Why Optimizing Your Portfolio is a Must

We see a proliferation of products out there, no matter the category. From the lowest price products that are often impulse “grab and go” (think pack of gum or prepackaged meal at an airport) to big ticket items (think new car or exotic vacation), there are more choices than we may even want, or be able, to handle.

Add to this fact that all of us consumers are also wearing a “day job” hat, possibly requiring us to make or approve purchases for anything from paper clips to a corporate systems upgrade.

Put it all together and ask yourself, are there too few choices? Most likely not, unless the product category is new or evolving. Are there more than enough choices? Probably so, in number and basic acceptability. But maybe or maybe not in respect to finding things that are truly different from the others.

For me this drives home something I’ve long believed as a consultant to marketers across categories: An optimized product line is a must. Without that, you are still likely to lose, no matter how successful you are at reaching your target customers with meaningful messaging, compelling promotions, a strong social media program and an easily accessible purchase process.

To win, however, means you have a product line that fulfills consumer expectations, requirements, needs and wishes across a continuum — each product unique in some way and readily differentiated one to the other. So there is nothing of significance missing, and you are maintaining and building business. And conversely, you are not stepping on your own feet, becoming a competitor to yourself, crowding yourself out of the market.

An optimized product line is a must. Without that, you are still likely to lose, no matter how successful you are at reaching your target customers with meaningful messaging, compelling promotions, a strong social media program and an easily accessible purchase process.”

In the ideal, when developing and expanding your product line, you are taking a hard look at your competitors as well, including what their products are offering. This will help ensure that you own points of differentiation and are targeting gaps that are ripe for opportunity.

A product optimization assessment allows you to check the boxes that lead business growth:

 

Performing a product optimization assessment provides guidance to do what you must to…

  • Appeal to the greatest number of consumers
  • Give consumers a reason to be your loyal customers and emissaries
  • Include new additions that are the best additions

Want to learn how product optimization can drive your business growth?

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