The success and growth of your small business depends heavily on the quality of products you sell. Customers trust and patronize a brand that consistently delivers high-quality goods. As a smaller company, building up the credibility and identity of your brand is essential to forming a loyal base of regular customers. There are a number of reasons why you might want to consider selling fewer, higher-quality goods, and how this can ultimately lead to a stronger and more successful business.
Too Many Options
Consider a conundrum that many shoppers face. When they walk into your store, or view your inventory online, they usually have some idea of what they want or need. Having options is great, except when it isn’t. With a target item(s) in mind, customers typically look at the available options of goods that meet their need. When the number of goods falling into this category is excessive, the customer tends to become overwhelmed.
The process of making a selection from a huge product lineup, in general, is done through the process of elimination. However, the sheer number of goods available can be distressing, specifically to shoppers who have trouble making purchase decisions. The stress of making a choice leads many customers to opt out of buying anything, a result that is detrimental to your business. Plus, quality is often a factor that consumers use to narrow down their choices. A smaller inventory is much easier to handle and may well lead to greater overall sales by making it easier for customers to make a comfortable buying decision.
The Issue of Quality
Customers are generally satisfied with, and regularly patronize, a brand or store that sells quality goods, even when the selection is limited. As a small business owner, you face the reality of limited funds, money that must be conserved and stretched whenever and wherever possible. Skimping on the quality of your products, especially just to offer a wider selection, is rarely a good idea. Your loyal customer base continues to patronize your business for a variety of reasons, but one of the most important is likely the reliability and durability of the goods you sell. A cheap or poorly executed product may send customers elsewhere in search of goods that better meet their needs.
The credibility and success of your brand is built on the back of your inventory. If customers like your products and want them, they will probably use them and tell others about them. Consider building up the strength of your brand’s identity by becoming notable for a smaller number of high-quality goods that directly link your company name with quality. The ultimate goal, of course, is to grow your business, but the first step is having a company worth expanding. The value customers place on your products, and ultimately on your business, helps to create the foundation and revenue necessary to expand your business and reach larger numbers of potential customers.