{"id":55772,"date":"2022-06-16T00:00:38","date_gmt":"2022-06-15T16:00:38","guid":{"rendered":"https:\/\/www.grab.com\/ph\/?p=55772"},"modified":"2022-06-15T16:18:25","modified_gmt":"2022-06-15T08:18:25","slug":"to-diversify-or-not-expanding-your-online-product-offering","status":"publish","type":"post","link":"https:\/\/www.grab.com\/ph\/community\/to-diversify-or-not-expanding-your-online-product-offering\/","title":{"rendered":"To Diversify or Not: Expanding Your Online Product Offering"},"content":{"rendered":"\t\t
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Making the best of an opportunity for growth is part and parcel of running a successful business. It’s one of the many reasons why membership to Grab\u2019s Madiskarteng Boss Club (MBC)<\/a> continues to increase. This exclusive loyalty and rewards program is the anchor for a community of go-getters who want to reach greater heights in their entrepreneurship journey. By joining the MBC, smart business owners like yourself have easier access to various diskartes<\/em> like cashbacks, promos, and discounts, as well as smart delivery solutions and unique learning opportunities that can help you thrive in the age of digital technology. Plus, being in the company of individuals who understand the challenges of building a business from the ground up is a welcome experience for budding entrepreneurs who know how lonely and isolating this path can be at times.<\/p>

Exchanging ideas with thought-leaders and other madiskarteng<\/em> bosses during the MBC-exclusive mixers and learning sessions will give you plenty of ideas on how to take your online business to the next level. For instance, you\u2019re likely to learn about one of the most common strategies that newbie and seasoned entrepreneurs alike adopt when growing their company: expanding their product offering.<\/p>

It\u2019s a time-tested measure that seems to work well for brick-and-mortar shops as well as online businesses, so it should be easy for a tech-savvy entrepreneur like you, right? Perhaps, but remember that expanding your product line can be a lot of work, and it should be done with care and forethought to ensure that it can actually contribute to the long-term development of your business.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Reasons for Diversifying Your Product Line<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Offering a more diverse selection of products to your current and prospective customers presents plenty of practical opportunities for your business. These include the following:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Increase Appeal to Existing Markets<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Expanding your product line can help you build up your brand to your current market. By widening the range of the products it sells, your business can offer more options to existing customers and further establish itself as a reliable source of their niche needs. If your business sells flowering and fruiting plants, for example, the introduction of organic fertilizers and composters will give your existing customers more options if they want to embrace the circular lifestyle in their own homes.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Attract the Attention of New Customers<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you\u2019re planning to add an entirely new category of products to your lineup, then this provides your business with an opportunity to reach out to other customers or markets. On top of eco-friendly and sustainably sourced beauty products, for example, you can also sell biodegradable cleaning supplies and materials through your online store. This means that your business can cater to people who want to minimize their carbon footprint in and out of the home without sacrificing their personal style and hygiene habits.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Increase Order Value<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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By offering more products, you\u2019re one step closer to turning your store into a one-stop online shop where customers can order most if not all of their needs in one go. What this means essentially, is you\u2019ll be able to augment the total order value per customer order. If you\u2019re selling household goods, for example, you could end up selling multiple items to customers who need stuff for the kitchen, bathroom, bedroom, and living room.\u00a0<\/p>

