Do you want to launch a new product within your existing business? Sounds like a great idea as long as it does not impact your current business. However, it would be really nice to be able to add a new product and just add some extra profit to your bottom line.
There a few ways to successfully add a new product to your current business. In this post, we will take a look at some of the best ways for you to launch new products within your business. I can almost guarantee there are new markets that you business is ready to profit from.
Sticking To Your Core Competency
Are you a media company, garment manufacturer or best-selling author? The first step you have to take is identify what your business does that makes it so successful. What is it exactly that makes your customers happy right now.
If you provide google search engine optimization services, then you can say that your business builds authority for websites on the web through link building, content marketing and social network promotion. This means your company is extremely good at writing, creating ideas, researching niches and connecting with others. Try to get as specific as you can about exactly what it is that you do.
Utilize Your Current Sales Channels
Next, you want to find a similar product that shares a similar selling point. For example, a medical uniforms company, Angielyns Collections was able to nearly double sales by launching a new product, cargo pants used by police and EMT’s. They succeeded by sticking to their core competency, garment manufacturing and selling to the same store owners, just a new product. Leveraging your current sales channels and distribution lines is absolutely critical to make a faster launch.
Start Small Then Scale Up
Many of the largest companies today started out selling one product and launching more successful products. They did this by making small “tests” or “bets” by putting aside money to launch new small projects. If things went well, they added some more resources and people behing the project. If things didn’t look to good, they moved on to the next project.
Launching a new product in a small way can help you see if it is worthwhile. It also helps lower the risk of your time, resources and intellectual capital. Once you do find a successful new product within your sales channel that also plays to your core competencies, it can really be a homerun for your business!