Developing and introducing a New Business Line is nothing less than a daunting task. The good news is that many have gone before us, providing us with decades of exhaustive trial and error research that can help to identify successful approaches to establishing new business lines in existing companies.
I have found three common variables associated with business lines that have launched successfully:
Three keys that lead to success in Developing and Introducing a New Business Line:
- The least expensive/most efficient way to bring a new service or product to market is almost always to target your existing clientele.
- New service offerings that are similar to or an offshoot of your existing services increase their success rate and provide a shorter duration to profitability.
- The best predictor of success is implementing demand-driven business lines that solve existing problems.
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Tim,
That was a good post.
-Matt
Good points. However, one important consideration is what is the goal of introducing the new business line. Is it to increase revenues through existing clients? If so your points are all valid. Or is it to increase revenues by attracting a new clientele? While that may be harder than selling a new service/product to your existing clients it could be more financially rewarding in the long run.
Valerie-
Thanks for adding your thoughts here. We agree that the least expensive/most efficient approach is not always best for every company.
On another note I greatly enjoyed visiting your Marketing Engagement blog just now, especially your recent posting “It’s about real connections, not numbers.” It looks like we agree about more than just new business lines.
Thanks for adding your thoughts here at Cofebuz!
Tim