If you sell products, read this.
There are some holdbacks that product-based businesses experience that service-based businesses may not experience. But today we will discuss the ways that you can scale your product-based business that may not apply to other businesses.
Let’s start it off with a story. Adanma is the owner of Adazy Zobo Company. Her USP is that her Zobo is perfectly made and doesn’t explode before its use by date. She thinks this difference is an edge and approaches Zayn! Drinks to carry her products.
Zayn! Drinks is already a nationally popular brand and would sell Adazy products by rebranding it as Zayn!
Adanma sells a lot more, and Zayn adds a premium and sells at a good profit without incurring any of the cost of production.
It’s literally a win-win. Consider whitelisting if you’re in an industry that allows it.
Another strategy to consider is “bundling” products.
If Zayn! Drinks sells Zobo at ₦800, Kunu at ₦800 and Fura at ₦1200, but sells a bundle that contains 2 Zobo, 2 kunu and 2 Fura at ₦5000. (Customer saves ₦600) and name this package “Zayn! Family Pack,” they would get more orders on all the products in this bundle than individual sales.
Bundling is a strategy that has helped many businesses both big and small and could help yours too.
BONUS: Have you seen “also buy these products for 20% off” on e-commerce websites? Where they suggest complementary products as a bundle for some discount or free delivery? That’s also an example of bundling.
Try this for your business and tell us how it goes.
