The most successful businesses are those that seem able to find the perfect balance in terms of how large a range of products they should stock. Obviously you only want to bring in items that will sell, so if you are preparing to expand, make sure you will increase your sales. Whether you import from China or bring in a product from the other side of the city, take the expansion slowly. The following is a brief look at the best ways to expand the range of products at your business.
Know Your Customers
The better you know your customers, the easier it will be for you to successfully expand your business – it will be far easier to know whether a certain product or service will prove popular. Make it easy for your customers to provide feedback on any aspect of your product line, and ask them for their opinion every chance that you get. Your customers are likely to know your product better than you do, and they will also probably know what else would go well with it. Your customers are your biggest resource in more ways than one, so listen to what they like about your awesome product range and look for products along the same lines.
Stay in the Loop
One of the best ways to know how, when, and where to expand your product line is to stay up-to-date with the latest developments in your industry. Sometimes products come out that are almost guaranteed to sell, so whether by reading industry blogs or looking through the latest magazines, keep an eye on the horizon. If you are lucky, that once-in-a-lifetime product might change everything for your business. It is always wise to have at least one good import company, just in case that fantastic new item comes out somewhere else.
Build On Success
Follow the lead of the products that you already have success with by expanding the range of accessories available to complement them. If an item is selling well, you know there is a large market of people who may be interested in the accessories, creating an obvious area to increase your product line. Expanding the range of a particularly successful product is a smart move, as having a variety available will mean that your customers can better choose their purchases to suit them.
Bringing a new product into your line shouldn’t be a decision that you take lightly. Apart from making sure that it is going to sell, you also need to ensure that it is of the high standard your business expects. Before you go jumping on the bandwagon of some new super product, first establish how well it will fit with what you already have. Bringing in the right product will make you look like a pro, while bringing in the wrong ones can be expensive and embarrassing.
About the Guest Post Author: Tom Mallet is an Australian writer and journalist. He writes extensively in Australia, Canada, Europe, and the US. He’s published more than 600 articles about various topics.