From originally selling small kitchen appliances, you can expand your collection to include large items like refrigerators, range ovens, and even washing machines, and doing so will increase the value of the items that customers purchase from your store. However, your delivery services provider should also level up with you since they can no longer transport these items by motorcycle delivery. Fortunately, you can readily switch preferred vehicles if your business is partnered with Grab. The service offers a wide range of vehicle options, including GrabExpress Sedan and GrabExpress MPV, which you can use to deliver bulk or bulky purchases quickly and cost-effectively<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Balance Business Risk<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Growing your existing market or cultivating another one through expanding your product line will also help balance the level of risk that your business assumes. This is because you can depend on your other products and markets to support the continued operation of your business in case the demand for your top-selling wares wanes.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Boost Brand Visibility and Reseller Benefits\u00a0<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you\u2019re scaling up your business and you\u2019re looking into partnering with resellers who can sell your products in their respective localities, then diversifying your product line will also provide your distributors with the very same diversity of products that will help them grow their business. On top of this, having an umbrella of products will also increase your brand\u2019s visibility, as customers will be able to see your name and logo on different types of items that are being sold in your partner resellers\u2019 local stores and outlets.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Which Products Should You Add to Your Inventory?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Setting your sights on diversifying your product line raises the question: which new product or item should you add to your store\u2019s existing merchandise and goods? How should you approach product diversification in such a way that you can maximize your chances of success and boost the performance of your business right from the get-go? There are a few time-tested diversification methods that you should explore to determine if they\u2019re the right fit for your business and for the trajectory that you want it to take. These are:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Concentric Diversification\u00a0<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you\u2019re thinking of developing products that are like the ones you already offer your current customers, then you\u2019re planning a concentric diversification. As mentioned before, adding new items that share plenty of similarities to the staples that your online store already has is a great way of making a connection with your current market and will help your brand earn the loyalty of your existing customers.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Horizontal Diversification<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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It\u2019s also a practical option to expand your product line to include items and goods that somewhat complement your store\u2019s current offerings. If your business primarily offers eco-friendly cleaning compounds, for example, then you can also consider offering sustainable or environmentally responsible cleaning implements and tools. This will help you build up your brand as a go-to option for people who equally care about cleanliness and sustainability.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Conglomerate Diversification<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you\u2019re aiming to target a different market entirely or present your online store as a convenient option for shoppers who are looking for a wide range of products, then conglomerate diversification is something <\/em>you should explore. This involves expanding your product line to include items that do not exactly complement or share any similarities with the current items on your online store.\u00a0<\/p>

Deciding which of these 3 strategies is the best option is a task that involves taking a good look at your goals for your business, your allotted budget, the suppliers and services that you need in order to launch the new product and to continue offering it, as well as the demand from your online and offline customers. It\u2019s also a must to spend resources on developing products and items that truly represent your brand and address the needs of the customers that you want to attract.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Strategies to Successfully Launch Your New Product Line<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A positive reception from your market or customers does not just happen overnight. Rather, it\u2019s something that you need to plan for long before the new items that you\u2019re developing become available on your online store. To encourage your target customers to buy your current and upcoming products, you need to take a deeper look into the factors that affect their purchasing decisions<\/a>. Then, make an effort to incorporate these factors into your diskartes<\/em> when marketing your items, designing promos that will boost sales, and refining your new product line and your subsequent marketing methods.\u00a0<\/p>

Here are some of the things you need to take care of to ensure that customers know about the product that you will launch and are curious enough to give the said item or product line a warm welcome once it hits the digital shelves.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Drum Up Buzz for Your New Product<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Long before your product\u2019s target launch date, it\u2019s a must to make the public aware that something\u2019s in the pipeline. To this end, you can pique the curiosity of your online followers by giving hints about the product and when it\u2019s expected to hit the market on your social media accounts and website<\/a>. Paid targeted advertisements on social media platforms are also a tool that you can use to connect with your ideal market and customers. Just make sure that your digital assets have clickable links that will direct readers to your official sales channels.\u00a0<\/p>

It\u2019s also an option to get in touch with influencers and personalities who can do an advance review of the product that you\u2019ll be selling, especially if it\u2019s relevant to their niche or if it\u2019s something you know their audiences will appreciate. This way, you can reach out to their respective circles of influence and perhaps get more sales from these groups once the big day arrives.<\/p>

As a member of the Madiskarteng Boss Club, there are also certain tools that you can use to improve social media engagement, especially if you\u2019re launching your new products during a Grab event or an anticipated megasale event<\/a> like 5.5 or 11.11. One of these is the social media templates and hashtags<\/a> designed specifically for madiskarteng<\/em> bosses. By using Grab\u2019s official messages and hashtags for its upcoming event, you can ride on the hype being generated for the event and draw more prospective customers to check out the new product that you\u2019ll be launching.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Use Incentives to Highlight Your New Item<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The launch date of a new product is often a frantic occasion for business owners, MBC members or not. Of course, you want to amass significant sales on this day, but sometimes, your actual sales may not exactly line up with your expectations. To improve your new product\u2019s chances of doing well, you can employ these promotional strategies that involve incentivizing your customers:<\/p>