How to expand your product into a new industry

Companies have traditionally created products with a primary target audience in mind. However, as technology opens up new markets and inclusion continues to be a growing CSR initiative, it is important for companies to consider a broader, multidimensional audience.

If you're trying to expand your product into a new industry, here are some tactics to consider.

1. Define your new audience

For many products, the target audience comes naturally. A luxury car manufacturer will sell to wealthy individuals. A technology company that creates workflow tools will target professionals and enterprises.

When a brand decides to expand its target audience, it often has to do it deliberately. This is because while they may see potential, their new audience may not be connecting those dots on their own.

That's why it's important to clearly define a new target audience when expanding into an industry. Why will your new audience want the product? What need does it meet for them?

A good example of this concept in action is Laundry Sauce. The luxury detergent company creates premium washing machine pods for a superior laundry experience. Although everyone needs detergent, the company deliberately incorporated the luxury message into its products, branding and even packaging from day one. This allowed his target audience to see the need his products fill.

2. Don't grow too quickly

When you decide to jump into a new industry with your products, it can be an open-ended affair. Often a product can have utility in many different contexts. A software publisher that creates communication tools for businesses may want to address consumers, but this may be a very large target audience.

It's important to be clear about your current goals to avoid overextending your growth efforts. Uber provided a good example of this when it expanded into the food delivery business a few years ago. The company's proprietary software was ideal for connecting riders to drivers. It took a simple redesign to reallocate the software's potential to also help deliver food to hungry customers.

However, Uber has been smart enough not to go any further at this time. It could have started delivering all kinds of purchases, USPS-style. But it limited its growth strategy to ensure it could find lasting success and consumer buy-in in its new market.

3. Offer incentives

You may have a proven product that you know meets the needs of your current customers. But that does not mean that another group will recognize its intrinsic value.

With that in mind, you may need to find a promotional item or incentive to attract your new target demographic to your product or service. Walmart does...