Does this sound like you? You have your website, your products and are pretty well established in your market. Sales are good, but you’re reaching a bit of a plateau when it comes to business growth. The big question is how you move forward.
One good option is certainly to create more complimentary products that you can then sell to your existing customer base. Today, I want to mention a slightly different strategy though. Instead of creating more new products, why not take what you already have and tweak it for a different niche.
Why Moving Into A New Niche Is A Good Idea
The main reason I like doing this is because I can leverage the time and effort I put into the original product. I don’t have to write and market something else from scratch. Instead I can simply edit what I already have and use it again. Let me give you an example to illustrate:
Let’s say you wrote a guide for restaurant owners on how to promote their business online locally. Why not take that same guide and rework it for flower shop owners or dry cleaners?
When Is It Time To Move Into A New Market?
A word of caution – it’s not always the right time to move into a new market. You want to make sure your existing business is well established and your sales are steady. It may be easy to rework an existing product, but it will take some time, energy and focus away from what you are already doing.
If you are just entering a market, this is not the time to expand. Work on what you’ve got until you reach a point where no matter how much more effective marketing you do, you’re not seeing a lot of results.
How to Tweak Your Products
Now, let’s talk about how you would go about entering a new market with your product. I like to start by brainstorming with anyone and everyone that might benefit from my product. Take those ideas and write them all down on a list.
Then go back to your list and decide who would benefit the most and would most likely buy. Another thing to consider is how big the new market is and how easy it would be for you to tweak your product for that particular market or audience. Once that decision is made, it’s time to get to work.
Start by going through your product and marking what content can stay as is and what you need to change. The things I find myself changing are the name of the product, how I address my audience and the examples I use. Sometimes I also need to slightly tweak different strategies that I am teaching.
Make the changes as needed, give your product a new title and create a new cover or packaging to indicate the new brand. Don’t forget to set up a new sales page as well.
A Crucial Step – Make Sure You Move Into A Profitable Niche
Before you get to work tweaking your products, I need to make you aware of one more very crucial step. You have to make sure the new niche market you are moving into is profitable. No need to do all this work just to find out weeks later that your product isn’t selling.