Does product diversification increase sales?

In 2015 I came across the concept of images printed onto original vintage dictionary pages to be sold as wall prints. This concept appealed to me and so my business Decoris Designs was created. I offered wall prints only. I sold my dictionary page wall prints at the local market, Etsy, eBay and my own website www.decorisdesigns.com.

Diversification 1 – Laminated Prints

An eBay customer asked if it was possible to buy the dictionary page print laminated. I invested in a laminator and while most customers prefer to buy the non-laminated paper print as they wish to frame it, about 20% of customers will buy a laminated print.

Diversification 2 – Paper Lanterns

I love the way the light shines through the vintage dictionary paper, giving it a beautiful muted glow and creating a lovely mood setting for a room. After much experimentation with design I now offer the dictionary page lanterns complete with LED lights.

Diversification 3 – Luggage Tags

After a particularly poor local market, my brother-in-law suggested I should try and offer more dictionary page products at different price points. I now offer dictionary page luggage tags which are just a smaller version of my standard wall prints.

Diversification 4 – Key Rings

I also now offer dictionary page key rings which like the luggage tags are just smaller version of my standard wall prints.

Diversification 5 – Fridge Magnets

People at the markets who were buying the luggage tags and key rings asked whether the designs were also available as a fridge magnet. I invested in a badge making machine and now offer 75mm dictionary page fridge magnets. Again, the fridge magnets are just smaller version of the standard wall prints.

The luggage tags, key rings and fridge magnets are considered ‘grab and go’ products and are at a lower price point.

Back to my original question of ‘Does product diversification increase sales?’ and I would say ‘yes’. For a customer may not buy a dictionary page wall print, but will perhaps buy a luggage tag or fridge magnet instead. Diversification has allowed me to often turn an average market day into a great market day.

So if you feel your single product offering may be falling out of favour, it may just need to be diversified.

 


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