Lowered market demand for existing goods, resulting from an overriding economic downturn or the near-completion of a product or product-related service cycle, prompts many manufacturers and suppliers to consider diversification. If a sales downturn is severe, fear of falling revenues can tempt you to quickly add SKUs or support offerings to the mix. Instead of yielding to this temptation, you should first fully study how new products or services mesh with existing channels.
Without due diligence, new offerings can actually hinder sales of existing products and services.
Among your biggest challenges involves balancing the need to continually add new offerings against the danger of introducing them into ill-suited distribution channels. In a perfect world, channel partners will embrace and enthusiastically market your new offerings to end-users. They may be clamoring for incremental goods and services. And, you don't want to dampen their enthusiasm.
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But, is there such a thing as a perfect world?
Just as often, partners' fondness for the status quo, resistance to new product sales training or simply their independence can torpedo your best efforts to introduce useful new offerings to customers, which may or may not readily share your enthusiasm.
A knee-jerk response to a sales downturn that involves adding products or services to existing lines is destined to fail if you don't address existing channel structure and strengths. Certain channel truths are self-evident. Chief among these is that it is difficult to fit a square peg into a round hole, which is the potential result if you don't contemplate the impact of your new products on the existing channel prior to the launch.
A new product or service, by nature, is secondary or even tertiary to your and your channel partners' existing repertoire, which is your proven and primary bread and butter. Spending valuable time and money providing sales training and incurring tangential distribution costs toward achieving incremental sales may not generate enough revenue to offset these costs.
Will sales of incremental products and services through existing channels generate increased revenues? Consider these points:
o Are your existing channel partners equipped with the know-how, and are they motivated to invest the time and resources to successfully add new secondary or tertiary products to their sales palette?
o Are your channels of distribution well suited for specific tangential offerings? Do new offerings substantially address the needs or demands or your current customer base?
o If not, can you afford to carve out a brand new channel through which to sell these new products and services?
o If the answer's yes, will you be able to funnel your primary offerings through new distribution channels without alienating existing partners?
Only after carefully and objectively answering these questions, and taking the appropriate companion steps, can you confidently introduce new offerings into your product and service mix. How to go about selling them to existing and prospective customers is your next step toward generating new revenues.
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