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Four Product Expansion Strategies by TRWConsult(m): 3:19pm On Aug 03, 2023 |
When a product becomes so trendy and popular competitors steal it and manufacturers can’t keep up with demand, expanding the product’s reach, scope and audience makes economic sense. There’s no shortage of marketing strategies available, but you want some that are tried and true. Try one — or all of them. A fifth strategy at the end of the article may be worth considering too. Strategy One: Penetrate New Domestic Markets When the folks at Avon discovered their Skin So Soft lotion had become a wildly popular insect repellent, they embraced the news. In addition to keeping it in their beauty product line, they opened new markets by advertising the brand to campers, vacationers and people spending time outdoors. Adopt this type of strategy to open new avenues for your product if you’ve discovered new use for it. Consider rolling out a second package design with copy, art and colors targeting the new audience, because you’re re-purposing, not re-formulating, your product. Strategy Two: Export Your Product Read more... |
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