Creating a product mix is one of the most effective strategies for increasing a store's sales in the short term. However, many entrepreneurs still don't use it, or do so incorrectly.
Product mix is a sales strategy that aims to encourage your customers to purchase products different of those they already consume under normal conditions. In today's post, check out four excellent tips on how to use this strategy in your business and boost sales.
Always give your customers the option to purchase products that fit together. Planning these actions in advance will allow for effective implementation of the strategy, which can significantly increase the number of transactions completed.
Search your sales history for items that are most frequently purchased together. This is the first step toward analyzing purchasing trends and better understanding your customers' needs.
Let's look at a practical example? Imagine the following scenario: 5% of the customers who buy product X also buy product Y. By identifying this behavior, it is possible to determine that this combination works, and you'll be able to suggest to the customer that they purchase an item they might not even know they needed.
Got a new product idea that might appeal to your customers, but don't want to risk an uncertain future? Testing is a good strategy to ensure your idea will work. By taking this precaution, you can diversify your products and avoid losses from poorly planned acquisitions.
To get a reliable assessment, however, the test must have a suitable evaluation timeframe. There's no point in running a one-week test and drawing all your conclusions from there: ideally, this period should be at least three months, ensuring you have a broad and accurate view of the product's performance.
Only offer a different product after you've completed the sale of the first one. Overloading your customers with multiple options at once offers no benefit, and you also risk damaging your company's image by behaving inappropriately.
Besides confusing shoppers, presenting too many options can make your products feel like they're not that good, and the company is eager to get rid of them.
Therefore, make a small number of units available and reduce the immediate options for the buyer to make a decision. After all, you've already mapped out the strategy and know which "combined" products are most interesting to sell at that moment, so let the transactions unfold naturally.
It's safe to say that half of sales success is in the purchasing process. Therefore, you must understand your buyers' preferences and needs, offering products that are within a price range they can afford.
To do this, the entrepreneur needs to know who buys most from their store. You can use a chart to track customer browsing and purchasing behavior, for example.
A good idea is to keep a daily record of how many customers shop at your store and their characteristics. This will provide guidance for future purchases and prevent certain items from becoming unused. stops in stock. Don't forget that the key is knowing what products customers are willing to pay for.
By considering these four tips, you'll be able to create a product mix with a much higher return. Remember that planning is the foundation of success, and your strategy should always consider what's best for your customers. After all, this is a factor that builds trust and can result in positive consumer reviews of your business.
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