Most million dollar companies are not built upon one product. While every company begins small, in order for the income to grow the company must either expand what it has to offer it’s market, or expand the market itself. Some companies do both.
The same holds true for your booklet adventure. After you’ve moved along the first few squares in the game, it’s time to make some decisions about where you’ll go next.…
Your Two Choices
Once your first booklet is on the market and doing well, you may be tempted to sit quietly, rake in the dough, and pat yourself on the back for a job well done. But, if you’re going to grow your new little enterprise to million dollar proportions, you can’t afford to sit still for long.
In order to make the big money, you need to expand your business – and under that umbrella of expansion you have two choices. You can either expand your market and continue to offer the same booklet, or you can create new products to offer your current market. Ideally, you should do both, but you will want to start with one option and get it going, and then move to the next option.
When Market Expansion Makes Sense
Expanding your market may, at the outset, seem like the most reasonable choice to pursue. After all, you don’t need to develop any more products. This choice makes sense if your current market is very small. You would simply need to let more people know about your booklet within your current market.
If your current market is already quite large, however, you will need to expand into a new market in order to make this option work. There comes a time for every product when new markets must be found in order to continue growing the revenue that product produces. This is due to saturation of the current market for the product. Once everyone has heard about it, and all who are going to buy have bought, the income from the current market will begin to dwindle. However, the current market should continue to be maintained as new people will enter this market. But, a second market should also be pursued.
The problem with expanding into a new market is that it is not as easy as it seems. Chances are your first market was an obvious one, and one which you knew how to reach easily, either because you are a part of that market yourself or because you have some first hand knowledge regarding it. But, finding a second market for your booklet may proove more time consuming and costly than finding your first one did.
Why Product Expansion May Be Your Best Option
This brings us to your second option – expanding your product line. If your current market is saturated, it means they liked your first booklet. Now, they are poised to purchase whatever you offer them next – as long as it still falls within their interests.
There’s an old saying in business which says that it’s easier to keep a current customer than it is to find a new one. This is true. Once you’ve got an audience for your booklet, it will be easier to sell to this same audience a second time than it will be to find a new audience. Your current audience knows you and chances are your booklet, as great as it might be, didn’t completely satisfy their hunger, curiosity or need for the information you provided. You gave them a taste, whetted their appetite, and now they’re ready for more.
You see this all the time in the world of books with volumes and series. It’s also evident in other arenas, such as brand name fashions that offer their latest styles to the same market, TV gurus who offer a book today, and a workbook and DVD to go with it tomorrow, and even chocolatiers and green houses who offer something new every month to an exclusive market signed up to receive such offerings.
Of course, you don’t need to create several products at once to pull this off. You just need to create another product for your market – one at a time. This is an affordable way to expand what you have to offer and continue making money and grow your empire. And later, when your income is solid, you can expand into new markets too!
To your riches!
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