Extending Product Lines. Key Elements For Success
When you extend a product portfolio and it matches industry demand, it can provide opportunity for everyone.
If there is a primary product that links everything together, then extending product lines becomes a natural business progression.
When there is cohesion and an alignment with a core material, this minimises risk. Being a metalwork specialist, the reason for an extensive product line from MQ is that our core product starts and ends with metal. It just so happens that we have the capability and expertise to help treat the metal that is suitable for a variety of industries. From leisure and hotels, to new build, to social housing, to the civil sector, each industry is different but has a need where metalwork is a key component.
We All Have To Move With The Times
As product categories evolve, where the company was once recognised within the marketplace for metal gates and fencing, has now seen an increase in demand for a complete metalwork package, from sheet metalwork to glass and stainless fabrication. When marketplace conditions influence, a company must continuously adapt its product lines to an ever-changing market.
Rather than a heavy focus on volume and off-the- shelf products, we have recognised that new product lines can be introduced where the focus is bespoke fabrication. This means that orders are produced that align with what a customer needs. So, whether work is packaged for structural metalwork or alternatively architectural metalwork, the work fits the requirement for the project.
Lets look at it this way; every building has a demand for metalwork. From balconies to grilles, from new build or regeneration, it is a case of continually adapting, whereby a marketplace recognises a source to purchase. It is not about being reactive and being naive that good is good enough when it comes to new product lines, but being guided by longer term planning. This is what encourages customer loyalty and a sense of association and relationship when it comes to future orders.
When Long Term Takes Precedence
The longer term planning has enabled MQ to design for clients and also carry out installation. It is not just a case of manufacturing metal products and getting out the door as quickly as possible (although appreciate that time is always the essence). From a quality and also functional point of view, products need to be thorough and produced the correct way. No business wanted to spend more time in the factory, when something isn’t produced the right way.
When it comes to introducing new product lines, there is one key element to determine any form of success. Whilst introducing new items extends market penetration, a company shouldn’t just evaluate how the line extension sits within the full suite of products, but also how the extension affects the brand. For instance, if MQ started diversifying into plastic moulding, it would dilute the overall company message.
With a range of products that are intended to compliment each other ie. balconies linked with handrails/balustrades, the reason for this is driven by customer need, not what a manufacturer thinks companies would like. A wider product portfolio works when there is an alignment to what someone else wants to purchase.
For product extensions to be a success, there has been some simple guidance that we have followed closely. This fits into four core elements: having a long-term view; ensuring everything matches the overall brand ethos; crossover where products compliment each other; delivery matches customer needs.
If you are looking for a supporting hand for your next metalwork project it would be good to hear from you. From the civil sector, to social housing to new build, if there is a project you want to discuss in more detail and support from design, fabrication to installation, we are here to help. Call 0208 807 0098 or email firstname.lastname@example.org