NEW business lines or new products which can bring in additional income are usually complementary to existing company activity.

For instance, if you are already into skin lotions, you can look at introducing a new line which addresses the issues faced by individuals who cannot use products with perfumes or who are seeking treatments for oily skin.

Research and development will be focused on how the existing knowledge base and equipment, in addition to all other resources available to the company, can add value for the customer and, in so doing, bring in more revenue.

The Business Plan

Your first step, before you apply savings or new funds to product development, is to make a plan which will function to guide your actions and set out the targets and the strategies to be applied.

Include all the goals you are setting for company growth.

Goals should be specific and measurable. The business strategy that backs this goal will discuss methods to achieve each of the objectives which you listed. Outline the strategy for each of your measurable and specific goals for product development.

Your plan should have a detailed overview of competing products that your new product will face. Look at trends in the industry and how these or similar products have fared in the market.

Refine the description of what you are seeking to offer and the problem you are trying to solve by further developing your ideas after research. Focus on the target market and the customers in it. Remember to include their income level and shopping habits.

Marketing Strategy

In planning you will discuss the ways and means to bring your product to market such as advertising, or social media marketing and distribution strategy. Remember there are market researchers, consultants and business development service providers who can help you.

Carefully review the pricing model for your product or service. If prices are too high, then they may be out of reach of your target market. Make sure that the return on resources invested will make a profit within a reasonable time frame, otherwise the idea for your new product should be dumped.

Prepare to be seen

If everything points to potential success, the next step is product development and marketing.

In marketing your new business line or product, try to do so by indicating that you are either solving a problem which exists or one which consumers never knew they had.

Hit the button of desire by clearly sending a message that your new product will make their lives better, more enjoyable, their company more desirable, or their home look better — or whatever message will answer the need being targeted.

Pursue messaging with integrity. Do not promise what cannot or will never be delivered

Even if your marketing represents the repacking of an old product to provide a new solution, try to indicate what value has been added to make it worth purchasing.

Adding new business lines is one way of tapping existing resources and earning more revenue for your company. However, before you launch this product, research what your competitors are doing so that your own messaging will come across as unique or different enough to get the market’s attention .

Make use of packaging, location and colours to stand out. First impressions will last, so cover all bases before you bring out the revamped, enhanced or new product to the attention of consumers.