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Product Line Extension or New Product Development?
It contrasts expanding an existing product line with new variants or enhancements versus developing entirely new products to meet customer needs or capture new markets. which one will win in the long run?
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Fraser B
Personally I think new products will always win (for most people.)
User’s tend to have shiny object syndrome and like trying out different things. This can be overcome with the right budget. But if you’re not the top 10 in your niche, new products can be more cost effective.
I have a free tool section on one of my products and when these tools get traction, I build it as its own product.
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