BizSugar.com › Marketing › Gary Vaynerchuk’s Weekly Wrap-up (3/6/15)

In our second installment of Gary V’s weekly-wrap for this week, we’re going to begin with Gary’s article “How to Market Your New Product to Existing Customers” as we know this is a topic many business owners are interested in. Gary begins by presenting a short scenario that describes a common small business situation wherein a new product is introduced that will be more expensive than the usual stock. This leads to the dilemma of how the business owner can convince their existing customers to pay more for the new product. What is the solution according to Gary? You don’t convince them, he says. His reasoning is that, if for example, you’ve been selling inexpensive handbags and wish to sell much more costly bags, it’s likely your existing customers simply cannot afford the more expensive bags. Gary says that instead of trying to get your existing customers to buy the more costly products that you should work on finding new customers who will buy them.