How can you choose the right assortment?
Whether you offer a product or a service, the most important decisions youll make for your business are deciding what youll offer and who youll offer it to.
After you have figured out your priorities and basic strategy, choosing the right assortment of options you offer to the consumer is the next the most important decision for a business.
To guarantee success, you must analyze each possible product/service carefully. As a guide, here are the main things that you need to consider:
– Goes with your brand identity: Does this item go well with the equity that you want to stand for? Does it go well with the other items that youre offering? Preferably, does it complement the other items?
– Pricing: Can you price it on the same tier as the already existing products? Your consumer is interested in it: Would your current consumer buy it? OR Will you attract similar but new consumers that might bring you more sales?
– Does it fill a need that you havent fulfilled yet: Is there a consumer need that this product will help with? Do you currently carry a substitute? Does your competition offer a similar item? If the answer is yes study what they are doing.
Once you have chosen the assortment, you should do revisions every few months, studying how the items perform relative to others, if they agree with your current strategy, and of course financial measures such as sales and profit.