While attracting new customers is an obvious way to expand your business, it’s not the only way to go about increasing your revenue. If you’re looking for ideas on ways to grow your business in the New Year, consider expanding the product mix your inventory to offer additional items likely to meet the needs of your current customer base.
People who already do business with you likely have needs that cannot be met by the items that your organization currently carries. However, if they are loyal customers who have a positive experience with your company every time they do business with you, chances are that they would do business with you more frequently if your product mix included additional items that they might need or want.
For example, if you operate a store that carries evening wear, consider what items your customers might need beyond the items you currently stock. If you already carry dresses, undergarments and shoes appropriate for evening attire, consider adding evening handbags, fur jackets for women, rhinestone jewelry, and upscale hair accessories.
Doing so can allow you to evolve your store into a one-stop shopping resource for all of the needs that your primary customer base might have. What a great way to expand your business, making the most of the customer relationships that you have already established.
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