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

[KvngMurphy]

Step 1: Gather Information
Yes, it's the information age--which means the more info you're armed with, the better off you'll be. Licensing your idea is no exception. Before you even consider approaching prospective companies to sell your idea, be sure you're clear in the following areas:

• Know your market. This means gathering as much feedback as possible on your own invention idea. Focus group testing, even among friends and family, is one good way. You should also compile data on similar and competing products--info on what's out there, what's selling and who's producing it, for example Do some legal legwork. Go as far as you can to determine if your invention is patentable or if it can be produced without infringement on other filed patents.

 

[Cissé]

Both options are good for expanding business fast it is good to introduce both existing products and new product to a new customer and what we keep the existing customers to keep on patronizing you is when you advertise a new product to an existing customers it makes both existing and new customers to keep on patronizing your business.

 

[Mostee501]

Your businesses will expand faster when you discipline yourself and follow the right procedures which are,providing good quality products and services to both the new and existing customers,and when your profits are being put to good use by producing more products.

 

[ossai]

there are many ways to to expand your business because when it comes to business everything goes well cuz you selling your new product to your old customers it's okay but selling your new product to your to your new customer and selling your product your new customer to expand your business because you are doing two things why you are selling the things you said to your old customers he would equal Excel new things to new customer and the old things to new customer and.

 

[mubinadaddy]

To answer the question or give my contribution to the above questions, I will go in this way, old customers are the people that is already patronizing you, they enjoy your products, they still comeback for repeat sale, but in other to grow more and capture more you still need customers to come in cause without new customers to come in your business will not survive. For my own opinion the products should be sold to both, but practically the new customers.

 

[Nicklas22]

I think old customers are the very ones who wins customers for your business, so selling new products to old customers will definitely boost your business and you will get more customers this way

 

[GoldenLady]

In the first case, it's easy to convince your loyal customers to buy new products if you have a great reputation.

But it may be that they don't really need that new product, and it's not easy to actually create a new product that will be great.

On the other hand, new customers may take long to actually trust you and what you offer, but it may be easier since you already have proof from previous customers.

 

[Softdave]

A bird at hand is worth more than a million in the bush so for me I will sell new products to old customers first and ensure their maximum satisfaction before selling to new customers don’t get it twisted all customers are important I will also ensure I serve new customers very well but most of your new customers are likely to have been referred by the old customers based on the way you have served them

 

[tyrim88]

you have the advantage of selling your product faster to existing customers,but the new customers are also important as well,as they would be the one to eventually form your loyal customer base in future.

 

[sam386150]

As for me it simply depends on the type of material your selling,and it also depends on the quality your existing customers and the newly customers consume,the difference is very clear because their consumption will determine the one that will make the business grow.

 

[Softdave]

Keeping good customers relationships in business helps to promote the business and maintain continuity for me selling of new products to old customers is a beautiful of ensuring good customers service because most the new customers are gotten from the relationship with old customers

 

[Daniel52]

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.

 

[Mimi]

Either way your business will still expand because many people prefer to continue with what the already know that is a product that has been in existence while many others will want to test a substitute cos they believe that it will be better than the existing one

 

[Sincerem]

Their are many ways to attract customers to your newly established business. You need to set the pace with what is needed to make the business boom. Make sure you follow the market demands, by trading the right stocks, buying products that is eye catching, appealing to customers, and at an affordable price. Always offer giveaways to your esteemed customers to keep them coming, and luring others to patronize your business.

 

[Deebabs123]

Never underestimate the importance of your existing satisfied customers. It costs less to sell to them than it does to find new business. What's more, they are loyal, they tell you what you are doing right and wrong, they recommended you to their friends and, compared to new customers, they are less price-sensitive.

 

[Shigobad2020]

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

I think selling new products to existing customers will make your business ventures expand faster rather than selling current product to new customers, the customer you have before to me are far more reliable than new ones because they have been with you for so long and cannot leave.

 

[Sincerem]

You should consider both, one needs customers to sell products and make faster profit. If you cherish your customers, value them much, i believe you'll make faster returns for it. No customer should be valued higher than the other.

 

[Setho]

The aspect of new and existing products does not at all even come to play because you should always sought to serve your clients with the best product that you have in order to gain trust.

 

[Eodine]

A business must learn how best to keep existing customers and new customers as existing customers create a percentage of inflow but might change due to many reasons but new customers would cover that and might provide more revenue.

 

[Ehizzy1]

Many customers prefers buying new and products that are trending ,so this is one thing you should even take note before you start your business ,no customers would not want to buy a non trending product,so you get more customers after showcasing a new products