Good Products : Many things are related to the approach theory that is so popular in the world of start-ups . I prefer the philosophy of the investor who diversifies his risks (although he tells entrepreneurs to do the opposite). Right now, I just told you my position, but let’s see both positions and their respective benefits.
Focus On Good Products
Everything is relative. Also when we say “few” it can be one, two or twenty. Compared to Amazon it is still very little. Let’s say that we are talking about a limited number that is not expanded further. Maybe 3-10 products would fit the definition of “few”.
The great advantage, without a doubt, is being able to publicise these few products in a specific way . The campaigns are not generic at the brand or company level but can be concentrated on very specific offers. It is clear that also with a wide offer you usually make very specific promotions. The difference is in the fact of repetition.
Constancy is the key . If you always make the same products known, your target audience begins to relate to them. Specific actions seek impacts but do not leave the mark you are looking for. When it comes to “extraordinary” products taking into account an external evaluation and that this is not the criteria that you or your mother have applied, you can expect a higher conversion rate.
On the other hand you need a more specific segmentation. If you work with Google Adwords you will be able to focus on fewer keywords and with Facebook Ads your audience will surely be smaller. Sometimes less is more but if you move in very limited niches small changes can kill you . Especially if the campaigns stop working and you have no alternatives to capture traffic.
Bet On A Wider Range Of Products
Marketing does not work miracles. If you don’t have a good product you won’t sell. Alright. You will sell once but the consequences will sink your business because the first dissatisfied customers will make sure to sink your business. If you have been aware of the low quality of your product, you even have a good reason to act this way .
Betting on several products at the same time helps you diversify the risk. It is very simple. If one thing doesn’t work, you look for the next. In the event that a supplier puts you in a bad mood, it is very possible that you have more alternatives.
In my stores I bet more on the multi-product model. I bet on recurring sales . I usually bet on e-commerce where having different products makes sense: fashion, collecting, leisure, etc.
There are people who tend to return continuously to see the new offer that is in the store. That is what interests me. In a strategy where I bet on few products, it would be practically impossible to achieve. The recurrence would also be much lower.
It is impossible to predict whether I am right or wrong. Both strategies have worked in the past. At the moment I have opted for the multi-product model. I’ll let you know how it goes.
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