If it ain’t broke don’t fix it
This past week, I completed a marketing assessment for a company who has developed a series of low cost ($5.95 – $19.95) products that are selling quite well online. They contacted me because they want to dramatically increase their sales, launch a new line of products and explore new markets.
Like many companies in their infancy, this business has invested most of its capital in new product development, manufacturing and packaging. Although the new items look great and will soon arrive, the company does not have available funds to invest in marketing these products, nor does it have a marketing action plan.
Through the assessment process, we were able to conclude that deviating from what has made the company successful so far would be a costly mistake. Up until now this company organically grew its business, and needs to continue doing so until it has the funds to step into the mass marketing arena.
If your organization’s current product marketing and promotions are working, don’t stop just because you are bored with your endeavours, or think there is a better way. Take what you are presently doing as far as possible before changing course. I believe many organizations shift their focus away from existing product growth while there is still money on the table, just waiting to be tapped into.