This article first appeared September 9, 2011.
Back in the old days when your Taskmaster went down to the local department stores to buy a new suit, the equation was pretty simple.
Sign up for SmartCompany newsletter.
Free to your inbox every weekday
There was the $100 suit, the $250 suit and the $500 suit – all I had to do was decide on my budget, pick the width of the pinstripe I wanted and decide whether I would go for single or double breasted.
Of course, it wasn’t just suits that were sold under this simple “good, better, best” model – 30 years ago, every shop developed their ranges along these lines.
But a lot of this has been forgotten now. More often than not when I go into a retailer I see a lot of different options all priced around the same levels – there are lots of $300 suits, but nothing for the consumer who wants to go up in the world.
Having a flat ranging structure gives you few options when it comes to discounts and promotions. You can’t, for example, just discount the most expensive stuff and hold the line on your cheaper range.
And you can’t cater for consumers with different budgets.
So review your range of products and services. Is there a good, better and best option? If not, why not?
Get it done – today!