A common mistake business owners make is offering a wide range of products or services, with the assumption doing so will appeal to a larger audience. The idea of being a one stop shop is novel however, offering too much might be hindering revenue.
Significant overall sales growth can be realized if you cut your product line by as much as 50 percent. Take a good look at your offerings and consider cutting back on items that duplicate others. Costco Wholesale and Sam’s Club utilize this strategy when promoting grocery products. They offer one or two food items for members to sample, and they don’t taste test competing products. This tactic is a huge success because they keep the product line short and sweet.
Like any strategy, this will work for some businesses and not for others. The point is to test it to determine if less does result in more for you. ■