What Is Smart Product Diversification?
Smart Product Diversification, or S.P.D. for short, is what we strive to achieve with all the retailers we work with. Bringing in new products can be exciting and can reinvigorate your business... at first. But, if there is not a concrete plan or comprehensive sales strategy put into place chances are the product will never become an integral part of your business model. This is how dead inventory forms all of a sudden.
Does, "My customers are no longer buying X," or "My employees are no longer talking about X," seem familiar? Well we are here to help that! This is why we suggest "script like" strategies to help intergrate new products and create more sales from the counter or by bundling them off of what your business is currently does well.
Do you sell and repair vacuums?
Do your customers have allergies? Is that why they need a high end vacuum that has great filtration, is a sealed system and utilizes a dirt/debris containment bag? How are they keeping their house clean while they are not vacuuming?
Are you trying to up-sell a customer to a higher end model and need more value to reach your goal? Bundle in products to help bridge the gap!
Does your customer love their vacuum but hate their current floor cleaner that they bought off the shelf of a big box store? Introduce to them the floor cleaner and microfiber mop you recommend most!
Do you sell and repair sewing machines?
Show your customer a great little vacuum that has micro tools designed to get into tight places and extract lint and dirt!
Bundle in your favorite all surface polisher to keep their machines, cabinets and tables looking great! I bet they will fall in love with it and come back for more products from that brand!
Do you sell and repair appliances?
Did your customer just repair their washer from the 90s even though it is going to retire soon? Show the customer gratitude and gift them a laundry detergent sample of a product you sell in your store. Hopefully this low cost marketing investment helps keep your business at the top of their mind when it is time to buy a new one. When they come buy more laundry detergent maybe they will buy that washing machine.
Did you just sell or repair an oven? Show the customer your favorite applicator and cleaning product for keeping that stove top and oven door sparkling clean! And every time they walk past their stove, cleaner than they ever saw it, they will remember the products that got it like that. More importantly they will remember where they got them.