Expansion Strategies For Your Business
Use your creative side to come up with a new product that is in line with what you are already selling. You do not want to introduce something old or outdated but you never know when you might hit upon an excellent idea.
Extending the product line you already have is a good idea but introduce new products slowly. You do not want to overwhelm your customers. Do not create a whole new product that is unrelated to what you currently sell. You will more than likely money from your existing customers than you will from the new customers you acquire due to your new product. It is the Pareto Principle or the 80/20 rule (sometimes written 80:20) at work.
The 80/20 Rule states that 80% of your regular business will come by way of 20% of your long term loyal customers. It is always good to look for ways to get new customers as all loyal customers were once new customers but it costs five times more to get a new customer than to hold onto one that you already have.