Tuesday, January 19, 2010

Offering More Products

Introducing new products is a strong way to expand your share of a particular
market — eventually. If you sold only 10 products last year, and you offer
20 this year, you just may find that your sales double, too. Of course, it’s
quite likely that the new products won’t sell as well as your old ones at first,
but if you persist, you should be able to ramp up their sales over the course
of a few years.

When looking to offer more products, you have two options:
  • Add new products simply by reselling or distributing products that complement
your current line and meet some need of your current customer base.
  • Innovate to create one or more new products that nobody else sells.

Either way, you have the two-fold challenge of informing customers that you
have something new to offer and convincing them to take a look. That’s why
being especially visible and persistent in the first few months of your campaign
to open a new market is so crucial. A concentrated blast of marketing
communications is the key to opening a new market successfully.