Imagine you are walking down this aisle looking for one particular answer to your need, in the form of one product. What words come to mind? The words that come to my mind are: "cluttered", "overwhelming", "confusing", and "lost". Coincidentally, these are the same words that come to mind when I look at my taxes, the freeway system in Los Angeles, and my hair in the morning.
Your product, which you have invested thousands, tens of thousands, or perhaps hundreds of thousands of dollars into, not to mention your blood, sweat, tears, 2nd mortgage, and kid’s college education, might end up on the shelf in a situation like this.
Here’s some developments in the retail world in the last decade to chew on. The number of SKU’s ("Stock Keeping Units", or simply put–"products") out there has increased tremendously. This is partly because the increase in private label offerings by major retailers. But, it is also because companies are trying to refine their product offerings to appeal more to specific market segments. Shoppers, consumers in general, are demanding more specific offerings that meet their specific needs. One national retailer shelves more than twenty different models of kitchen mixers. A national home improvement retailer offers 318 different refrigerator models. A national electronics retailers sells 164 digital camera models. You get the picture.
What does this mean for someone browsing the shelves where your product is placed? It means that it has become more difficult to evaluate and compare product features and purchasing paralysis is more common. To make matters more challenging, your product has got to sell well in the first few weeks it’s on the shelves of a national retailer, or they are going to be compelled to replace it with something else that might. Is the word "overwhelming" creeping back into your mind again?
Don’t let it. Here are some things to consider that can help you beat out your competitors who are throwing in the towel or are too risk-averse to try something beyond the same old formula. As you may remember from a few blog posts ago, in which I posted an interview with Barbara Carey, packaging is essential to get your product’s perceived value as high as possible. Also, if you read this post about Joshua Bell and the importance of context in communicating value, you have got to smack people in the face (not literally) and provide the message that your product is great through context.
The increasing complexity of the retailing experience is challenging companies big and tiny. Your advantage, lies in the fact that you can push the above strategies to the next level much more quickly, easily, and authentically, than the big guys. That retail aisle up above could be your ticket to your customer’s favor. Have at it…