New Venture Lab: Equipping Christian Entrepreneurs

Question

How should I think about the strategic options to grow my one product company beyond my initial product?

Answer

I would suggest that you think about your growth strategy in terms of an opportunity matrix with different dimensions such as growth into new geographies, additional products, new market segments, and/or through additional channels.  One example that comes to mind is the Tobasco company that had a great one product company with Tobasco sauce, but the company had stagnated and need new growth ideas.  Great strategic insight led them into co-branding their sauce with food products that were "pre-sauced" with Tobasco sauce, different levels of "heat", different packaging, different colors such as green Tobasco sauce, increased overseas distribution, etc.