One important part of your marketing strategy concerns the range of products or services you offer.
If they span across many markets or segments then your strategy does get a little blurry.
It can confuse also your customers.
To state the obvious this is not what you want.
One of the best ways to grow your business is to offer specific products or services around a core area.
This makes it easier to achieve your objectives, such as wanting to keep your customers buying or wanting more customers.
As an example looking at Johnson’s baby website it is clear what the products they offer centre on.
You and your baby.
This site is dedicated to baby care and they stay within their competencies and what is profitable for them.
For instance they do not sell baby food, baby wear and got out of nappies a long time ago.
The common trap for small business owners is trying to compete in a lot of different markets and segments by offering unconnected products or services.
For example if you offer writing services for those that need resumes and others who want website or blog content, what is the common theme that tie these services together.
If you think about it there isn’t any.
Here are a few questions to ask to see if your product or service range makes sense and tips to make the most out of your offerings:
- How many markets do you compete in? If more than one under your brand you may consider refocusing or launching a new brand.
- What is the common denominator? Look at the market dynamics and see if your offerings match up with your key competencies and will be profitable for your business.
- What else can you offer? Once you have a core focus, look at the different segments of that market and see what the demand is, who are the competitors and if there is an opportunity to expand what you offer.
- What products or services do you need to get rid of? This can be a tough decision, however it is one you will need to make if you want to enjoy long term success.
To gain credibility and be known for your expertise, have a focused marketing strategy on a core market and segments with a specific range of products or services.