Episode Summary:
Whether you founded your business on a hero product, or a collection of items geared toward a specific demographic, there are lots of good reasons why you might need or want to expand your inventory. New products can keep your existing customer base happy, and can also bring in new sources of revenue. Jeremy and Mark sit down to outline the 4 major points to consider when growing your product offering: deciding what to sell based on your existing audience, how to do research and testing before a major launch, rules to follow for launch and initial marketing, and how to anticipate the changes this will bring to your business. With this guide as your resource, you’ll be able to develop your inventory in a way that makes sense for your brand and growth.
In this episode you’ll learn:
- When the right time is to begin thinking of expanding your inventory
- How to take stock of the situation and test for what kind of product your audience needs or wants
- What sorts of tests to run and research framework for both complementary products nad new hero products
- How to have a successful launch - things to avoid and things to invest in
- How to prepare for how a new product will change your business.
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