Give your customers a choice of several brands, sizes, and price ranges in product areas in which you want to specialize. (Earlier, when I suggested offering a smaller selection, I meant on items that are not in your basic area of expertise. When you are an expert in one area, people will know that they can come to you for anything in that area.) Everyone won’t buy the same-size product at the same price level. You’ll have customers whose budget will only allow them to buy the least expensive product. Others will have a larger budget or a desire for the highest-priced products. Don’t automatically assume that everyone wants the cheapest product. Some may buy the lowest-priced item and then upgrade on their next purchase, so it’s wise to have different price levels available.
Variety is good. How often would you visit an ice cream store that only had three or four flavors? In your business, you need to have as many “flavors” as you have room for—in the case of an ice cream store, for example, at least 25 or 30. In addition to inexpensive and common items, you should stock more expensive specialty items that some purchasers will be interested in.
You’re only going to please a small group of customers with a small selection; the rest will go elsewhere. Give people a bigger choice, and it may also increase your repeat business and referrals.