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