Inviting New Products into the Mix

When a customer requests signage, promotional products, or any other related item that you may not currently offer, make a written note of how often such a query is made. The more frequently you are asked the question, the more you need to think about adding that family of items to your product mix. Ask yourself, “Is there sufficient demand today and in the foreseeable future to warrant my serious consideration?” and, “Will the projected profit margin of the new product line enhance or dilute my current overall gross margin?”

It may appear alluring and lucrative to begin offering these goods and services to your current clientele, but don’t dive into the pool headfirst without measuring its depth. Do your homework. The best advice I can give is to attend a trade expo where manufacturers and artisans of those products are exhibiting and can educate and demonstrate how they’re made.

-Vince DiCecco, Your Personal Business Trainer