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Product Analysis for Successful Sales

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After releasing an article about Customer Analysis, some questions have been raised on how to be successful in product sales. Honestly, I do not know how to answer well as you may know that I’m not an expert in sales, I’m just an ordinary reader and blogger who keens to know more about those kind of strategies; yet, I have fortunately found some useful points to share below.

“Don’t find customers for your products, find products for your customers.” ~ Seth Godin

Focus on the type of product that sells

You will need a statistic report showing the sale records which will help you to identify which product is the most popular, on-trend and good for the market competition.

Acting on a popular product
It is highly recommended to broaden the range of the successful product types. If a product is successful in the market, we have to offer varieties of products in the same type or similar to open more sales opportunities. Technically, it is called cross-selling. For instance, if a smartphone is selling very well, you may offer some products related to its type, as such smartphone case, screen protector, earphones..etc.

If a product is not quite popular, you may be interested in some tips below:

  1. Review the product description, and its photos. It must be consistency!
  2. Check if the product has been placed in the right category.
  3. Attract purchasers by using product promotions or advertising campaign.

To some extents, if the above three strategies do not work, perhaps you have to remove it and take time to focus on products that works best in your market.

Offer Cross-selling

It is a commercial sale technique which offers complementary products when consumers order any product(s). Cross-selling could be made in many methods as below.

  1. Additional sales: Suggest products related to the main product.
  2. Up-selling or Up-market: Attracts consumer to buy a more expensive product.
  3. Secondary sales: Suggest products that are close to the ones chosen by the consumer.
  4. Packs: Combine the main products with other related products with a more attractive price than purchased separately.

Use marketing strategy that works best 

Each product have its life cycle starting from initiation, growth, maturity to decline phaseYou have to clearly identify which section a product currently is, and adapt your marketing strategy.

Initiation: a new product placed into the market will have a moderate growth. So, you have to heavily invest in promoting in order to inform the consumers and make them buy it. Without hesitation, you have boost sales campaign via game, promotion, and advertisement. Make it a good visibility. The more consumers see it, the more sales made.

Growth: While sales are increasing, some promotional costs and other costs should be reduced. This is aimed to support the sale’s growth as long as possible. In addition, you have to improve product quality and expanding the product coverage area to attract more consumers and retain existing ones. Also, you have to gradually lowering the product prices.

Maturity:  When sales reach their peak, the pace slows down. This is a longer phase than the above two. Some tips below might help you to maintain the product top spot:

  • Expand your market by targeting a different type of consumers.
  • Update your product line by creating packs in order to boost sales.
  • Retain customers
  • Update price, distribution, service, offers..etc.

Decline: You will not be able to make it better! So, do as you can to get it out of stock by promoting special discount to the safest level you can offer.

Ensuring the clarity of categories

You have to make your product category’s name attractive and meaningful. Category’s names such as misc., others or everything else are not recommended. So, make sure it is identical and interested.

In conclusion, to be successful in product sales, you have to clearly know consumer behaviors, what product is best for the market, product behaviors, marketing strategies, and product classification. I hope this article would answer the question, benefit your sales target, and/or enlighten the audience for better understanding on product sales.

 

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