The Care and Feeding of a Product Line

You have two ways to increase sales:

1. Sell more to existing customers.

2. Attract new customers.

Figure 3-1 presents questions to ask as you seek to build business from new and existing customers through new and existing products.

Figure 3-1: Questions to ask as you assess your sales growth options.

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remember.eps Products get old. They follow a life cycle (shown in Figure 3-2) that begins with product development and proceeds until the product reaches old age, at which time its growth rate halts and sales decline.

Figure 3-2: Sales follow a predictable curve throughout the product life cycle.

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Enhancing the appeal of existing products

At least annually, small businesses need to assess whether their products still appeal to customers. When customers lose interest, a company needs to adjust features, services, pricing, or packaging — or make other changes to sustain or reignite buyer interest. Here are some of your options:

check.png Same product, new use: Start by looking for ways you can re-present the product to win new purchases by established and new ...

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