Bill Bartmann says, so, you want to take your business to the next level and start to offer more products or even a whole new product line to your customers. This is a brilliant idea. One reason this is wise is that once you have won over a customer, they will be back, time and time again, to buy from you. If you have more to offer, chances are they will spend more with you.
With this said, you still have to be somewhat careful in how you make the purchases of those new products to offer. Here are some tips to making sure you take the right steps to complete the process.
Bill Bartmann Knows What he Wants
Bill Bartmann's tip #1 is that you must know what your customers want. You don't want to expand to a product line they are not interested in and be stuck with a lot of inventory and debt. Instead you need to know what they would love to have. There are a couple of ways to get this answer. One is to ask your customers what they want. Questionnaires or suggestion boxes can help to this end. Second is to watch what your customers are already buying, wearing, using, etc and make wise decisions off of those pieces of information.
Know the Price Point
Bill Bartmann's tip #2 is to know the right price point. While you may know what your customers like, they all have price points of what they are willing to spend for those items in their head. You need to know what those price points are so you can make sure you are not only selling the items they want but also at a price that they are willing to purchase them for.
What's Available?
Bill Bartmann's tip #3 is to do your research. Now it's time to get to know what is available. Start going through your regular sources for merchandise or even look to those outside of your normal sources to find the items that your customers want.
Price Comparison
Bill Bartmann's tip #4 is before you jump on a purchase make sure it is fiscally wise. Do your math to find out what you can charge for the items and still make a decent profit. Is the retail price enough to please your customers and your bottom line? Consider if you are not able to sell all of the items in the season. If you have to discount them, will you still make a profit? Or will you start to lose money? You want to have as large of a profit margin as possible to start.
Secure the Goods
Bill Bartmann's tip #5 is to secure the goods. Once you know what you want and have found a price that is fair to what you need to be making as well as what your customers are willing to spend, it's time to buy. Do what it takes to secure your order and get it to your store, and in front of your customers, as quickly as possible. Speed is vital as if they see it somewhere else first, you may lose a sale.
Bill Bartmann is a self-made billionaire who has created the Billionaire Business System, a series of books and seminars that teach you what you need to know running a business. Bill Bartmann has provided real business guidance to thousands of entrepreneurs to help them succeed in business, even during tough economic times. Visit Bill Bartmann's website http://www.billionaireu.com to learn more about the course.
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