What TYPE of Product is Right for You?
I get asked all the time 'What product should I sell in my mall cart or kiosk?'
However, usually that FIRST question to ask is not WHAT product to sell, but, 'What TYPE of product is right for me?'
I received an email from a mall cart operator last Christmas from an operator who was selling a product that I KNEW was a proven winner. But he wasn't doing as well as he expected, and wanted some help.
It turned out that although his product was a GREAT product, it was the wrong TYPE for his personality. He wasn't willing to do the work required to succeed with that product. And as a result, didn't do nearly as well as he could have.
There are really two major TYPES of products you can sell in the mall:
1) DEMONSTRATION Products
2) STATIC Products
It is just as important to pick the RIGHT product for YOUR personality and YOUR goals as it is to pick a GOOD selling product.
So, let's take a brief look at the two major product TYPES:
1) DEMONSTRATION PRODUCTS
Demonstration products are products that are typically sold via a sales PRESENTATION. That presentation might explain the benefits of the product, what it does, and/or how you use it.
'What is it?; What does it do?; Why do I need it?'
Oftentimes a presentation is NECESSARY to sell the demonstration product - as the casual passer-by in the mall may not be initially familiar with what it is or what it does!
Demonstration products typically offer a HIGH profit potential and LOW risk. That is because YOU and your STAFF control how MANY presentations you give. The more presentations you make, typically the more you sell.
However, demonstration products generally require a higher QUALITY staff - because the sales are dependent on their efforts.
2) STATIC PRODUCTS
Static products are often ones can sell without much explanation. We might consider to be 'staples' or products that most EVERYONE is familiar with - jewelry, T-shirts, sunglasses... ...and so on....
Your customers already know what these products do, and how they work (YOU know what a T-shirt does, right?) As a result, your customers don't NEED as much of a presentation to make a decision.
The demands on your staff are not as high, because your customers are already familiar with the product and what it does.
However, you tend to be more a the mercy of mall traffic. Sales are only made when the customers decides to stop by.
In the case of the man that emailed me....he had picked a demonstration product to sell, but wasn't willing to demonstrate it or hire a staff to do so. As a result, he had mall full of customers stream by his cart without really knowing what he was selling - and didn't sell nearly as much as he could have.
My feeling is that he probably would have been much happier - and done better - if he had elected to sell a STATIC product.
On the other hand, it would drive ME 'stir crazy' to sell a STATIC product. I want to be more active, selling my products, and training a staff how to do so. For me, a DEMONSTRATION product is much more in alignment with MY personality, and MY goals.
What TYPE of product best suits YOU and YOUR personality?
Before you ask, 'What product should I sell?', first decide what TYPE of product is right for you! Pick the right TYPE of product! You'll be happier, and you will do better!
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