Via the Arts Business Institute (ABI), I discovered this post on 10 Reasons to Diversify Your Creative Product Line. Although the article is targeted to artists who sell their creative products to wholesale buyers, I believe the information is also useful to Etsy-type sellers. Here are a few of the points that caught my interest:
- "It Helps You Access New Markets. While your current niche may occupy a single vertical slice of the market, everybody has neighboring markets… and chances are, just like neighbors, they could be interested in the same kinds of things!"
- "It Challenges You To Grow and Listen To Your Customers. It’s easy to rest on your laurels and stop innovating when you find a product that is filling a niche nicely. We sometimes develop blinders to anything else because our identity becomes wrapped up in a single product… after all, we’ve put many hours and lots of sweat equity into developing it! But this can be dangerous to the long term survival of our creative businesses."
- "It Makes You A More Attractive Vendor. Whether your client is a gift shop, gallery, or bookstore, your wholesale buyer is always on the lookout for new products that they can bring to their customers."
Read the complete post for more useful information that you can apply to your own small business.