I’m always amazed at the lean product mix at Costco. At first glance, you might think it’s just about maximizing their limited shelf space.

But dig a little deeper, and you’ll realize it’s a brilliant psychology play that works wonders for their business model.

This approach taps into a phenomenon known as the Paradox of Choice: when more options lead to fewer sales. It might seem counterintuitive, but it’s a principle that can significantly impact your product strategy and marketing efforts.

Welcome to the Paradox of Choice – where less is more, and fewer options can lead to more cha-ching!

🤔 Why does this work?

• Decision fatigue? Gone.
• Buyer’s confidence? Boosted.
• Regret factor? Minimized.
• Purchase speed? Turbo-charged.

But here’s the Costco-sized question: How can YOU harness this power?

Try this:

1. Narrow your product line. Ruthlessly.
2. If you must offer choices, make the differences crystal clear.
3. Bundling is your new best friend.
4. Think “Good-Better-Best” pricing.
5. Position yourself as the choice curator extraordinaire.

We’re not trying to become a monopoly here (yet). The goal is to find that Goldilocks zone – just enough choice to meet the customer’s need, never so much that it paralyzes.

In “I Need That,” we dive deep into creating irresistible product need. And sometimes, that means taking a step back and simplifying.

So, next time you’re tempted to add that 27th flavor to your product line, channel your inner Costco.

Ask yourself: Am I adding value, or is this just noise?

Your challenge this week: Identify ONE area where you can simplify your offerings.

Here’s to lean product lines and fat profit margins,