Let's use a concrete example. If you produce and sell mustard, a new product may be a fancy mustard, better than the one that already exists. Or one with a new flavor variety like horseradish or honey. These are obvious new products. These are not necessarily the products I meant when I suggested that you to introduce new products.
Rather, I am thinking of mayonnaise, ketchup, or other similar products. But by introducing similar products like mayonnaise or ketchup you'd still be in primarily the same food business. So your new product could also be one of a different field, such as cooking courses for professional chefs in restaurants. The only condition is that this new product, even from a new field, should be something you can offer to your current customers. Then extend it to other groups of potential customers.
So, in order for this new product - the professional chef course - to have the best chances for you, you should have previously addressed your mustard directly to the restaurants. If not, then maybe it's not the right one. This technique is also called the "one-step" technique; that is, moving just one step away from your base. Moving several steps could lead you to a thin layer of ice.
You may have already been thinking about a new product for some time now. If so, this might be the perfect time to do something about it.
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