If you’re running a product-based business, it’s so important to have a strategy for assortment planning. You need to be able to look at your product assortment and using past data, decide which products have growth potential, which you should keep, and which you should consider discontinuing.
As you scale your business, it may not be the best idea to keep adding new SKUs (stock keeping units for those new to the acronym), without considering the profitability of your existing products. So, I want to share the way I analyze products at my company. And yes, it involves a spreadsheet.
On this week’s episode, I’m sharing my product analysis spreadsheet and my strategies for identifying products that are star players, as well as products that should potentially be discontinued.
This episode was actually requested by one of my Instagram followers, and I hope it can help you with your assortment planning this year. So, grab your headphones and open up Excel or Google Sheets. Let’s get planning!
Have a listen to episode 2 from season 3 of Brave and Boss: The Podcast on iTunes or Soundcloud.
And, don't forget to subscribe-rate-review. It's super easy and helps me to reach MORE creative entrepreneurs just like you!
KEY INSIGHTS FROM THE EPISODE:
- How to account for seasonality in your product analysis
- At what point should you consider discontinuing a product
- Understand what you can learn from a return rate
- The software that I use to get e-commerce analytics
- Stitch Labs Inventory Managemen
- Glew Ecommerce Analytics Software
- How to Ace Your Next Product Launch
- Gorgias Customer Service Tool