Segment Blurring: Getting More Business
An article in Gourmet Retailer Newletter describes a practice followed by grocery retailers called “segment blurring”. Essentially, in response to increased competition by superstores such as Walmart, smaller retailers are expanding their product lines in an attempt to attract the ever busy retail consumer who is looking for “one stop shopping”.
For gift basket business owners, this practice may also provide a way to increase market share. Rave Reviews Magazine now includes a regular feature in each issue that focuses on teaching basket designers how to also be floral designers. By adding florals to basket designs, or by offering floral arrangements as a separate product line, gift basket businesses can offer their customers another type of service.
Before adding any type of new product line to your mix, make sure you check out your market. Try to add products or services that are unique in your marketplace. Do your research before adding costly inventory and related expenses to your business.
1 comment September 14th, 2006
