Expand your product or service line with these 3 strategies

Aiming to expand product or service lines is something every small business owner should address when seeking growth. 

Aiming to expand product or service lines is something every small business owner should address when seeking growth – and being the first to take a new offering to the market can be a major advantage.

Here are three smart strategies for introducing new, profitable offerings.

Research your competitors

Keep an eye on what your competitors are working on as you scope out new ideas for expanding your products or services. Keep a list of your top five competing businesses and note how they are positioning themselves on their websites, in their white papers, webinars and other media.

Are there any weaknesses you can capitalize on? Is there an opportunity for you to introduce a product your competitors haven’t thought of? How can you differentiate yourself as you market new offerings?

Be sure to talk to your suppliers to see if they can shed some light on what trends are happening in your industry, too. If you act fast, you can get your new products to market before anyone else. Your competitive intelligence may also lead to partners who can help you distribute new products.

Modify your existing products or services

Sometimes the simplest answers are the best. Can you make slight alterations to your existing product or service line to effectively spruce up your offerings? You might also want to think of how you could rebrand your products to fit a new target audience or smaller niche.

A mind map can help you brainstorm possible tweaks to your current product line. Ask your team to contribute ideas. Don’t rule out any possibility at first. When you evaluate your ideas look at which changes would be easiest to implement and which hold the most potential for sales.

For some businesses, information products are an easy way to create a passive income stream – such as an e-book. You can expand your line of information products at any time and sell bundled packages that offer greater value.

Be innovative

Being innovative doesn’t necessarily mean bringing something to market that’s never been seen before. That kind of large scale innovation takes considerable investment and also comes with a high level of risk.

For small business owners, the key to innovation comes down to listening carefully to your customers. Any problem your customers struggle with is an opportunity to introduce a new solution.

Take note of your customers’ pain points and brainstorm the types of products or services that would be most appealing to them. Think about how those solutions tie in to your other products and services, so you don’t miss an opportunity to cross-sell or upsell.

Branching out with multiple product lines (or enhanced product lines) is a great way for small businesses to compete effectively. Consider the best approach for your business, get input from your trusted advisors and plot a strategy for growth.

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