Want Bigger Profits? Clarify Your Offerings
Want Bigger Profits? Clarify Your Offerings
Imagine two stores sitting side-by-side in a popular shopping mall. One is your go-to shop for just about everything. They sell garden tools, candy bars, T-shirts, car parts and baby bottles.
The other is more exclusive. In fact, the only thing they sell is chocolate. Belgian chocolate, Swiss chocolate, dark and milk chocolate, chocolate covered peanuts and chocolate flavored gummy bears. If it’s chocolate, they stock it. And if it’s not chocolate, you won’t find it on their shelves.
At first glance, you might think that the chocolate store is limiting itself. After all, there are lots of other things they could sell, right? The world is full of sweet treats that aren’t chocolate, and what about other items that complement candy, such as greeting cards and candy dishes?
The truth is, though, if you’re thinking the first store—the one that sells a little bit of everything—is the more business savvy of the two, you might be mistaken. Here’s why.
When you clarify and reduce your offerings to only those that closely match your business goals, you will be in a far better position to attract your ideal client. Not only that, but you’ll have customers lining up to pay a premium for your services.
It might appear at first glance that the store with everything has more traffic. That’s because they do. Remember, no matter what you want, you can almost always buy it there. But because they stock so much and have to appeal to such a wide market, by necessity their prices are lower.
The specialty shop is different. They may have fewer customers, but the average client is far more loyal, spends more money per visit, and raves to her friends about the delicious treat she picked up this morning. The average client at the sell-everything store? A single rumor of a lower price at a new store across town, and he or she is gone without a backward glance.
What does this have to do with your business and service offerings? Everything.
As a coach, service provider, or product seller, it’s critical for you to know exactly what you want to provide, and to whom. If you simply create a hodgepodge of products with no clear direction and without a cohesive brand, you may make a few sales (especially if you work cheap) but you won’t gain a loyal following. You’ll be like that first store, always chasing after new customers, because the old ones keep wandering away in search of a better price.
Take a look at your virtual storefront. Are your products all in keeping with your brand? Do they instantly tell a new visitor exactly what you do? Are they priced in line with your market?
Don’t be afraid to take a hard look at your current offerings and get rid of those low-priced, fringe products that are diluting your brand. Focus on the core products and services, and work to make them better and more valuable, and before you know it, your brand will have a loyal following, too.
Want Bigger Profits? Claim a Niche.
I will share another more personal example. I have been gluten free for over 20 years, long before it was trendy. I pretty much gave up on getting tasty gluten free baked goods but over the years, products have improved. Now many bakeries often one or two gluten free items but there is not much variety and a girl can only eat so many blueberry muffins when I am really longing for a nice carrot zucchini treat.
Recently in Santa Barbara a gluten free bakery opened called the Lilac Patisserie. Everything in the entire bakery is gluten free and they even make gorgeous wedding cakes. Their niche is very specific and for someone like me, very exciting! Every time I walk by the store, it is packed with people trying out the tasty treats. The thought of being treated to a special birthday cake that I can actually eat makes my heart sing.
They know their niche, they know their ideal client and their profits will grow consistently because of their clarity.
If you are not clear about what your niche is or if your brand is confusing or cluttered, I would love to help. I am an expert in helping creative entrepreneurs who want bigger profits to transform their brand from bland to brilliant. I would love to offer you a free 30-minute “Transform Your Brand” Breakthrough Session. You can click here to schedule your time on my calendar now. I only offer a few of these free sessions each week, so I encourage to take action now and commit to bigger profits for your business in 2015.
You articulate this clearly, Peggy. It’s funny how we can be afraid of specificity and focusing in, but it’s often the pathway that works the best.
Hi Chara, assuming you meant Minette not Peggy 🙂 Although I couldn’t think of a better person to be connected with! Thanks for the feedback!
Minette, thank you for this article! Interestingly, I told a person that I work with empathic helpers and artists and she said in a negative tone, “Well that is specific.” I said “Yes, I want to reach my key audience.” I knew I was on the right track then and now, thanks for the confirmation!
Gluten free for 20 years? Impressive! I’m coming up on one year and it’s totally changed my life for the better.
Ah, but on to your message — oh, does it speak to me! As a cross-genre author, I may write all kinds of books, but when it comes to the coaching services I offer I need to stay true to my core passion. Thanks for writing this post just for me! I appreciate you. 🙂
This truly sums up my current conundrum of what to keep and what to release. My website is more like a smorgasbord and I am really struggling with streamlining everything from the copy to the content and poducts offered. I’m thinking now I need to specialize in only the sweet stuff…. Thanks Minette. As usual, some relevant content for us readers! xox
This is so timely for me Minette as i am rebranding, re websiting and getting clarity on what products i am offering thank you
Very helpful tips for making a business more profitable…LOVE IT!
Sat Nam X <3 O
Thank you Cindy!