Expansion is hailed as the next step for growing and successful business. The call to increase your product offers can sound different for each organization. But all the same, you will reach a point where you’ll need to sell more than just your core product/service to stay competitive.
How can your lead generation campaigns slowly mark out your new territory?
First, you need to firmly establish that you’ve already got the products ready. There’s no point marketing something that’s not there (or at least, won’t be for a very, very long time).But of course, there’s a risk to unveiling it too soon or presenting too quickly. Timing is important so you have to consider carefully how you want to present your expanded line.
- Give it a matching name – Popular brands like McDonald’s and Apple are the best examples. Something as simple as having an i (iCloud, iPad) or Mc (McNuggets, McCafe) in a name is enough to show a particular property is a company’s exclusive innovation.
- One product at a time – Moderation shouldn’t be just a rule of thumb. It should be the critical component to successful expansion. Too many product lines at once can really weigh down on profits. Furthermore, the cost won’t be just from producing more of the new products themselves but marketing them too.
- Highlight interaction – Perhaps the best thing you can do for yourself and your prospects is to highlight the interaction between your core product and your expanded product. Janitorial companies, for example, can easily demonstrate how their cleaning services work hand in hand with additional pest control. You’ve given prospects more reason to have both while at the same time fairly distributing the exposure.
- Understand life cycles – It’s most likely you expanded your line in the hopes of getting new market share. That’s why understanding the life cycle of your product is very important. This will help you determine whether to cease marketing, pitch a better product, or even both!
- Have a hall of fame/shame – Of course, it might be a shame to allow dead products to simply be forgotten. Some of them may have started well or served as milestones. Consider celebrating them in your campaigns. A bit of history is always good for establishing credibility.
Again, there’s a danger of expanding into too many territories all too fast. The costs of marketing all of them add upon the cost of production. Learn to mark your new territories creatively and carefully.