Diversifying your ecommerce product selection means slowly expanding to include-related items. But you want to make sure you’re choosing products customers will respond to, which can also lead to gaining a new audience and more money. The question is: how do you do that? If your business and sales have plateaued or decreased recently, revive your company with these tips and tricks for diversifying your ecommerce product selections!
Identify Your Audience
For starters, let’s take a look at who your current customers are. Before making any decisions about your ecommerce business, you should research! What products are your potential customers responding to and enjoying? What do they need? Finding the answer to these questions will help you add products that will actually sell because you’re providing a solution to your customers. At Digital Nomad Designs, we can help you identify your audience!
Solidify Your Branding
Now that you know what your customers want, you want to ensure they recognize your company. Your company is only as successful as its branding so this step is vital. Think about it, if you have different images, colors, and messaging across your platforms, how are your customers going to recognize it’s your business? Answer: they won’t!
The solution is to solidify your branding. If you’re launching or diversifying your product selection, branding is crucial for your clients to recognize you and make a purchase. While everything related to your brand should be consistent on your platforms, it’s also important that all your platforms are helping your business. Are your customers on Instagram, Facebook, or LinkedIn? If they are on those channels, are you there too? And think about the opposite, are you focusing on a platform that isn’t performing well?
Don’t worry if branding isn’t your specialty- because it’s ours! Contact us so we can strategize about your branding. We create a style guide and brand kit for your company. Part of this service includes creating custom graphics for digital and print and providing branded photography.
Choose the Right Products
Choosing the right product diversification is crucial if you want results and success for your business. Let’s look at examples of popular product diversifications and what types they are:
- Amazon started with just selling books and now they sell everything from A to Z. This is concentric diversification since they slowly expanded to related items.
- Apple originally sold only computers, then expanded to MP3 players and now phones. This is another example of concentric diversification.
- Did you know Wrigley originally made laundry soap and had free gum giveaways, which turned them into the popular gum supplier they are now? This is horizontal diversification as it’s moving to a new product that’s not related to the original product.
Which diversification type would benefit your ecommerce business? The answer is most likely concentric diversification since horizontal is so rare because of how disruptive and high risk it is. Think about the product you are selling and how you can add products that are related to it. Harley Davidson not only sells motorcycles but also motorcycle gear. They are selling related products, and they’re selling their brand which turns customers into brand advocates!
If you’re a health and fitness brand, can you sell gym equipment and athletic gear? If you’re in the food and beverage industry, can you add some utensils customers can use with your food or drink product? Get fun and creative with it! Brainstorm by looking at competitors to see how their diversified products are performing. DND can work with you on your ecommerce strategy to incrementally improve your existing store and product offerings.
Having a successful ecommerce business is a mix of art and science. Digital Nomad Designs specializes and masters in this formula! Contact us so we can create a strategy together to get your results for your ecommerce business!