Clarifying Your Offerings for
Bigger Profits
Imagine
two stores sitting side-by-side in a popular shopping mall. One is your go-to
shop for just about everything. They sell garden tools, candy bars, T-shirts,
car parts and baby bottles.
The
other is more exclusive. In fact, the only thing they sell is chocolate.
Belgian chocolate, Swiss chocolate, dark and milk chocolate, chocolate covered
peanuts and chocolate flavored gummy bears. If it’s chocolate, they stock it.
And if it’s not chocolate, you won’t find it on their shelves.
At
first glance, you might think that the chocolate store is limiting itself.
After all, there are lots of other things they could sell, right? The world is
full of sweet treats that aren’t chocolate, and what about other items that
complement candy, such as greeting cards and candy dishes?
The
truth is, though, if you’re thinking the first store—the one that sells a
little bit of everything—is the more business savvy of the two, you might be
mistaken. Here’s why.
When
you clarify and reduce your offerings to only those that closely match your
business goals, you will be in a far better position to attract your ideal
client. Not only that, but you’ll have customers lining up to pay a premium for
your services.
It
might appear at first glance that the store with everything has more traffic.
That’s because they do. Remember, no matter what you want, you can almost
always buy it there. But because they stock so much and have to appeal to such
a wide market, by necessity their prices are lower.
The
specialty shop is different. They may have fewer customers, but the average
client is far more loyal, spends more money per visit, and raves to her friends
about the delicious treat she picked up this morning. The average client at the
sell-everything store? A single rumor of a lower price at a new store across
town, and he or she is gone without a backward glance.
What
does this have to do with your business and service offerings? Everything.
As
a coach, service provider, or product seller, it’s critical for you to know
exactly what you want to provide, and to whom. If you simply create a
hodgepodge of products with no clear direction and without a cohesive brand,
you may make a few sales (especially if you work cheap) but you won’t gain a loyal
following. You’ll be like that first store, always chasing after new customers,
because the old ones keep wandering away in search of a better price.
Take
a look at your virtual storefront. Are your products all in keeping with your
brand? Do they instantly tell a new visitor exactly what you do? Are they
priced in line with your market?
Don’t
be afraid to take a hard look at your current offerings and get rid of those
low-priced, fringe products that are diluting your brand. Focus on the core
products and services, and work to make them better and more valuable, and
before you know it, your brand will have a loyal following, too.
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