The products you sell are the foundation of your business. They’re the reason people come to you, they’re what they see when they look at your website, and they’re what they think about when they’re thinking about your business.
But if you have a service-based business, it can be difficult to understand how to effectively add products to your business. After all, adding products is often about creating an additional revenue stream for your business.
That said, there are some things that you can do that will help increase the profitability of your products and services-based business.
There are several ways that you can add products to your service-based business:
Make the products part of the business
The easiest way to add products to your service-based business is to simply make them part of the service. For example, if you offer a spa service, you might sell products such as body scrubs or coffees that are complementary. Or if you provide cleaning services, you could sell products like rags and cleaners in addition to the cleaning supplies.
If this seems like too much work, consider using an online marketplace (e.g., Amazon) or an online store where your customers can purchase directly from you.
Sell private label items
The first and most obvious way is to sell only your own brand of products. This may seem like a simple solution, but it can be a challenge if you don’t have the right skills and experience in the industry. The first step is to find out what kind of customers would buy your products, as well as what type of customers would be interested in buying them. Once you know these things, you can then create a marketing plan that will help you reach these people more effectively.
Create an online store
If you don’t have enough resources to create an online store from scratch, there are plenty of companies that can help you out with this task. You can also hire someone who has experience in this area and has worked with many other clients before, so they know exactly what it takes to make an effective business website or ecommerce store for your product line. In addition, having someone else do this work also saves time on other projects which allows you to focus on other aspects of running your business better.
You can also engage in content marketing to earn more revenues. For you to sell on an online store, you must find a way to build traffic to your business website. This is where content marketing comes in. Create useful content and post them regularly on your website. Doing so is the same as creating more marketing channels.
Sell affiliate products
Affiliate marketing is another great way of expanding your business by selling other people’s products and services. You can sign up for an affiliate program on a website where other people are promoting their products and services and then place links on your site pointing back to them. This will allow you to earn commissions from the sale of these products and services without having to pay for them yourself. A good place to start is to learn more about content marketing. You will be engaging in content marketing to promote goods so people can buy from the site.
Lease out space
If you have a physical location where you operate your business (such as a shop or office), then leasing out space could be an effective way of expanding your business as well as generating income from it as well as providing a venue for meetings with clients etc.
Sell services as accessories to other products
One of the best ways to add products to your business is by selling services as accessories to other products. For example, if you make a website for people with cars, then you can offer them complementary services such as car insurance or maintenance. This will help you increase profits and build your brand recognition.
Offer ‘upsells’
If you have already built up a good following of customers on your business website who are interested in what you do, then it may be worth offering them an additional product or service on top of their initial purchase. For example, if I was selling whiteboards on my business website, I would sell them alongside the whiteboards at an extra cost so that people could get something extra for their money.
