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There may come a time when you think that adding new products or services to your business is the right thing to do. It's a great way to grow and diversify your business and can start to bring in a new stream of revenue for you. But before you decide to add any new products or services, which takes time and energy to do, you need to think about a few things to ensure you're making the right move. You have to know that you're adding the right products or services that benefit your existing customers or help to expand your audience.
Add Complementary Products
The first thing you're likely to do is think about what products or services complement your existing ones. While it sometimes makes sense to diversify your business in a completely new way, it's often better to think about how you're going to provide more value for your existing target market. If you sell prerolls to your customers, you might want to add some accessories to your product range, allowing them to buy a joint case or lighters from you. If you offer website design services, you might add copywriting services to your business. These complementary offerings can naturally add to your existing ones.
Ask Customers What They Want
If you're not sure about which products or services to add to your business, listening to your customers is one of the best things that you can do. In fact, they may already be telling you what they would like to see from you. Pay attention to what your customers are saying on social media, in reviews, and in any other feedback that they provide you. If you want to know more, you can even ask them directly to find out about what products or services they'd like to see from you.
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Stick to What You Know
One thing to keep in mind is that you probably don't want to step too far out of your comfort zone. It makes sense to offer products or services that are closely related to your existing offerings, not just because it will serve your current audience but also because it's what you know. You should choose products or services that are linked to what you already do so that you limit the number of unknowns that you're dealing with. You might still need to do some research but you can avoid having to learn about something completely new.
Be Careful of Stepping on Toes
Before offering a new product or service, think about other businesses that might send you referrals. It would be smart to avoid stepping on their toes by offering something that they already provide. If you become their competitor, rather than a business with a shared target market, you could risk losing business from the people that they send your way. Make sure you take this type of thing into account before growing your range of products or services.
Think carefully about which products or services to add to your business and spend some time researching what would be best.