Will your business expand faster by selling new products to existing customer or selling current products to new customers?

[Quert]

To answer this ultimate question, you may want to compare how long it will take and how much it will cost your business to capture the growth with each option in order to determine which is the better course.

To find that out, here are three steps:

a. To locate a prospect, close the deal, and collect the cash, estimate the time required and the cost for your company.

b. When your business produced and sold the last new product, calculate the time it took and the cost.

c. With the lowest cost and fastest time to market, pick the option.

These three basis are essential when taking a decision to make, hope it helps you. Please share your feedbacks below.

 

[Kayzzy3]

From your question above, my answer may tread a different route, old customers are mostly people who are loyal to your business, they have enjoyed services from you and always comes back for, they help sustain you calculatetable income.

9But to expand you need to get more clients hence the drive for new clients or customers, opening new branches and networking

You have to keep both, because if you new customers and loose the old ones, your has pretty much not grown. So you new to service both the old and new customers.

 

[BrolySSJ]

It is important to look at the fastest profit time that you are able to achieve based on the sales that you make, and this can be a very huge Factor when it comes to thinking about implementing a new product or using existing products. However, I think that the one thing that you need to also consider when you make this decision is that implementing a new product could show innovation to the customer base that you have and as a result he could help and also increasing your reputation amongst those people.

 

[Shahzad Ahmad]

Business expand in both cases, it depends upon types of customers as well as products. If products are ascending or growing in season then the new customers are best as compared to new customers. On other hand, if products are not coming in the market then existing customers are best.

 

[Taimoor Jutt]

It depends upon how rate or ratio of your selling. If your sale is too much then both point will be fine for you. But in my point of view selling new product to existing or old customers will be better but if you want to expand then expand your customers. But quality of products should be improve of goods.

 

[Nurudeen]

A business can grow faster by selling new products to existing customers because the customers would have gotten a strong confidence in the seller making it easy for them to buy any products he or she introduced to them so far they need it they won't even bother to go elsewhere to go and buy from another seller in the market

 

[Hdre3m3n]

This question being asked has to do with how the taste of the new product and the taste of the previous product.
It will be actually profitable to introduce a new product to the customer if the new product is much better than the previous product.

 

[Hammad1245]

Business expand in both cases, it depends upon types of customers as well as products. If products are ascending or growing in season then the new customers are best as compared to new customers. On other hand, if products are not coming in the market then existing customers are best.

Yes you are right. Both aspects are good. It depends upon the type of customers and the type of products. Some customers buy more than others. So, they can not be said to fully overcome on each other. It is conditional.

 

[Rashid]

If your business is already going well then you can sell your old products to new customers and selling new products to old costumers both will expand your business in this sense. But people now a days check the quality so if quality should best then costumers will loyal to you.

 

[Erik4150]

There is nothing wrong with the two strategies, both of them will work. If your business is older and has reputation, you can keep selling the same products. But if you are new to the business then selling new products might give you an edge over competitors.

 

[Bart Simpson]

It is important to look at the fastest profit time that you are able to achieve based on the sales that you make, and this can be a very huge Factor when it comes to thinking about implementing a new product or using existing products. However, I think that the one thing that you need to also consider when you make this decision is that implementing a new product could show innovation to the customer base that you have and as a result he could help and also increasing your reputation amongst those people.

 

[Imkevin21]

Advice for small businesses on how to find new customers by understanding the to better understand your target audience, generate new sales leads, and get possibilities of creating value are limitless: faster service, better products obviously increases your revenue.

 

[Abibatabosede]

Selling new product to old customers is one the most effective way to introducing the product to the public. This method is better than struggling to get new customer to buy the goods. The product get recommendation from the old customers then more people request for it

 

[kayode10]

If you want your business to grow faster focus on acquiring new customers. This will help you to grow your customer base. But if your focus is to increase the turnover at the end of the year, then find a way to upsell the current customers you have at your disposal. If you want best for your company, you should do both.

 

[Sammyesx]

I believe for a business to expand, one doesn't necessarily need to start selling new product, what you have to do is to look for a way to get new customers by improving on the products you are already selling and doing a lot of publicity.

 

[Patrik]

Always look for newer products to sell, existing products should be surely literally everywhere and clients can get them from there, but when you are dealing with newer products, you are dealing with something that only you probably have

 

[Adebayonle7]

It works both ways and is a great way to expand and enlarge the business. If your old customers only gets the same products, they may tire over time. You can introduce new products with the same good qualities has the ones they've known you with or even something better! This can help with retention. Also introducing your old products to new customers can be a good marketing strategy. They can learn to trust you if they see that your old products have good reviews from your old customers and that your reputation is a good one.

 

[Tariq Shehzad]

All your question as menstioned above are good but my answer may tread a different route, old customers are mostly people who are loyal to your business, they have enjoyed services from you and always comes back for, they help sustain you calculatetable income. They always remain cooperative.

 

[WhiteHouse]

Your business and sales will expand when you sell current products to new customers, why is that, the more people you serve the more success you have, so adding new customers to your already existing customer list
Will surely boost your business.

 

[Yewande]

It depends on the type of product and it's quality. If your customer thinks your product sucks after buying, I'll advice you keep looking for new customers every now and then. Or you simply work on your product.