Product and Market Analysis
This is an area where a lot of businesses fail to deliver, whether that be because they believe they don’t have access to the data they need (they do, they just have to figure out where it is) or they don’t think they need to look at how their products perform in order to manage their business (again, yes they do but then I would say that wouldn’t I?)
Knowledge is your best tool when it comes to defining what your future roadmap should look like. Knowing your market, being knowledgeable about your sector and competition plus your customers, will all stand you in good stead when it comes to figuring out what you should be doing where your product offer is concerned.
But your knowledge of the market is one thing, how well do you really know how your products perform and do you analyse this against other factors such as outside influences like the weather or your own industries seasonal fluctuations or even something like a global pandemic (never thought I would ever have to say that on my website!)
As well as what is going on externally it is equally as important to look internally to establish what products work for you and why.
You’d be surprised at how many businesses I come across that believe their best selling product is the one they sell the most of. No!! It is the one that makes you the most money, that is why you are in business in the first place right? You need to be looking at sales data that includes volume, value and margin at the very least.
Also, looking at how your products perform over a period of time and reacting accordingly is just as important. Say you had a product that sold really well and all of a sudden it just stopped selling and you ended up with loads of stock, if you had been monitoring it you could have reacted to the downturn, eeked a little extra life out of it, made a bit more money and not ended up with the excess stock in the first place (which you are now going to have to sell at a loss taking valuable resource from you day to day business)
“Know your market, your customer and your competition and keep a very close eye on your product sales”
If you are interested in finding out more about how I can help you improve your product offer and the way you market it, call me on 07904 589 251
or email firstname.lastname@example.org