As a business owner, you will want to expand your business at some point. It will depend on how successful you are as to when this point occurs, but in the end, this is what most business owners aim to achieve when they start their business; they want to grow it and find new customers to make more sales.
One of the best ways to do this is to find new products to sell. This can be difficult, though, since your loyal customers will be used to the line you sell currently, whereas new customers might not know that you are changing—or rather, adding to—your range. You can manage both sets of expectations, though, and here are some great tips for successfully selling a new product in your business.
Tell The Story
Remember this: everyone is looking for a solution to their problems. If you have that solution (in the form of your new product), people will buy it. This is why you shouldn’t just focus on selling the product. Instead, you need to sell the story that goes with the product, and you need to show people how this new product can solve their problem for them.
There will always have been a reason for your new product to have been thought of, to have gone through product design, and to be sold. Find out what this reason is and focus on that in your marketing. Tell the story of what the product will do for your customers and you’ll sell much more.
Don’t Go Away From Your Brand
There are thousands of new products out there for business owners to discover, buy, and then sell on to their customers. The reason why some will do better than others isn’t the product itself—in many cases they are excellent. Instead, it is your brand. You will, as a business owner, have spent many years building up your brand and working in your specific niche. If you then start to add products that don’t match with that brand or niche, your customers will get confused.
This is not what they want when they come to you, and even if the product will help them and is made perfectly, it is unlikely to sell.
In order to do well when you have a new product line, the products you choose must link to what you are already selling, and what your business is all about; so choose carefully.
Market To Your Existing Customers
When you have new products to sell, the temptation is there to sell those products to brand-new customers. Although this attempt to draw in people who haven’t bought from you before isn’t to be ignored, you also can’t ignore your existing, loyal customers. These are the people who already trust your business and who are already happy to buy from you. It’s not as difficult to persuade them to try a new product from a business they already trust as it is to persuade someone to buy a new product from a new (to them) company.
The point is, you don’t need a brand-new audience for a brand-new product if you can sell to your current customers; it’s more cost-effective and you’re likely to be more successful.