Boost Your Sales with the "Good, Better, Best" Assortment Strategy
Crafting the ideal product assortment requires a strategic balance of various factors. A proven approach is the "Good, Better, Best" strategy – and here’s why it works :
Good: These are your entry-level products—affordable, practical, and perfect for bringing new customers in the door. They build a value-oriented image that attracts first-time buyers.
Better: Often your most profitable category, mid-tier items provide great features at a moderate price, attracting the largest customer base. Aim to get this mix just right, as it can represent up to 50% of sales!
Best: Showcase your high-end offerings here. Premium products add prestige and elevate your brand image. Not every customer will buy, but the presence of these items can make your entire assortment feel more valuable.Pro Tip: Keep the price gap between "Good" and "Better" reasonable so customers are more inclined to trade up. And let your data guide you—using sales trends, customer insights, and competitor analysis can help you nail down the right mix in each category.
Implementing this approach, and letting data shape your assortment, can improve profitability, optimize inventory, and build stronger customer loyalty.
Want more insights? Dive deeper into our Merchandise and Assortment Planning e-learning course for best practices that drive results!-
Posted by Brian Hume
8th November 2024
