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WHEN YOU EXPAND YOUR PRODUCT LINE, WHERE I WOULD START?

Written by: Joe Dager

Article Overview: It seems pretty obvious but which one should you be marketing? Sometimes it is the ugly one, not the real attractive one to market. However, I challenge you to narrowly focus on these items and look at a way to develop this portion your business. Put some sizzle back in it. Don't necessarily look at your competitors here; think of your own strengths. Think about those areas in which the organization excels. Leverage these to realize economies of scale and even the possibility to develop secondary products using your core products as leaders. Here is a 8-step process, you could use to go about it:

WHEN YOU EXPAND YOUR PRODUCT LINE, WHERE I WOULD START?

We talk a lot about Target Market, Ideal Client and your core message. But do you spend the time on analyzing what you are really good at? I mean think about it, what are you good at? Without question, is there one thing that you do better than anyone else? For example is there one product that just flies through your facility, while others just never seem to get done? It seems pretty obvious but which one should you be marketing? Sometimes it is the ugly one, not the real attractive one to market. However, I challenge you to narrowly focus on these items and look at a way to develop this portion your business. Put some sizzle back in it.

Don't necessarily look at your competitors here; think of your own strengths. Think about those areas in which the organization excels. Leverage these to realize economies of scale and even the possibility to develop secondary products using your core products as leaders. Here is a 8-step process, you could use to go about it:

1. Describe your most profitable products.

2. Define any common characteristics of these products.

3. Analyze these characteristics; define core competences and processes that surround them.

4. Segment your customers that use these products.

5. Base your new marketing strategies on developing this customer segment.

6. Introduce new products to this segment first before trying to expand this segment.

7. If possible look at adding to the product line not only as an add-on sale but also find a low cost of entry into that product channel.

8. If these competences are hard to copy, give even greater priority to this segment.

Do you have any other suggestions?

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Article Tags: core products, economies of scale, leverage, marketing



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