Inventory Your Product To Maximize Your Profits
Take Stock of Your Inventory For Your Bottom Line & To Help Understand Your Customers Needs Better
Yesterday I did something that I haven’t done before…I went through all of my DFY content products at Niche Starter Packs. I’ve been leaving everything up on the site whether I’ve sold any products on the site or not. This clutters my site.
I went through all the products and I’m going to take some of down and people will no longer be able to purchase them – at least not in individual packs. I might bundle the individual packs up into larger packs and see if that will make them sell more. If not, then I’ll take them down.
Why did I do it?
Reduce the Clutter & Chaos For a Better Customer Buying Experience
I decided to go through my products for a couple of different reasons. The main is that all of those products that aren’t selling are taking up valuable bandwidth in my hosting and some of the products haven’t sold any.
They are also causing people to scroll through several pages of products that they aren’t interested in. This is time-consuming and can become tedious. I’m sure it has probably caused some people to leave my site and not buy my products. By taking the ones down that don’t sell – they won’t have to scroll past so many.
The second reason is that I needed to see what was selling in my store. I’ve honestly been guessing. This isn’t a good way to do business.
Narrow Down Products & Give Your Customers What They Want
I learned that the products that are selling the best come in three or four categories. I’ve been adding them to about six or seven. So I’ve picked three categories that I believe will be the best and I plan to devote all my time to creating those types of products.
Discover the Best Selling Solution For Your Products
I was also able to see what sold the best and how I sold them to get the best sales. I discovered that there were a few topics that sold really well because of the topic, but most of the ones that had high sales were scheduled on a certain day and I contacted affiliates to help me promote it. They sold so many more copies than when I just put them on my site and offered them to my audience.
This has helped me make some decisions:
- I’ll be deleting products from my site, combining others and just not selling a few but leaving them in my shopping cart so that people who bought them still get access.
- Figure out which categories I want to concentrate on that my list will buy.
- Come up with a product creation plan for my site in the future.
- Create a sales funnel for the best selling products, as well as a follow-up sequence.
- I’ve decided to add a monthly recurring plan to my site and I’ve also figured out what it’ll be.
So basically I’ve come up with a plan on how to best serve my audience and now I’m going to start working that plan.
Move Forward With a Strategic Plan
There are still a few decisions that I need to make, but I’m so excited to finally feel like I’m moving forward in a strategic way instead of a fly by the seat of your pants way.
Have you inventoried your products lately? The fourth quarter is right around the corner and now is the perfect time to trim what you don’t need and really dig in deep and figure out what your audience wants.
Don’t Fall For Your Excuses
You might be like me and you’ve made excuses why you haven’t done this. I told myself that my audience was so broad and I couldn’t figure out what they wanted because they bought so many different types of niches and topics, BUT after going through my products I figured out that isn’t true.
You might also be telling yourself that you don’t have time. I did this task while I was watching TV. I pulled up reports on the dollar amount that I sold and how many times people put a product in their cart and it went into their account. I did the second part because I participate in giveaways and I also provide my customers with coupons for special occasions. By pulling both of this information it gave me a clear picture of what people were interested in.
Offer What Your Customers Want
Always offer your customers what they want and try not to get so attached to your products that you can’t trim the ones down that aren’t working. This is beneficial to both yourself, as well as your audience.
Have a great and productive day!