Sometimes it is okay to have an assortment of products. This may not be always possible for various reasons. Most business would like to sell more than just one product. You know why? To give consumer variety of choices than to focus on a single product. Though it is a matter of choice, still let’s find out what is suitable for your business.
A company where only a single product is developed and marketed with the focus on development and creating a new application is a large scale company. One single product may have many variants in terms of colors and design. For example, a brand of luxury shirts bears exceptional design and colors available only in a single outlet of upscale Mumbai district. The unique designs were focused on the company for a long time until the development of new products of apparels. When the company earns well the surplus funds get invested in new product innovative products to stay in line with the competition.
It is a tightrope walk for small companies as they have to either focus on its growth or is earning enough to be able to pay all costs and expenses. However, a threat perception of a small company could be that your sole product may not be purchased anymore for want of demand. There are two basic intrinsic solutions: Through some brilliant and skillful marketing technique (read focused advertisement), the company could win back market share and continue to sell the same single product or change the variety of the product altogether.
Generally, all start-ups taking baby steps take great strides progressively by the shallow learning curve. The valuable lessons learnt come handy to expand the business. No wonder, many start-ups stay oriented in building a single product at a time as one can serve an under-served market by filling the gaps. It is easier to target a specific group of consumers as one could get to understand their needs well. Incidentally, through the feed-back, the analysis and evaluation of the single product is easy and faster customer service leading to a good business-consumer relationship. In this way, you can hasten your developing process and upgrade your single product.
In all likelihood, your customers can only come for one reason if your unique product is available only in a local store. However, this should not be inferred that the customer has no wide variety to choose from and so has to visit your store only to see one product. Barring wholesale stores that sell exclusive raw materials like rubber products, wax material etc. However, even in these stores, you may find a variety in terms of size and its utility. Besides, it would be ideal if a single product store offers together with related purpose products. In all probability, you may not find a store based on one product. Should you come one, do notify us.
It is amazing to note that with an online-store for a single product, it makes heads turn. It is remarkably easy to find buyers without having to offer related products. The problem of visiting a brick and mortar store gets eliminated and to find the only limited selection to choose from. For large companies with wide and assorted commodities, it is a great chance if they have a single product shop for their cream product to show case. This seems to be a worthwhile opportunity having 4-5 web shops with each containing one of your products.