You should add a new product or service to your catalog regularly to keep up with current trends and convey the impression that your business and brand are strong, vibrant and have a lot to offer your customers.
Adding new products is also essential because studies have shown that 80% of your sales will come from 20% of your (most loyal) customers. Cater to what they really want and you are sure to come up with a wide range of new products to offer. Here are a few considerations when deciding what to add and when.
Mind the Gap
One of the best ways to earn more money is to spot a gap in the market, or in you catalog, and fill it.
Have customers been asking for X and Y? If they are in line with your expertise and your current offerings, put them on your to-do list.
Have your closest competitors come out with a new product which appears to be selling well? Check it out for yourself. Then try to go one better. Fill in any gaps you see in the product, add your own experience and expertise, and add great bonuses.
Don’t Skimp on the Bonuses
Take your bonuses as seriously as you do your paid products. They can often make the difference between making a sale and missing out. Show that you know your target market’s most pressing problems, and address them. Be sure each bonus adds to the product you are pairing it with.
As your product line expands, add bundles. Imagine you have two related products at $47 each. Bundle them together for $67 or $77 for both. Add special bonuses to sweeten the deal. You won’t get the full list price of $94 for the two items purchased separately, but you will increase the initial sale value up from $47 and hopefully impress them with the great value you’ve offered.
Offer Tiered Products
Grow your product line through tiering your products. Think bronze, silver, and gold. The lower tier will have the basics. As they go up the tiers, each tier will be packed with more and more value. This allows them to choose what they really need, and what they can afford.
However, if you cram the gold tier with so much value that they would be foolish to turn it down, you should be able to sell at the highest price point every time. Use bundling, bonuses, and exclusivity to pack the top tier with value.
Offer Exclusive Items
Add exclusive, never before seen items to your catalog. Make sure they are your best tips, tricks and insider secrets. The exclusivity will drive sales. Limit the number of items sold as well. You can even put a timer on the page to show the offer will be going away soon. Studies have shown that one of the greatest motivators when it comes to buying is that the customer doesn’t want to miss out.
Add to your catalog regularly and you will position yourself as an expert in your niche worth paying attention to.