"Line Extensions" is a phrase many people with new products haven't ever heard. What you need to know about them is that they present many kinds of opportunities.
What IS a line extension?
It's any product you add to your main flagship product. For example, say you sell ironing boards. A line extension might be new colors or designs of the basic board, adding a deluxe model or adding ironing board covers. Or if you were really on the fringe, it could be a joint venture with a spray starch company.
A line refresh is when you update the packaging, change the product design, colors or features. This type of work is usually needed after a product has been on the market for at least a year. For some product categories the refresh cycle will be shorter, some it will be much longer.
It's very wise to look at timing your product line extension or refresh to annual plan-o-gram meetings & the trade show cycle. You can also watch your sales numbers. When they go flat, sometimes you can revitalize sales with a line refresh or extension.
Why are Line Extensions Important?
They update look and features. Helps you keep accounts you are selling to. Having something new to talk about adds excitement for you and buyers. Listen below to hear more about how line extensions open a gap you can take advantage of. The recording also talks about the factors in selecting how and when to use line extensions.
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