Once you've created your first product line, you have a problem. Where do you go from here? You're busily marketing your product line and hopefully selling product -- and making money. But if you just sit back on your laurels, you aren't going to continue to make money. You need more products. You need a new product line to compliment your existing product line.
You need to innovate!
In this article I'm going to give you five ideas for creating a new product line. Or more precisely for identifying a potential new product line.
1. Go deeper with your customers. Ask "What else might they like to know?"
The concept here is to provide more for your existing clients. You don't necessarily have to stick with the same topic. So as an example, let's say you are selling an exercise program to your customers. You might consider a set of products based on diet to help people have more energy.
2. Go wider with your customers. Ask "Who else might like to know this?"
Selling more to existing clients is easier than selling to people who don't know you. But there are more people with more disposable income who don't know you than who do. The trick here is that you are going to keep the same topic. So for example, say you are selling information on weight loss diets. You might consider repackaging the same content so that it appeals to people with diabetes.
3. Go deeper with your topic. Ask "What might people like to know more about?"
With one of the previous ideas you are trying to find topics that your existing customer base might like to know. In this version you are not worried about the customer base, you are focusing instead on the topic. For example, say you are selling information on Karate. You might consider a set of products based around one of the katas (exercises for the rest of us).
4. Go wider with your topic. Ask "What related topics might people need?"
In this case you are looking for related topics that customers similar to what you currently have might be interested in. Generally speaking you are going to stay within the product super category, however, not within the topic. To reuse our Karate example, you might for example, consider a product line around street defense for women or street fighting techniques.
5. Change your model.
Every product line uses a basic model of pricing and selling product. For example, you might have a high value coaching model where you are selling low and middle priced products all focused towards selling your customer on a high priced group-coaching product. Instead consider a similar product line but this time based around a micro-continuity product or a membership product. Or what about building the product line around a one-on-one coaching product.
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