Should You Expand Your Product or Service Line?

by Nick Nichols, Marketing Strategist

I was interviewed by a self-storage trade magazine writer who wanted ideas on how to add ancillary revenue generating items, a.k.a. line expansions. Here is my five-step formula:

1. Look at your market – What are the holes and gaps? What do people need that you could provide?
2. Look at competitors and outside your market – not just in your industry, but in any complimentary industry.
3. Who in your market is already providing these things and how are they doing?
4. Analyze the most appealing items in terms of demand, profitability, sourcing and available resources.
5. Select 1-3 items and test the market. Rinse and repeat.

Need more ideas on how to expand your business? Click here to see if you qualify for a complimentary strategic marketing tele-consultation with Nick Nichols.