As presented on the 3rd slide, expanding your product range is important

and essential to remain successful and create an environment of fierce

competition.
Here are five strategies you can use to expand your product range offerings
in ways that appeal to your customer base, create actionable results and
yield increased sales.
Analyze customer data. Your company should carry out a customer
satisfaction survey about your products. This helps your business get the
information about what is important to your customers, gather their opinions
and comments. Then, you can expand your product range better by
uncovering what features your customers love and what they don’t like.
Provide new products and services. Your customers may be craving
something new or different. By developing new products and services, you
can sell more to existing customers. In addition, it will help your
organization diversify the products you offer so you are less reliant on
certain customers or markets.
Of course, Finding new markets is an indispensable part if you want to
expand your product range. Research emerging markets that may have a
need for your products or services. In order to penetrate more profitable
markets, you must remain open to change.
Expand distribution channels. Expanding distribution channels gives a
company better access to its customers which can lead to more sales and
more revenues. Don’t put all your eggs in one basket, they say. If one is
selling through one channel, it concentrates the risk factor while selling
through multiple channels distributes the risk. It is more harmful for the
company if profits rise and fall based on just one channel.
Last but not least, your business should Target existing customers.
Existing customers can help you build a loyal base for efficient sales. Your
existing customers represent an incredible amount of potential revenue.
These customers have interacted with your brand before and they're ready to
come back for a repeat or new purchase. Moreover, the cost of acquiring
new customers is much higher than retaining existing customers.
As you can see on the screen, here are some examples of product range.
I think everyone here know this brand. It’s Coca - cola. Even a business as
large and successful as Coca - Cola has a product range. Their ‘flagship
product, regular Coke, is wildly successful and has been for over 125 years.
But they have expanded with a product range that includes: Diet Coke,
Coke zero, Coke Life, Cherry Coke, Vanilla Coke and so on.
The same with Apple iPhone. It also has the product range such as iPhone
10, 11, 13, 14,…
With TH true milk, its product range is ice cream, yogurt, juice milk,…
And the last brand is Vinamilk. The product range of Vinamilk consists of :
Optimum gold, Love yogurt, Ridielect gold,…
In conclusion, our group have a quote for you: “Your direction is more
important than your speed”. Creating one amazing product is just the start.
Finding ways to expand the product with variations can help you capture an
even larger market share and attract new customers. Once you have a
successful product, the next step is to begin building a product range that
will maximize profitability.
That brings me to the end of my presentation. Thank you for listening.