Find original ways to organise your portfolio
Arranging your portfolio is a very important part of any business. It’s one of the first areas that potential customers look at. However, a portfolio for a business that provides services is very different from that of a product-based organisation. Either way, in an online environment, you will be need to create some kind of display listing to showcase whatever you are selling.
Before you start building the portfolio, you have a number of decisions to make, from deciding the sequence in which to display your items to working out which and how many pages each item will appear on.
It is tempting to show a list of products or services in chronological order based on launch date. This is usually easier to setup but doesn’t necessarily have your customers’ interests at heart. Alternatively you could place your “best” items at the top in order to impress your potential customers, but this maybe a subjective approach. You can categorise your items by type to make it easy for visitors to filter, but this might not display the most impressive or cost effective items. Or maybe there is a different way, one which looks at your items’ strengths and weaknesses and prioritises them accordingly?
The Growth Share Matrix is a well-known business chart which compares the relationship between market growth and market share. It divides a businesses products up into four categories, as follows:
• Cash cows: products with a high market share but with low growth prospects. They tend to generate lots of sales on a regular basis but because of their poor growth prospects, don’t need much cash injection. Reliable long-term products but liable to decline in the future if you don’t look after them.
• Stars: products with high growth prospects and a high market share. The best products and those most likely to get most attention and cash injection.
• Question marks: products with high growth prospects but a low market share. They have potential and can be risky.
• Dogs: products with both low growth prospects and market share. Dead in the water.
It is worth looking at your product portfolio and categorising them into the above groups. This can allow you to see, at a glance, which products are good trustworthy earners you should milk, which are worth investing in, which should be considered and analysed as to the risks and rewards and which you should remove altogether.
Your online portfolio can be enhanced by promoting the stars to the top of the list, advertising them across multiple pages and making them top priority on your homepage.
Cash cows should be given ample coverage, possibly marketed in the sidebar or less prominent pages. They are the items you can use as related products for cross-selling. They should appear below your stars in the portfolio.
You can use the items you have categorised as questions marks to experiment with, perhaps creating several pages, each with a different message and a different way of selling the product. This is a good way to figure out where your opportunities lie and how you can increase your market share in these areas.
Your dogs shouldn’t be displayed at all on the website. They maybe damaging your brand, even if they do get some sales.