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Expanding Your Product or Service Line
Diversifying your offerings can help you capture new market segments and increase revenue
MF BANKS
February 05, 2025
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Expanding Your Product or Service Line
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Diversifying your offerings can help you capture new market segments and increase revenue. Start by evaluating your existing products or services. Are there natural extensions or complementary offerings you can add? For example, a bakery might introduce catering services or baking classes.
Before launching something new, validate demand through surveys or pilot programs. Expanding too quickly without understanding customer needs can lead to wasted resources. A well-thought-out expansion can strengthen your market position and increase customer satisfaction.