Will your business expand faster by selling new products to existing customer or selling current products to new customers?

[Hasan Raza]

Definitely your ideaa are good that Selling new product to old customers is one the most effective way to introducing the product to the public. This method is better than struggling to get new customer to buy the goods. The product get recommendation from the old customers then more people request for it

 

[Ralphjoe]

Well this is a tough one, phew, in my opinion, I think selling your old products to new customers is quite better than producing new products for your old customers. Producing new products for old customers is quite expensive to do unlike selling your old products to new customers, this is called expansion.

 

[Gilead]

if am to place myself in the position of this manager, will use both expansion method given here. i will improve my products so that my current customers will keep patronizing me regardless of the price and also improve how i bring more customers into my business.

 

[Niftyyem]

In my own opinion, there is nothing bad in doing both since the end result jut has to be profits. Your old customers cannot be neglected and you cannot because of old and loyal customers not seek for new ones that may give your business the much needed exposure.

 

[Thosynho]

To answer this ultimate question, you may want to compare how long it will take and how much it will cost your business to capture the growth with each option in order to determine which is the better course.

To find that out, here are three steps:

a. To locate a prospect, close the deal, and collect the cash, estimate the time required and the cost for your company.

b. When your business produced and sold the last new product, calculate the time it took and the cost.

c. With the lowest cost and fastest time to market, pick the option.

These three basis are essential when taking a decision to make, hope it helps you. Please share your feedbacks below.

Both can actually cause one to make more sales. Take for instance, selling existing products to new customers will great because you already have proofs as regard what you are introducing to them. And you know seeing is believing.

 

[Adetayo100]

Some few ways to increase your revenue from your current customer base is to Analyze your customer list for cross-selling opportunities, train your team to look for opportunities in the field for cross-selling or up-selling. Also Stay in touch with your customers.

 

[Sotherefore]

All those things are not really necessary, although you can get rid of old stock but I don't see the need for you to start selling old things to customer and expect your company to expand,as far as what you're selling for people are of good quality I don't see any problem with that.

 

[Kehinde]

Ask questions and listen.
Showcase your full potential.
Assume the sale.
Stand out.
Tell your story visually.
Overcoming objections in sales.
Don't fear giving away too much upfront.
Understand what motivates your customers to buy.

 

[Tinaconcept]

New products to existing customers is key as far as this new product has quality than the old product because quality is key as far as the new goods have both quality and quantity value it will bring new customers for you because your existing customers will market these products for you.

 

[Aniwhyte]

Your business would greatly expand when you sells new products to new customers. But you should make sure that your products are genuine and real otherwise after selling to the newer customers they won't return back again and alps they won't tell their friends about your products. This is why it is very necessary to sell only original items.

 

[Abbas ali]

To market to your existing customer base, try these seven nine tips.

1. Research your market. ...
2. Don't disappear. ...
3. Address customer needs. ...
4. Update your offerings. ...
5. Upsell and cross-sell. ...
6. Create a loyalty program. ...
7. Train a service-centric team. ...
8. Customer Lifetime Value........... You also selling current products to new customers .
9. This is best way

 

[Me0w]

Getting new customers isn't the only way to grow your business. Many times, the customers you already have are your best bet for increasing your sales, and studies have found that improving customer retention also improves the value of a company.


Customers who have already purchased from you once are more likely to do so again, especially if they have a positive customer service experience. Capture the contact information and shopping preferences of one-time customers. Then, use that information to set up marketing systems that will convert them into repeat customers.

 

[Shayo]

Business will expand either way, at some point in time, one will have to introduce new products to customers and it doesn't matter if they are new or existing customers, the main concern should be meeting customer's demands. current or old products too can be sold to existing customers, it doesn't have to be new people. The fact that a customer has bought an item in the past doesn't mean they won't need it again. Business grows both ways when demands are met.

 

[Sake]

It's not a bad idea to offer something new to your old costumers but do it by slowly offering it to them or by just simply adding the new products with your old ones because loyals costumers tend to go back because they like the old product and your new ones will attract more costumers.

 

[Judee201]

Old customers are customers who has already trusted your brand and make you their distributor or go to get, new customers are to be treated and giving the best value and service so has to build that trust and make them comes back to you.

For me I treat my Existing and New customer likewise, but new customers are entitled too some benefit same as old customers.

So your business will expand faster by selling new product to new customers.

 

[Alexandoy]

This is a nice question like a palindrome or quite poetic. My take on the question is this - do we get more sales when we introduce a new product to the customers or do we get more sales when we get new customers to buy the existing products? More likely the customer is the one bringing in the sales which means new product or not what the business needs is a new customer that will definitely increase the sales.

 

[Seun4luv]

As with any good business plan, it pays to do your research. Create Suspense. Build Relationships With Influencers. Email Marketing. Get Visual. Run a Contest. Give it Away. Or Just Let Them Test it Out.

 

[MRizwan530]

To answer this ultimate question, you may want to compare how long it will take and how much it will cost your business to capture the growth with each option in order to determine which is the better course.

To find that out, here are three steps:

a. To locate a prospect, close the deal, and collect the cash, estimate the time required and the cost for your company.

b. When your business produced and sold the last new product, calculate the time it took and the cost.

c. With the lowest cost and fastest time to market, pick the option.

These three basis are essential when taking a decision to make, hope it helps you. Please share your feedbacks below.

Well you are right according to my opinion customers are important to expand business if you have only fixed products but your customers are growing then your business will be grow faster than launching of new product selling same customers.

 

[Jonaville1]

I think it goes both ways. Selling new products to existing customers and sselling current products to new customers both contribute to the growth of the business. But if I'm to choose, I will go for the former. Invention of new things that people have a use for can make your customers want to try them. Thereby making your business better. Besides, it is quite hard finding new customers.

 

[Briangsam]

This is really tricky. But I believe selling new products to existing customers will grow the business faster because as they are an existing customers and they will have no problem with trust. Selling to new customers might be a little difficult because of trust issues.