How do I broaden my product range?
There are two main ways to increase sales – sell more stuff or sell different stuff. Broadening your product range is one of the effective ways to grow your business and it doesn’t need to be a difficult process.
In many cases, complementary products to sell with your existing range will be pretty obvious and a quick discussion with your key customers is likely to confirm areas you can push into.
Indeed, examining your customers’ businesses will probably suggest a number of opportunities. See what else they buy into their business – whether it’s related to your product or not – and think about whether you could supply. Your customers will probably relish the chance to buy from one firm rather than many.
Acquiring or merging with a competitor could also help you broaden your product range and grow your business.