So, you have created a thriving product company. It has been a few years of being in the green and there is a lot to celebrate: you have great employees and loyal customers. Now what?
Expanding Your Product Line
It may be time to expand your product line – an important step in growing your business. Expanding your product line is a way of focusing on your customers and offering them add-ons or variants of the products they already love. Because your target audience already has buy-in to your business, your research into what products to add should include their authentic feedback. If a mother who loves the hair bows you manufacture suggests selling boys’ bowties, that is authentic feedback that is right up your alley! Similarly, if a customer of the water bottle you sell asks if it comes with a straw lid, that could also be a simple expansion of your product that meets customer need. Market research is the foundation for knowing how to expand your product line based on the demographic of customer you are already reaching.
Vertical & Horizontal Expansion
Your expansion may include vertical or horizontal products to your original. Vertical products are variations of your original product, like new colors or materials. Horizontal products are complementary to your original product, like an extra feature or accessory. Add-on products may or may not be directly related to your product but are a nice bonus. For example, a shoe company could also sell socks or matching ties.
If you are open to expanding your product line, consider starting with an easy add-on while you develop your research on vertical or horizontal products. Blacksmith can efficiently create add-ons such as quality-made socks to include in your product line. This simple addition adds the variety that can give the extra boost for customer satisfaction and loyalty.
When you are ready to add new vertical, horizontal or add-on products, Blacksmith is here to help you manufacture with success! To find out more about how we can help, contact us here.