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No matter how much success you’ve found in the past, the day will come when your store’s sales will either flatline or start declining. When that happens, you’ll need a game plan to get things back on track.
One very effective strategy for this is diversifying your store’s offerings. However, this is easier said than done. If you’re unsure how to diversify what your store offers to its customers, we’re here to help with these useful tips.
Expand Your Selection
The best way to diversify for most companies is to expand upon what you already offer. By this point, you likely have a decent selection of loyal customers, but expanding the variety of products you offer will help turn more people into regulars.
Not every store can offer everything. But if you can cement yourself as the one-stop shop for something, you can consistently attract certain customers. For example, if your store carries all things nutritious, you’ll have much more people who come to you when they are looking to eat healthier. This can apply to any retail industry, though. The more options you offer, the happier your customers will be.
Offer Different Tiers
If your product line doesn’t lend itself well to expanding, you could always try offering different tier levels to what you offer. This works well for services since you can add more to your offerings and bump up the price a bit. If the high prices have driven people away, though, you could always try a lower tier with fewer features and see how it does.
You could apply this to products as well. A simple way to do it is to bundle certain items at a discounted price. This will get people to try out items they might not have ever purchased on their own.
Reach Into New Markets
One of the more prominent ways to diversify your store’s offerings for customers is to expand into new markets you haven’t tried yet. Most of the time, it’s best to choose sectors that offer similar or complementary products to what you already offer. Sometimes, though, you can shake things up with something completely unrelated.
Let us give you an example of what we mean. If you have a store that doesn’t get a lot of traffic, you could try putting something like an ice and water machine outside your place of business. This will get new people to see your store and potentially come inside to check it out. If this new business venture works out, you could even look into ways to increase the value of your ice vending business to supplement the costs of your other company.
Remove What Doesn’t Work
While most diversifying involves adding things to your business, sometimes, the best route is to take things away. Not every idea will work, and if it’s costing you lots of money to keep it running, it’ll be better to cut your losses.
Plus, customers tend to prefer stores that know who they are and what they sell. A company that tries doing it all won’t usually attract the number of customers they desire to make their expenses worthwhile.
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