Increasing Scope of Purchases Framework
Expand sales to existing customers
This framework involves increasing sales to existing customers by supplying peripheral equipment and services, upgrading product lines, and widening product offerings. It can be a cost-effective strategy to increase revenue and market share.
- Focus on existing customers to increase sales
- Expand product and service offerings to meet customer needs
- Upgrade and widen product lines to increase revenue
- Identify Existing Customer BaseAnalyze existing customer base to identify opportunities for increasing sales.Pro tipUse customer data and feedback to inform product and service expansionWarningBe cautious not to over-expand and lose focus on core products and services
- Expand Product and Service OfferingsDevelop and introduce new products and services that meet customer needs and increase revenue.Pro tipConduct market research to identify gaps in the market and opportunities for expansionWarningEnsure new products and services align with company mission and values
Southland Corp. expanded its product offerings to include fast food, self-service gas, and pinball machines, increasing revenue and market share.
Household Finance Corporation expanded its services to include tax preparation, larger loans, and banking, increasing customer retention and revenue.
This strategy has been successfully practiced by companies such as Southland Corp., Household Finance Corporation, and Gerber Products, which have expanded their product and service offerings to existing customers.