Your company has a core product. Probably since your company’s inception, that single product has been the driving force. It’s the one “item” that is your organization’s bread and butter.
How true is your business still to that original model? Do you solely focus on that one product? Or have you ventured to other products that complement the staple item?
Many of us are hell bent on producing and/or selling the one product that is the reason we began our businesses. Some of us have added complementing items that are marketed and sold inclusively or a la carte. When the latter is the route our organizations are currently on, the bread and butter product is probably still the hook. It continues to be the core of our organizations’ revenue.
As technology changes, many times so does our primary mission or main product. Packaging multiple products can now be more effective and efficient and hopefully more profitable for you. Offering options to your customers can result in possible one-stop shopping as long as your production and/or marketing teams can provide and deliver high quality products/services. There comes a time in many companies’ existence that we ask ourselves, “When do we take the step of expanding our line?”
Obviously, venturing outside the box involves risks. There are financial, capital, personnel and other factors that encourage or discourage a broader product menu. Yet, today’s and tomorrow’s competition demands at least a hard look at what else can we do to gain market share while still delivering exceptional customer service.
Focusing yet diversifying can make sense and cents.