Product lines refer to different products that are grouped and sold under one brand name and sold by the same company. Some companies can sell different groups of products under different names and want each of the product lines to be different from each other. This is to make the users identify them differently.
When people start to patronize a different company, such a company can decide to add a new product since people like to buy from companies that have gained their trust. One of the reasons companies also sell products with different product line is so that they can target customers that are grouped by those lines.
Product lines help companies to sell their different products without having them necessarily compete with each other. They can offer a primary product, then move a step further by offering a basic product with an additional feature as a second option. Then offer the same basic product with a separate additional feature better than the previous.
When retailers are looking for product lines, here are some of the things they are considering:
Retailers need to be sure that the product line they are looking for offers new value. It will help if retailers focus on products from a company that is trusted by the consumers. These kinds of companies cannot be easily replaced. Having their products means a steady flow of customers and cash.
Products in a new line should be able to have the potential to become the trend in a concise time. This is because they can leverage an already trending product to sell themselves. Product lines that have products that will not fit into the immediate trending pool should be avoided at all costs.
Solving a Particular Need
When looking for a new product line, retailers should consider the product offering or new product offering on the product line. When companies attach new products to their product line, they should have already identified a deficiency in the old product. They can then address it with the new product in the product line.
New product lines should have a slew of products that fit into different areas of the market. It should cover areas like cost, preference, problems, and any other criteria that the consumer is looking to buy. Product lines can have products that have been adopted for different age grades or market segments to give a comprehensive reach.
The best product lines are the ones where there isn’t any additional marketing needed. The brand or company that has the product already has an extensive coverage that the new product they have released is in demand. New product lines should be able to sell themselves without much energy expended by the retailers.
Finding new product lines can be challenging for retailers.
However, retailers need to ensure that they carry out a thorough inquiry about the product lines they intend to include in their business so as not to gamble with their finances.