For most entrepreneurs, product diversification is where they invest. This approach can be very costly, and it leaves them with the same problem – marketing.

The perfect product?

Entrepreneurs are looking for that perfect product/service that will bring massive sales and solve all of their financial problems. Searching for the ideal product/service may not be the right approach.

What is better?

Is it better to have a less-than-perfect product with great recognition or a perfect product with no attention? I guess that your answer would be the former – A less-than-perfect product with excellent product awareness.

Where to invest?

If you have a limited budget, you may want to spend it on marketing rather than product expansion. Once you know marketing is working, then expanding your product line is a no brainer!

Marketing Ideas

Do more digital marketing:

• Email Marketing
• Social Media Marketing
• Search Engine Marketing

Add more sales channels:

• Add sales channels – Facebook Marketplace, Google Merchant Center, Amazon, eBay, to name a few.
• Use your website for selling online. 
• Setup Affiliates

Start an advertising campaign:

• Google Advertising
• Facebook Advertising

Where to start:

• Get a marketing plan established.
• Set the KPI – Key Performance Indicators.
• Set a marketing budget.
• Develop all of your digital properties to support the program.
• Implement the plan.
• Monthly monitor & adjust the plan.

Conclusion:

Do not react to a market condition; instead, be prepared. Spend money where you are going to see the best return. Create a plan, execute, monitor, and adjust that plan to achieve desired results! Expand your sales reach, then diversify your product.

Remember, through marketing, products, and services get sold!

If you need assistance in developing a marketing plan, or need help with digital marketing, give RapidPage a call today.

Nicholas Hughes.