An optimized and understandable product portfolio is the basis of high-quality business at any enterprise. Even Youtube bloggers today try to stick to certain topics of content, and accustom their subscribers to constancy – content in a separate section is released only on certain days of the week.
Content, services, freelance work – this is also a product. And representation, demand and, ultimately, sales depend on the proper optimization and presentation of a product portfolio. But how to optimize and develop a product portfolio?
Product portfolio: 4 basic principles of development
Clear product line
Any product line should be understandable, and each product in it with its positioning should appeal to its target audience. For example, beer companies, for example, Heineken, have a very well-thought-out product portfolio, which includes not only international, but also regional brands.
Also in this context, we can single out successful Youtube bloggers working according to an understandable content plan. It must be remembered that when a user subscribes to a channel, he expects certain content. Therefore, creating separate categories and playlists is a very preferred method for optimizing content.
Suppose you are conducting training. Which topics do you think are most in demand now? In Russia, for example, today trainings in Internet marketing (SMM, online advertising, etc.), as well as trainings of personal motivation, are very much in demand.
In this matter, it is very important to monitor competitors and the market situation. Usually, a few relevant queries in search engines will tell you everything you need to know about the current situation in the market in which you work.
The product must comply with the culture, norms and policies of the region of sale
Any product or service must fully comply with the culture and standards adopted in the region of its implementation. The simplest example is that it is not suitable to sell pork in regions where the population, for the most part, professes Islam.
More recent examples include the sale of game consoles in Brazil, where peculiar duties apply to them. Or an example of localization of car production in Russia – thus, manufacturers simply save on import duties.
A product portfolio and its optimization is, first of all, the correct positioning of goods or services. There several key things, that attract a customer the most – label, seasonality factor, promo – but the main criterion for the attractiveness of a product for a buyer is price.
Again, returning to the subject of beer, all beer companies are positioning each of their brands, or even individual products in the brand line, for a particular buyer. For example, strong and inexpensive beer is intended for blue-collar workers, and non-alcoholic beer with lemon flavor for a completely different audience.
In such cases, it will be natural to choose the necessary price for each product, but it all depends on the target audience. Remember that a product portfolio must be balanced and products or services must be sold! It will also be useful to remember the Pareto rule – 20% of the goods bring 80% of the profit.
Whatever business you are involved in, it is important to be able to properly optimize your product portfolio and offer customers a product that might interest him. Of course, unique offers on the market are very good, but they also may not be in demand.
The main thing in the optimization of the product portfolio is a thoughtful analysis. We also recommend that you pay attention to such analysis tools as ABC or BCG matrix.