Make a list of all the products and services your business offers
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Written by Atila on November 21, 2008 – 11:47 pm
Make a list of all the products and services your business offers and use it to analyze how much of your full product line your customers currently buy.
Act upon your findings following these steps:
- Determine which products your customers are buying from your competitors rather than from your business. This finding will help you evaluate reasons behind this uncaptured business. Does your customer not know that you offer this product? Does your customer believe that your competitor offers better value for this product? Would this product gain appeal if it were packaged with a primary product that your customer is buying from your business?
- Discover which products your customers aren’t buying from you or anyone else. This information may help you decide whether to drop certain products from your line or whether these products merit reintroduction via a new marketing investment. You may choose to let a lagging product fade out on its own, but only if it isn’t costing you an unwarranted investment in space or staff attention.
- Learn the combinations of products your customers tend to buy. If your best customers consistently purchase a certain combination of products from you, use this information to create added-value product packages that bundle the offerings along with a bonus product or a beneficial price. By doing so, you will be giving your best customers additional value, and you’ll also be using the purchasing patterns of your loyalists to attract the interest of others like them.
- Develop ways to lock in sales of products your customers buy on a regular basis. Try to make buyers customers for life by seeking to automate the purchases they make from you on a frequent basis.
