From the course: Designing Growth Strategies
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Creating new offerings for existing customers
From the course: Designing Growth Strategies
Creating new offerings for existing customers
- For any company, some of the most attractive opportunities for profitable growth lie in building on existing customer relationships. The goal here is to think about how you could expand the portfolio of products and services offered to your current customers. The first pathway is to brainstorm around what other complementary products and services the customer needs in order to use what you currently sell. For a company like Coke or Pepsi, snacks are compliments to beverages. And for airlines, complements would include hotel and car rental businesses. The second pathway is to brainstorm around what products and services might substitute the ones that you currently sell. Diversifying into substitutes can yeld two benefits. It offers opportunities for growth and it reduces the risk that a newcomer could do an end run around you. Take Coke and Pepsi. The original product of these companies was cola flavored soda.…
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