Having a product diversification strategy is an important form of business development. Small businesses can diversify their product range by modifying existing products and/or adding new products to their current range. This results in unique opportunities to grow the business by increasing sales with existing customers and experiencing the benefits of entering new markets.
Floor Trends recently spoke with Casey Dillabaugh, owner, Dillabaugh’s Flooring America; Dave Griggs, owner, Dave Griggs Flooring America; Randy Mostad, owner, Carpet One Floor & Home of Billings, Mont.; and Kim Scott, owner, Dove Interiors, to hear their perspectives on diversifying the product portfolios in their flooring businesses.