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

[Kingsley]

There are benefits that could accrued to your company when you decide selling new products or services rather than selling old or current products, although if you are selling current products or services it will be wise to add more value in other to beat competition. But I wil support the new product because it comes with a new innovation and it will take time for other competitors to tap into it. Then one would have enjoyed alot of monopolistic advantage.

 

[Abelcairo43]

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

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• Thread starterQuert
• Start dateJan 26, 2021

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Quert​

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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.

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Kayzzy3​

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From your question above, my answer may tread a different route, old customers are mostly people who are loyal to your business, they have enjoyed services from you and always comes back for, they help sustain you calculatetable income.

9But to expand you need to get more clients hence the drive for new clients or customers, opening new branches and networking

You have to keep both, because if you new customers and loose the old ones, your has pretty much not grown. So you new to service both the old and new customers.

 

[mayreeh38]

Your customers are you customers,treat them the same. If you sell old goods and new goods, you should display all and allow your customers make their choice. Old customers are loyal I understand but being honest will help better.

 

[Abisola]

Advice for small businesses on how to find new customers by ... to sell additional products and/or services to existing customers. ... Develop champions of your products

 

[Akinwale701]

Your post is very quality and educative at the same time. Thank you. But what we have to notice is that as a business operators you are not supposed to be fixed to any customer, I don't even know-how how to do it because if you do so, with time they tend to make themsek

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.

 

[idhans]

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.

It can work both ways. You should know that it might be hard for your old customers to change suddenly from a product they have been used to before you produce a new product. And so it is very important that you keep on improving on the standard of your old product for your old customers while still working on your new products.

 

[jimmann247]

Business expansion does not depend in selling new products to old customers and selling old products to new customers. Business expansion is beyond that, once your product is there is no need twisting which one to sell to who.

 

[Edward2]

If you think your business is not doing well, then maybe you can trt selling new products to your existing customers. Try an experiment or do something new that will make your customers more interested in your own products. I guess that will not be a problem if you know your customers already.

 

[Dowenship]

In this you have to be careful because seeing old product to your old customer can tarnish your business the same way by selling old product to new customers.

Quote of the day:

Never give up, because the breakthrough is near. Keep pushing till you win

 

[Frank]

From your question above, my answer may tread a different route, old customers are mostly people who are loyal to your business, they have enjoyed services from you and always comes back for, they help sustain you calculatetable income.

9But to expand you need to get more clients hence the drive for new clients or customers, opening new branches and networking

You have to keep both, because if you new customers and loose the old ones, your has pretty much not grown. So you new to service both the old and new customers.

Opening new branches may not be the way to go, if your business is one that is competitive. You need to sell the old product to new customers in order to expand on a better level. I don't understand the reason for opening new beaches unless you have the money.

 

[Ridwan Mohammed]

It is important to look at the fastest profit time that you are able to achieve based on the sales that you make, and this can be a very huge Factor when it comes to thinking about implementing a new product or using existing products. However, I think that the one thing that you need to also consider when you make this decision is that implementing a new product could show innovation to the customer base that you have and as a result he could help and also increasing your reputation huhamongst those people.

This question determines on how well the product it. It is said that it's not how well but how far. A good product will will attract customers and as a result it will bring more profit. An old product might not attract customers the same way a new product will. The most important thing is whatever one does, one should do it well.

 

[Johnbami]

Make sure you have products are selling these products to customers because if you still selling products to existing customers how will your business school is not possible you have to keep selling products to customers and also look for any possible to separate two that way your business to grow faster

 

[Mechi]

When we talk with companies about the biggest challenges they face in growing revenues, we hear a consistent complaint: Senior leaders have great confidence in their ability to develop innovations but not in their ability to commercialize them. Our research suggests that this gap results from a lack of formal processes and effective talent-management strategies. It’s a big problem, because it limits the return companies reap from their R&D spending. To put it simply, companies that have invested millions to dream up new-to-the-world innovations need to become more adept at selling them to customers.

 

[Kelvin7656]

In a perfect world, you would have an unlimited budget to market your business in order to find new customers and increase sales. You could buy lots of online and offline advertising, run promotions to build traffic in store and online, and launch a proactive public relations campaign to increase your product or brand's visibility and awareness. But this isn't a perfect world. Realistically, most small businesses and even many mid-sized firms have more great ideas on how to peddle their wares than available resources.

 

[Mechi]

People don’t buy products, they buy the results that product will give. Start your process of identifying your ideal customer by making a list of all of the benefits that your customer will enjoy by using your product or service.

 

[nasiusman95]

In a perfect world, you would have an unlimited budget to market your business in order to find new customers and increase sales. You could buy lots of online and offline advertising, run promotions to build traffic in store and online, and launch a proactive public relations campaign to increase your product or brand's visibility and awareness. But this isn't a perfect world. Realistically, most small businesses and even many mid-sized firms have more great ideas on how to peddle their wares than available resources.

 

[Asad Ali]

Amount of profit you make it is important to take a look at the quickest profit period, which can be very important in evaluating the introduction of a new product or the use of already existing goods. I believe, though, that one thing you must also take into account when taking this option is that the implementation of a new product may be a sign of creativity for the consumer base you have.

 

[Keibah]

In my humble opinion, if you can, give your customers equal treatment, it would work wonders for business. They are both special. That way, your old customers feel honored all the time while your new customers appreciate the gesture and will always come back for more.

 

[BrolySSJ]

This question determines on how well the product it. It is said that it's not how well but how far. A good product will will attract customers and as a result it will bring more profit. An old product might not attract customers the same way a new product will. The most important thing is whatever one does, one should do it well.

This is true. To a large extent the success of a business is determined by the product that is being sold. Because the product and its quality will determine if people come back. It is the backbone of the success of the business and rightfully so as well. So therefore I think that it is very important that people continue to improve their products continuously in a business setting.

 

[Hamza1]

Old customers Ares till your customers because they enjoyed your services and satisfied with your products so they still expect same services from you and new customer come to you hoping they will get good services as well. It might sound different than your question. But both are important and they can choose anything you should expand your business with help of both