As an experienced seller would you like to attract more customers and sell more to each customer who visits your store?
Would you like to increase the lifetime value of every customer you gain by building a group of loyal, repeat buyers?
If you answered yes to the above questions, then it is time to build a product line that will have buyers flocking to your store and coming back to buy, time and time again.
One of the most important factors in growing a thriving business is your ability to continually present your buyers with a fresh, diverse product line—one that will get them excited about returning to your store to see what’s new and inspire them to make additional purchases. When you master the art of building a robust product line, you’ll continually feed your online business with new inventory that’s exactly what your customers are looking for!
Elements of a Diverse Product Line
4 Steps to Building a Profitable Product Line
A diverse product line is one that offers a complete line of products and services designed to appeal specifically to your target market. When shopping online, customers want to find variety and selection in your store. In many cases they are looking for products they can’t find anywhere else. This means an average buyer would most likely prefer to make all their purchases from one place.
The ability to manage a diverse product line is one of the big advantages of being an online seller. Going vertical with your product line means you offer a depth of selection that includes showcasing a robust product line that will keep buyers on your site longer as online stores that showcase a robust product line will keep shoppers on the site longer and also see higher than average sales prices, as your buyers will snap up your related merchandise they wouldn’t find otherwise.
For example, if your market is the electronics niche, a diverse product line related specifically to your niche market might include Televisions, DVD stereos, Home Theater Systems, Cameras, Electronics Accessories, Head Phones and so on!
The key to creating the right product line for your business revolves around a very important principle: Understand your buyers first, then build your product line. Interestingly, most sellers approach this in reverse as they find the products first and then look for someone to buy it, often resulting in merchandise that doesn’t sell.
When you get into the mind of your customer and think of building your product line as connecting your buyers with the products that fill their needs, then you’re on the path to creating a product line that sells!
Here are basic steps to building a profitable product line:
Create a Profile Describing your Typical Customer: What age group do your buyers belong and how much money do they spend? Do they value selection and leading-edge products? What’s most important to them? If you sell HD Televisions to upward professionals, flat screens and a sleek Home Theater might also be tops on their list. What other products can you source that would turn your store into a destination for one-stop shopping?
Fulfill Your Buyers’ Needs: People shop for two reasons: to satisfy a want and to fulfill a need. Your customer may need some new Home Theater for the master bedroom, but they may also want the matching TV to maybe put in the same room or just have in the guest living room. Do you have a product line that can both satisfy their wants and fulfill their needs? If you don’t, they’ll go somewhere else in search of these products as buyers usually prefer to do their shopping in one spot.
Build your product line around the products that solve your customers’ problems and you’ll never have a shortage of buyers!
What are their problems? How can you solve them? If you go for the extras but forgo the basics, your product mix won’t have enough “staples” to bring people into your store.
Continually Learn About New Products Available In Your Niche. This is one area where most online sellers come up short. To build a diverse product line for your buyers, you must first make yourself aware of the products that are new in your niche market. Staying on top of new product innovations, updated designs and up-and-coming brands is a must if you are to build a diverse product line. It’s your job to keep on top of the trend because when you immerse yourself in your niche, you’ll possess a merchandise awareness that will allow you to build a top-flight product line.
You can use this approach to build a product line in any market. Most products have multiple related or associated products that are of interest to the same type of buyer. If you find your niche has few products available, you’ll need to either find a new niche or expand into related niches in order to build a thriving product line.
Sometimes all it takes is an adjustment in your product line to dramatically increase your sales. Some Konga sellers are already delving into vertical product lines and they have been able to quadruple their sales with the same customer base, simply by expanding their product line from bare bones into a robust product line.
Keep in mind that your product line should be a dynamic, changing entity. Some months you’ll carry more seasonal merchandise. Other months you’ll ramp up for a special promotion. Look at your sales reports and see what your top selling products are. Then source new versions and related products, and test-market brand new items. There’s an art and science to building a product line, so be willing to experiment and try new things!