There are two main ways to increase sales – sell more stuff or sell different stuff. Broadening your product range is one of the effective ways to grow your business and it doesn’t need to be a difficult process.
In many cases, complementary products to sell with your existing range will be pretty obvious and a quick discussion with your key customers is likely to confirm areas you can push into.
Indeed, examining your customers’ businesses will probably suggest a number of opportunities. See what else they buy into their business – whether it’s related to your product or not – and think about whether you could supply. Your customers will probably relish the chance to buy from one firm rather than many.
Acquiring or merging with a competitor could also help you broaden your product range and grow your business.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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