Overview: In business a product is defined as a good, idea, method, information, object or service that is created and serves a customer need. It is a mix of tangible (physical) and intangible attributes (benefits, features, functions, uses) that a seller offers to a buyer (consumer or another business ) for face to face or online purchase.
Product Market: Analyse your product sales mix on a regular basis to identify products that are not selling well. Consumer trends and taste change over time.
Identify Markets: Analyse other suppliers with similar products or in similar markets. This will give you an idea the market your product can fit into.
Uniqueness: Identify features or benefits that differentiates your product. This is the core of your product marketing.
Product Priorities: Prioritise products that have a Unique Selling Point. These are easier to sell, set you apart and can have a higher price.
Expertise: Knowing a product well and training staff to sell its benefits adds value to the product and the helps customers.
Unique Products: Businesses with a unique, self produced product for sale have far more pricing flexibility online and offline.
Product Pricing: Effective product pricing is essential. The core price depends on the cost of doing business and the number and quality of each product sold.
Dynamic Pricing: Products need to be sold as quickly as possible to reduce holding costs and avoid the chances of obsolescence.
Product Lifecycle: Your prices may change over time depending on the lifespan of your products and to clear old stock for newer higher profit products.
Product Bundles: Some businesses bundle products together to increase sales. This reduces the item margin of each but helps move stock / lower holding costs.
Product Value: Price can be higher than competitors when the support / service provided is trusted and valued by customers.
Product online: If your product is unique sell it online at a higher price than in your shop. This increases local sales and gets higher profits online.
Promote It: Advertise that the unique product is X% cheaper in your shop than it is online. This can attracts local and visiting customers.
Old Products: Very old stock can be very attractive to niche market groups. This is especially true of vintage or out of trend products.
Niche Products: Ask customers if there are products that they cannot find or would like you to stock. Keep the stock limited so it seems special.
Expected Products: If there are products that are standard for your type of business, always have them in stock. Customers expect nothing else.
Product Ordering: When launching a new product line allow valued customers to order them in advance. This indicates demand and drives sales.
Product drawdown: If you are eliminating a product line let customers know so they can order the remaining stock before you close the product line.
Co Production: some products can be tailored to customer needs or be made to specification. This is a powerful way to gain customer loyalty.
Information: Provide customers with as much information as you can on the products they buy. This adds value and customers appreciate it.
Product Disposal: Helping customers dispose of products bought from you is increasingly used as a new service offer. Electrical and clothing disposal is common.
Product Returns: Businesses with a flexible returns policy and an easy returns process have a big competitive advantage.
Warranties: Make sure that customers are aware of the warranties and any guarantees that are attached to the products they buy.
Judge it Yourself: Examine your products. Ask yourself if you would find the product quality, selection and support is worth the price.
