What is Core Product Category of your Online Store and Why You Should Never Lose Focus of It?
Core products are central to the company’s performance and make the most money that sustains the business. Core products are also usually the first products that the company created and sustained itself from its founding like the Windows Operating system for Microsoft, The Macintosh computer for Apple, Inc., the Google Search platform for Google, etc. Therefore there is emphasis placed on the profitability of core products while working on other products hoping that they will become a competency for the company. The products that make the most profit are usually the core products. Other products that are not considered core products are called side projects, side products, and experimental products.
In other words – Core Product category of your online store is the category for which you are confident that no one else is better than you in making and presenting these products. It’s this category for which you have the confidence that you deserve to win the biggest pie of the market share and you won’t give it away to anyone.
For example – Burberry sells many categories such as Fragrances, Makeup, Bags, Shoes etc on their online store. But it was born from a coat – it has been their core strategy to focus on making incredibly Sustainable Luxury Coats. This focus has helped them be Sustainable, Profitable & Relevant to their customers for over 150 years.
Many start-ups either don’t know what the Core of their Brand is or they lose sight of it in the changing market situations. They focus on too many categories and lose focus of their core.
So, you need one rock-solid Product and make it the foundation of your brand. You not only have to be a master at making this product but also presenting it on your website.
Benefits of staying focussed on your Core Product Category:
- Your core product category works as the doorway of your brand for new customers.
- It helps you penetrate and build market share.
- It will help you be profitable even when other non-core categories don’t perform so well.
- It keeps your brand relevant to your customers now and forever because great products never go out of fashion – they evolve.
So while it’s important that you keep experimenting with new categories on your website, never lose focus of your Core Category.
Having said that, staying focussed to your brand’s core isn’t as sexy as brand stretching (selling lots of categories on your online store). However, having a core product ensures that all your business decisions are for the long term health of your brand.
Remember, you can’t make a strong & sustainable brand if you’re too vulnerable and too reactive to the changes & trends happening in the market. Don’t let market situations dictate your brand’s product decisions. Know the core product category of your brand and stick with it forever.