A product range is a variation of a product category that a brand or a company may offer. It is the total number of products that a company sells, and it may include products that are similar or different in nature. A product range is quite often mistaken for a product line. Although both of these terms are closely related, product line basically means variations in one specific product only while product range means the total products that a company has to offer.
One strategy that has proven effective to grow your business for a long time is expanding your product range. While most companies are focusing on expanding their product line, few are focusing on expanding their product range. Expanding your product range can allow you to attract more customers, retain existing ones, and stay competitive, irrespective of your industry. In this post, we will take a look at some of the benefits of expanding your product and why it is important for the growth of your business.
Attract New Customers
One of the primary benefits of expanding your product range is that you can attract new customers. With an expanded product range, you have a lot of different products to offer to your customers. When potential customers see that your business or brand has a wide range of products to offer, they are more likely to stick with your brand. Although these customers might not have been interested in your original offerings, however, by expanding your product line, you were able to add a product that was exactly what they were looking for.
Enjoy Increased Customer Loyalty
Having an expanded product range also leads to increased customer loyalty. It doesn’t matter what kind of business you are, you can always enjoy this benefit from expanding your product range. By expanding your product range, you can provide your existing customers with more options to choose from. When they see that you have more products to offer, they will likely stick with your brand instead of going elsewhere.
Consider how various cruise lines are offering various onboard Wi-Fi packages to their customers to gain their loyalty and prevent them from going elsewhere. It is a great example of how expanding your product range can increase customer loyalty, and business revenue, and lead to business growth.
Generate More Revenue
Of course, it is one of the most important benefits of expanding the product range. One of the main motives why any business expands their product range is to increase your revenue and you can certainly enjoy this benefit too. By having more products to offer, you will be able to generate more sales, which will lead to more revenue. Again, consider how cruise lines are offering various types of products and packages including the deluxe beverage package to increase their revenue.
Target a Wider Audience
With an expanded and diversified product range, you can target a much wider target audience. Simply by having a wide range of products to offer, you can target those people who didn’t even fall into your initial target audience. For instance, if your initial product offerings such as laptops, PCs, and gaming accessories were focused on meeting the needs of competitive gamers only, then you can add more budget-friendly products to your product range to target a much broader audience that not only consists of competitive gamers and esports players but also ordinary users.
