Quais são as armadilhas comuns a serem evitadas ao expandir sua linha de produtos?

Why is it that when you hear Market Research you always think about how expensive it sounds and how time consuming it is. Well unlike what the text books have you believing it does not have to be that costly or traumatic. First stop Google or tik Tok! What’s already out there, why will your product be better and cheaper. Who is buying it, where is the gap and the USP. Within 30 minutes you have a great understanding if your product will Work and it’s cost you nothing. Next if it’s not a mini fortune buy your competitors product. Compare it to your idea and work out the costs. Is it viable. Finally ask your current distribution channels and get some pre orders. That way even before you go to production you know how many you need!

In my experience, I think market research and revenue are the main causes of pitfalls in expanding your product line! If you don't research your subject to get an opinion then you made a mistake! If you don't have the revenue, you cannot expand the product line! I feel like these two are the main reasons that cause the product expansion!

My version of market research is to go meet customers who are "power users" of your existing product, to try and understand the unmet needs in their customer journey. Here you get a few pain areas which you can document. The objective is to see if there are pain points that are common, severe and applies to a large customer base. Basis this understanding, you translate the pain points to a PRD, build an MVP and do an iterative PMF analysis.

Adding a product line should be another extension of the business plan. Before making a move, there should be market and cost analysis, projected revenues and break even analysis, and ROI. Otherwise you're just adding top line growth with no estimation of bottom line impact. That might be okay depending on the overall business plan, but generally speaking, growing with thoughtful planning and the end in mind helps organize the new line of business.

Wow. Sometimes I think of you listen to all this noise you will never grow! Adding a new product to your existing product line should not be this complicated. Market research (see my previous comment) design (hopefully you have a great one in-house or outsourced) manufacturer (hopefully you already have a great all in one agreement with minimal first order) pricing,pre orders and off you go! The trick here as you can see is to make sure you have a great team around you. It does not have to be your team but people you trust. If you have this team you will never over stretch resources, you will always know your rough new product costs and you can crack on and make growth happen!

common pitfalls to avoid when expanding your product line. 1. Not doing your research. Before you start developing new products, you need to make sure there is a market for them. 2. Trying to do too much too soon. Expanding your product line too quickly can stretch your resources thin and make it difficult to maintain quality. 3. Not having a clear strategy. Expanding your product line should be part of a larger strategic plan for your business. 4. Not pricing your products correctly. Pricing your products too high will make it difficult to compete, while pricing them too low will erode your profit margins. 5. Ignoring your core products. Don't get so focused on your new products that you neglect your core business.

Ok so this makes sense right! Let’s not cut off the arm that feeds you! Your core is your core and it seems obvious to keep a very close eye on your main business whilst developing new products. It’s true though, you can get a little carried away with your new super product 😝 it is crucial that you have a team around you (can be outsourced and does not have to be expensive) this way you stay focused on the day to day. You do also need to stay true to your brand. Make sure what you are adding is relevant and fits in. This new product is a new product not a new brand.

Listen to your customers or targeted demographic and you'll find a need to fulfill. Fulfill another's need and reap the rewards.

Identifying a gap in the market could be a sign of "Blue Ocean", but also could be a sign that nobody cares about this particular gap, or nobody cares about it ANYMORE. Extending a product line to where the market is going to be in the future is usually a strategy to serve a certain market better.

The very first questions should be: Does this new product line align with our values? Does it help fulfill our mission? Does it drive us closer to our Ideal Destination (vision)? If not, should we change course and revise our vision? Unless you get 3 CLEAR yes’s, the new product line is a no-go.

Is the expanded product line profitable? If you get all of the above working, and you can’t make sufficient margin on it, it may not be worth the effort. You don’t want to create opportunities to generate losses each time you sell a product.

I am a firm believer in specialising in a niche whether it’s a product or service. During my extensive experience I have seen too many providers offering too many services or products. This often confuses the buyer. When you concentrate on selling your expertise in your niche, it completely changes the perspective of the market.