Once you have successfully built an established business, you may begin to struggle with increasing your total sales. Usually, your market is only so large or your company can only reach a certain amount of people, so you may eventually find yourself hitting the peak of what your current line of products can generate for revenue. Fortunately, this probably means that you have given some serious thought to expanding your business’ product line which is a sure fire way to increase your total revenues. However, there are some pitfalls that can accompany the initial inclusion of new type of products into your catalog, so making sure that you have everything in order before you make your move is very important to making it work.
Choosing the Right Products
The first thing you are going to want to consider is that the new products should blend well with the current line of products that your store offers. You should really consider what your current customers would likely be interested in buying from you and make your decisions with that in mind. For instance, if your company sells decorations and supplies for wedding receptions, the adding on things like wedding sparklers or even fashion accessories may be a good idea. A bad choice would be something like wedding cakes or other seemingly unrelated products because your current customers probably won’t be interested in shopping at your store for completely different products than what they normally do.
Affording the New Products
Once you have chosen an appropriate line of products, the next thing you’ll need to do is fit them into your budget. You will likely need to sit on a certain amount of inventory for a while before you start making money off your new line of products, so unless you have an unlimited supply of money you will probably want to tighten the costs on your other items. There are a few ways to do this, but the easiest way is to make sure you have accurate inventory and keep your stock levels as close to minimal as possible. You’ll want to make sure you have enough of any given product to not run out before you can do a reorder, but not so many that you have too much capital tied up to introduce your new product line without stressing over money.
Marketing the New Line
Even though you have taken your time to select the right new items to match your current line of products and found enough budget room to comfortably buy some initial inventory, you will still want to tell the world that you have some new and exciting items on the market. One of the best ways to announce your new product line is to hammer some advertising on social media sites like Twitter and Facebook. Chances are that many of your recurring customers are following you on these types of social media websites to get product info and updates about your company, so you should already have a pretty good reach to introduce your new product line and start generating sales. These new products are also a great way to entice new customers that perhaps weren’t interested in what you carried before, so you may want to consider doing some paid advertising on these social media websites. The more potential customers you can get your products in front of, the better your chances are of making sales and growing your business’ ability to earn revenue.