So, you’ve started a business and now offer great products or services that people buy and support. That’s great! However, the market conditions of tomorrow may look different than they do today. Will you be ready? As markets continue to change, so too does consumer behaviour. What happens when your existing products are no longer in demand?

Brands are often forced to rethink their product lines to maintain a positive trajectory. This may be challenging at first, but some healthy re-examination can lead to the discovery of untapped market potential and new sources of revenue! Below, we provide insight into how you can reinvent your products to address new markets and achieve sustainable business growth.

Enter adjacent market space

Businesses considering a product line expansion can notch some easy wins by extending their product line horizontally. Ask yourself if you can offer additional products that compliment your current ones.

For example, imagine you’re a web-based application looking to develop a new offering. Your app is performing well, but by conducting some market research analysis, you realise that you could develop add-ons to your app that expand its appeal to a broader range of users, without impacting existing users who are satisfied with the app as it is. Without changing your core product or wading into a new industry, you’ve expanded the value of your product line!

Add similar markets to your foundation

As you re-evaluate your business, you may decide to finally put your goals into action. Strategic moves that expand your business include things you could do for your business today that you have not been doing. For example, you may own a store that specialises in TV screens, selling every kind of screen there is. It may be time for your business to start expanding to other audio and visual components to broaden your reach. Expanding your core is an attainable goal, as you’re likely already equipped with the necessary skills and knowledge.

Partner with industry influencers

Don’t focus solely on brainstorming ideas for change, designed only to appeal to your existing customers. You also need to brainstorm other possible paths, like connecting your products with other influencers and people who can potentially be converted into buyers or product advocates for your brand.

Word-of-mouth-marketing can greatly build your credibility as a brand. Thus, partnering with trusted industry influencers who can put the word out for you can be beneficial for your bottom line. Restaurateurs can initiate partnerships that will earn the approval of top chefs from upscale restaurants. You can also choose to work with food critics who will rave about your menu. These connections will expand your appeal to a whole new wave of customers.

Be objective in your assessment

There’s no one-size-fits-all solution to product re-evaluation. Business owners often lose money because they have a sentimental attachment to products or services that just don’t sell. Test your ideas and assess their growth potential to see if they’re worth pursuing. Remember, you’re responding to your customers’ needs, not your own. You want to aim for products that will cater to a growing or expanding market. To get an idea of your products’ potential for growth, you need to rely on research, market testing, and customer feedback to avoid investing your resources into a softening market.

Tap into the potential of digital

Business owners have more opportunities to push beyond the old ways of doing things, digitising their business operations, expanding into new markets, and opening digitally enabled revenue streams. This will simplify, improve, and revitalise products and services as your operations and workflows become more efficient. At Bartercard, you can unleash your product line’s full potential by introducing your brand to an immense marketplace that offers a far wider reach.

Remember, reinventing product strategies doesn’t necessarily mean reinventing your business, but to thrive within a competitive industry, your company must remain fluid and receptive to new variations on what you have to offer. There’s almost always an untapped potential hidden beneath the products and services you already have on the market. You just need the right mindset and the right platform to unearth their potential and leverage it in the marketplace. Join Bartercard today to boost your brand with a supportive network where you can enjoy helpful feedback and additional revenue. Contact us to learn more!

Anna

Author Anna

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