{"id":2057,"date":"2016-10-25T03:00:33","date_gmt":"2016-10-25T03:00:33","guid":{"rendered":"http:\/\/biozymeinc.com\/dealer-center\/?p=2057"},"modified":"2016-10-25T03:00:33","modified_gmt":"2016-10-25T03:00:33","slug":"added-value-should-mean-added-profitablity-2","status":"publish","type":"post","link":"https:\/\/biozymeinc.com\/dealer-center\/2016\/10\/25\/added-value-should-mean-added-profitablity-2\/","title":{"rendered":"Added Value Should Mean Added Profitablity"},"content":{"rendered":"

Having multiple product lines may allow a growing business to diversify risk and capitalize on its established reputation. Multiple product lines can also strengthen competition in its industry, while at the same time enhancing the company\u2019s checkbook.<\/p>\n

Certainly after reading that statement, everyone is interested in expanding their products or product line(s). However, while it may be beneficial to expand a product line or bring in a new product within a line, those benefits do not come without considerable work before the sales start rolling in.\u00a0 <\/span>Please note, any one of these 17 steps could cause the ones before it to be reevaluated making the process at times overwhelming.<\/p>\n

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  1. First, get an idea of what to expand.<\/li>\n
  2. Determine the specific needs of customers in that market segment.<\/li>\n
  3. Identify the product features that would be most attractive to them.<\/li>\n
  4. Assess the market size and the competition.<\/li>\n
  5. Create\/formulate the product based on science and market research\u00a0results.<\/li>\n
  6. Get team buy-in.<\/li>\n
  7. Figure out the best distribution channels to achieve the highest\u00a0market penetration.<\/li>\n
  8. Determine the price to make sure it will be competitive and profitable.\u00a0<\/span>(note: many times this step forces you to go back to step 5 or before)<\/li>\n
  9. Test the product to determine its effectiveness.<\/li>\n
  10. Create a unique value proposition.<\/li>\n
  11. Decide how you\u2019ll position the product in the market segment you\u2019ve\u00a0identified using that proposition.<\/li>\n
  12. Make sure that doesn\u2019t conflict with any other products, product\u00a0lines or brands in your portfolio.<\/li>\n
  13. Create the name and \u201clook\u201d to support the positioning.<\/li>\n
  14. Create the marketing materials.<\/li>\n
  15. Plan the initial launch.<\/li>\n
  16. Strategize the actual marketing plan to support it after its launch<\/li>\n
  17. Execute, execute, execute and PRAY. Pray the product is positioned\u00a0and priced correctly, works correctly and sells in the time you\u00a0<\/span>predicted.<\/li>\n<\/ol>\n

    Of course you are not interested in doing this entire list, so how can making the decision of adding a new product or product line be made in a more simplistic approach? Consider the following:<\/p>\n

    1. Evaluate the product itself<\/p>\n