Every business focuses on a product or category of products. It is their core competence. So why should you, as an entrepreneur or company, think about expanding your product range? I'm going to explain to you how an expanded range of products can help you to establish a second stream of income and generate more earnings.
What do notebooks and sunglasses have in common?
At first glance, you probably can't think of anything. Read this blog post and see if this question makes more sense to you at the end 😉
What is a Product Collection?
A product collection is a collection of products from one or more categories that are combined into a coherent overall concept.
Advantages of having Your own Product Line
It expands your product portfolio
This gives your existing customers added value and you have the opportunity to attract new clients to your business.
It creates added value for your customers
You make you customer's life easier by offering them useful items that fit harmoniously into your existing range. As a result, they do not have to search for these products tediously and can be sure that the quality is the same as your previous products.
It diversifies your income
More products mean more sales for you. And since the new product collection was created with a lot of thought and planning, your customers will love it and use it too. Because your own product line should trigger an action from your customers, which means that they simply have to buy from you.
It builds on the trust they already have in you
Your customers are already putting their trust in you for your main product. They are your fans and will give you the same trust for your new products. Therefore, it becomes easier for you to market and sell these add-on products. Because the foundation was already laid before in a positive relationship between buyer and seller. Now you can reap the rewards and you don't have to put so much energy into the launch of your new product line.
But be careful - There are stumbling blocks with your own product collection that you shouldn't fall over:
The new line needs to reflect your brand values
Do you specialize in vegan food and now include clothing in your range that is neither fairly nor regionally produced? Your customers won't understand why your new product is so far removed from your previous brand message. Until now they have bought from you because they wanted to minimize their own ecological footprint and you shared their values. The new product is therefore a breach of your communicated ideals (and the lived ideals of your customers!) and will therefore not be well received. However, if you include T-Shirts in your range that are made in a local workshop by people with disabilities, you expand your range in a meaningful way for your customers. And they'll love how you looked into their hearts with your new collection!
The products must complement your current portfolio in a meaningful way
There are products that make sense for almost every company. This includes everyday objects and items of daily use such as clothing or mugs. However, there are also products that do not fit harmoniously into your existing range. If you sell aprons as a baker, that makes sense for your customers. It also does, when you start your own tableware collection. However, you will reap little understanding if you offer baby rompers or umbrellas. So think carefully about which products make sense for you and your company and which ones your customers can also put to good use. Because only then will they buy them from you.
The new items must be of the same quality as your main product
The quality of your new product is transferred 1:1 to the quality of your company. If you offer products of inferior quality from now on, the image of your company will suffer. Now customers could think that the quality of your previous products or services could have suffered as well and therefore not come back. You don't want to alienate your customers with your own collection, you want to make them bigger fans of you and your company. But you have to do something for this: Choose your products wisely and use good quality.
Tip: Before you invest in bulk orders of goods, it is best to order a few samples for quality and try them out yourself. For dishes or clothes, for example, this can mean that you use and wash them for a few weeks. Only when you are satisfied with the quality of the products should you offer them to your customers for sale.
To make things clear to you, I would like to give you a concrete example:
Cool Kitties is a quality brand of children's sunglasses. Their target audience are courageous and color-loving children and parents who want their offspring to be self-confident and independent.
What products make sense for Cool Kitties?
After a detailed analysis, we first expanded their range with products that are closely related to glasses. This includes glasses cloths and cases in their own company pattern.
But that's not all
Because Cool Kitties wanted to make life easier for parents so that they no longer had to run from store to store to shop for their children. They wanted to reduce the time and distance involved and now offer parents a place to get the most necessary products for their children.
Now Cool Kitties is a quality brand for children's sunglasses - and notebooks, stationery, caps, children's clothing, lanyards and much more.
Thoughts and Ideas for You
We would like to give you a few more examples to inspire you and to think outside the box.
As a real estate agent, it makes sense to offer furnishings and decorations such as pillows, bed linen, curtains, wallpaper or even napkins. Because your customers want to feel cosy in their new home and you support them.
Are you a newborn photographer? Your clients have just had a baby and have been in contact with you since pregnancy. Perhaps you have already photographed the baby belly shooting. So offer your clients baby items for the initial baby equipment. This includes bibs, baby blankets, children's clothing or soothers. Also consider whether you would like to offer your products packaged as gift sets. These would definitely be a hit at the next baby shower 😉
As a gardener, your customers come to you and buy all kinds of plants. In order to be able to plant them properly, at home or in the garden, they need everyday items such as gloves, aprons or wellies. You can also offer them beautiful indoor and outdoor planters that accentuate the blooms of the flowers.
It is important that you always keep an eye on the added value for your customers when designing your product range!
So, what do notebooks and sunglasses have in common?
I'm sure you don't find this question as strange as you did at the beginning of the post. You can now explain why notebooks can be a useful addition to a sunglasses business.
Every company is different, so it's important that you think carefully about what your notebook is to your sunglasses 😉
Have you ever thought about expanding your product range and using your own company pattern for it?
If you would like to talk about this option, please contact us or book your free consultation.
We look forward to getting to know you and your company!
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