Reach Untapped Revenues Through Repurposing
Whenever I have the opportunity to write for this column, I reflect on my 30 years in the accessory business to try to come up with a topic that is interesting, relevant and insightful enough to add value to your business. In this case, I settled on sharing a strategy I’ve used many times in my business life to add revenue to the startups I’ve worked with: repurposing. While repurposing isn’t necessarily a novel concept, I’ve found that many businesses don’t consider it as a sales strategy or as an innovative product management tool. But that’s where I march to a different beat.
I’ve always viewed repurposing as a business strategy. The key is being able to step out of your comfort zone just enough to be able to identify ideas and opportunities in product development, as well as in marketing to and selling into ancillary markets. In that way, repurposing truly becomes a form of innovation. While repurposing isn’t restricted to startups, it has helped in creating line extensions when funds are limited to support a full-blown product development project or to invest in inventory. This holds true whether you’re manufacturing from scratch or sourcing from an OEM/ODM.