow. Even service based businesses. Recently they announced they would be expanding their product line by 8,500 products to boost sales. This is an important concept to understand because this one thing could cause an increase of several thousands or even hundreds of thousands of dollars a month depending on your business.
Here’s the short excerpt.
Retail giant Wal-Mart Stores Inc. (WMT: News ) Monday announced various initiatives, including bringing back thousands of ‘favorite’ products, and simplifying its ad match policy, with an aim to win back customers. The retailer’s planned one-stop shopping convenience would deliver ‘low prices every day, on everything’, the company noted.
While you may not expand your product line by 8,500 products it could make sense for you to increase your service offerings by one or two. You may even see it possible to introduce a handful of new products. Even if you don’t introduce new products you should be able to bundle complimentary products or services together to make a “new” offering from many.
Of course you’ll want to test small and ensure that it makes sense for your company. Obviously you wouldn’t go into product creation blind. It might make sense for you to survey your customers, find out what they wish you had available. You could also take a look at your competitor’s offerings and identify what you are both are missing from the product or service line-up.
Then you can fill the gap and look like the hero.
Enjoy and prosper,