Product Line Extension or New Product Development?
Mark Lemuel M
2 replies
It contrasts expanding an existing product line with new variants or enhancements versus developing entirely new products to meet customer needs or capture new markets. which one will win in the long run?
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Daniel James Harris@danieljamesharris
I think a mix of both can work well depending on your situation. New products are great for capturing attention and generating buzz, but line extensions can leverage existing brand equity and customer loyalty. Ultimately, it comes down to understanding your target market, competitive landscape, and growth objectives. Personally, I like to test new product ideas as MVP's first to validate demand before investing heavily in full-scale development and launch. And successful line extensions are all about truly addressing additional customer needs in an on-brand way vs just slapping your logo on more SKUs. What's worked best for others here?
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Personally I think new products will always win (for most people.)
User’s tend to have shiny object syndrome and like trying out different things. This can be overcome with the right budget. But if you’re not the top 10 in your niche, new products can be more cost effective.
I have a free tool section on one of my products and when these tools get traction, I build it as its own product.