Why Product Diversity Is A Good Business Strategy
By Eric Wall •
A customer walks into your store looking for a product that you don’t carry and immediately leaves without making a purchase. This might be the last time you see the customer. Carrying products that your local regulars aren’t yet demanding used to be a risky proposition, but now buyers can easily purchase from you with a click of a button online. This makes it easier to supplement your best selling products with additional ones, increasing your revenue and expanding your customer base.
Product diversity allows you to have a more consistent stream of income. Selling only one major product limits your customer base, and thus your income potential. By offering a wider range of products, you are likely to see consistent revenue over the course of a year. Additionally, the hype leading up to and following each release helps to increase your sales –– selling more products will create more pre and post product release hype, streamlining your income.
New customers asking for products shows there is interest and demand, so expanding your product line to meet the customer’s needs will grow your customer base, turning new customers into regular ones. Regular customers allow you to plan your purchases more accurately and efficiently to help move into newer products.
If you’re considering diving into another market, now is a great time to add Pokémon into your product base. It continues to be one of the largest franchises in the world, creating a wide audience interested in the product. Here are more reasons why you should sell Pokémon.
If you need help utilizing TCGplayer to help you expand your business by diversifying your products, please schedule a meeting with a Customer Success Manager here.