A successful entrepreneur figures out what’s working and does more of that. A successful WooCommerce store does the same thing. Pay attention to stats and optimize what’s working.
Knowing your best product is an important indicator that can help you boost profits. It’s the kind of WooCommerce data you can track in our WooCommerce reporting plugin, iThemes Sales Accelerator.
We’ve got 12 suggestions to make more of your best products:
1. Figure Out Why
Before you run around trying to optimize your best product, you should figure out why that product is selling so well. Sometimes it’s obvious, sometimes it’s a mystery. But the more you know about why that product is hot, the better you can optimize it.
Ask yourself some questions:
- How long has the product been selling well? Is this a recent spike or has it always been a strong seller?
- If it’s a recent spike, what might have caused that spike? Is it something internal (like a recent feature or sale) or external (new fad, cultural phenomenon, etc.)?
- Is this a product you’d expect to do well or is it a surprise? Either answer can have helpful implications.
- By what margin is it the best product? Is it just edging out other products or is it an order of magnitude better? You don’t want to single out and double down on a product that is only doing marginally better than other products in your store.
As you figure out why this product is doing so well, you can start to narrow in on areas for improvement. For example, if one of your marketing emails caused the spike, you better take a close look at that email and see if you can replicate the results. If your best product is a surprise, you should look at your audience and try to sort out if this is a fluke or if you missed something key about what your audience wants.
2. Create Best Product Content
Keep the sales of your best product going by creating content focused on that product. You’ll boost your SEO and increase conversions by educating consumers. You also set yourself up as an expert.
Ideally, your best product is a natural fit in your store, so all of this content helps boost your status as an expert in your category.
If your best product is an outlier, then you should tread carefully. Think about how this product connects to the rest of your store and focus on those connections. You want the success of this product to spread to the rest of your store.
3. Invest in Successful Referrals
Look at your site analytics and pay attention to what’s driving traffic to your best product. Invest in the top performing channels and dump the underperforming ones.
For example, if SEO is driving sales, you might invest in Google AdWords and redouble your SEO efforts. If sales aren’t coming from social media, maybe you stop trying so hard and definitely ditch the Facebook ads.
4. Featured Product
Are you highlighting this product on your homepage or featuring it in other areas? You want to sort out whether or not this exposure is helping create your top-selling product or whether it’s something else.
If featuring is driving your best products, then you can be extremely strategic about what you feature and when. If you feature another product, will it become the best seller? Pay very close attention to what you feature and how well it sells, and be careful that your experiments don’t kill off sales.
If what you feature has little impact on your best products, then you can safely experiment with highlighting other products, knowing that you’re not risking your big sales.
5. Who’s Buying?
A good store knows its customers. So who’s buying your best product? Are you seeing regular customers coming back for more or is this a steady stream of newbies?
If you’ve got regular customers driving your best seller, you want to figure out everything you can about those regulars so you can create more regulars. You should also make sure you’re keeping those regulars happy.
If you’re bringing in newbies, then you need to worry about two things: First, are you doing everything you can to make them repeat customers? Second, it might be a product that doesn’t generate repeat sales, so what can you do to generate even more newbies?
6. Power Up Profitability
So you’ve got a product that’s selling well. Are you making as much money as you can on that product? Now is a good time to look at the margin on this product and see if you can make more money on a successful product.
You’re moving a greater quantity, so maybe you can negotiate a better wholesale price. Or maybe you should research a cheaper source (though be careful not to sacrifice quality).
If this is a product you create, look at getting a better deal on the materials. Or buy in bulk to get better deals. Are there ways you can optimize your production process? Figure out ways to make the product cheaper so you can increase your profit per unit.
It’s a lot of work to optimize your profitability on every single product, but you can maximize that effort by focusing on your best product.
7. Experiment With Pricing
Once you maximize profitability on your best product, it’s time to experiment with pricing. You now have the most latitude to change the price. Remember: Dropping the price is not the only solution. Raising the price could be a very real approach to make more money.
Pricing is always a challenge. It’s tempting to overthink or assume that cheaper is always better. That’s not necessarily the case. Sometimes customers are willing to pay more than you think they will. And sometimes a lower price will drive enough sales to make up for the lower profit margin.
Don’t just guess. Test different pricing strategies and gauge the results.
8. Efficient Shipping
How often do you order something small from Amazon and it comes in a giant box three-fourths full of that air pillow packaging? It’s hardly efficient. (Though knowing Amazon, they’re probably taking advantage of some archaic shipping loophole and saving money, even if it is a total waste.) You’re shipping a lot of your best product, so make sure your shipping is the best.
Take a look at how you’re shipping your best product and see if you can maximize your efficiency. Maybe there’s a better sized box or a better way to package it that can reduce costs.
9. Up-Sells, Cross-Sells & Bundles
Once a customer makes the decision to buy, a standard sales technique is to get them to buy more. There are a number of strategies that can help you make more money with your best product.
- Up-sell: If you like our best product, you’ll love our better product! Suggest a different version of your best product that has more features or a higher profit margin.
- Cross-sell: Since you’re buying our best product, you’ll also need these. Offer a complementary product the customer will need anyway. Such as cables with a new TV, a case with a new phone, etc.
- Bundle: Get our best product along with this other awesome product and save! Pitch your best product along with another frequently purchased product and offer a discount for buying them together.
All of these options can be ways to increase your average order value, one of the 10 WooCommerce data points you need to follow.
10. Diversify What’s Best
If your best product is a red knit hat, maybe you should sell other knit hats. Experiment with other colors and patterns. Figure out what’s the draw and then consider other factors you can vary.
This is the standard product cycle for really popular fads. Imagine the fidget spinner:
- First the plain, boring product takes off and sells like crazy.
- Then variations are introduced, fun colors and new patterns.
- Then cheap knockoffs and expensive premium versions (gold plated!) hit the market.
- Then more complicated variations come out, like the mini fidget spinner or the light up version (glow-in-the-dark or light up versions usually mark the end of any toy fad).
- Finally, the more enterprising latch onto the fidget toy factor and start offering a broader range of fidget toys.
Chasing fads can be exhausting, but on a smaller scale offering variations of a popular product can be a way to drive sales.
11. Best Category
Your best product is an obvious focus, but you should also pay attention to your best category. Top product categories will tell you why people are coming to your store. That can help you make better choices about what products to offer, what to highlight, where and how to advertise, how to grow your store, and more.
12. Optimize Your Entire Store
It can be tempting to chase your best product in hopes of boosting your profits. But don’t do it at the expense of your store. Popular products may come and go. Your store is a long-term investment.
Use your sales data to identify those best products and make the most of them. But make sure those efforts also benefit your store over the long haul. Grow your customer base. Build relationships with customers. Focus on the fundamentals.
Optimize your product page so you can get better conversions on your best products, but those improvements can also help across your entire store.
Extra Tip: Don’t Be Myopic
It’s easy to be seduced by the exponential sales of a best product. You should capitalize on those opportunities, but recognize them for what they are. Every fad is a bubble that will one day pop.
Milk your best product, but also be looking for the next best product. Remember that you’re growing an entire store, not selling a single product.
Track Best Product Sales Data with iThemes Sales Accelerator
Knowing your best product can empower you to make the right changes to make more money. But you can only do that with the right information. You need the right data, which you can get with our WooCommerce reporting plugin, iThemes Sales Accelerator.
The post 12 Ways to Boost Best Product Profit in WooCommerce appeared first on iThemes.
Powered by WPeMatico