Expanding Product Offering
The Plan
Adding new products to either replace products or expand business seems simple and straightforward. Follow these steps to ensure success:
- Step 1 - Determine the requirements of the existing customer base
- Step 2 - Identify numerous products that may be attractive to the existing customer base
- Step 3 - Choose the most attractive option(s)
- Step 4 - Determine how the product is positioned in other markets and what changes to consider
- Step 5 - Evaluate competitive products
- Step 6 - Research product availability, requirements and cost
- Step 7 - Implement accordingly
Discussing with existing customers and marketing partners will provide useful market research and validate the decision to expand the product offering. By completing these steps and proceeding with the required knowledge, the new product will increase sales and market share. At the same time, allowing the business to reach new markets.