Building a valuable product ecosystem can increase sales and improve consumer retention

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 13, 2020, 3:32 PM UTC

A product ecosystem with multiple and complementary products allows brands to foster brand loyalty and promote brand advocacy.

This piece says that businesses should listen to the need of their consumers to build a product ecosystem that can effectively address their pain points. Creating relevant buyer personas and asking for consumer feedback, brands can populate their ecosystems with pertinent consumer products.

Businesses should simplify the connection of their products within the ecosystem, to help consumers effectively manage their products under one brand. By making product connections and integrations simpler, marketers can create a valuable and efficient product ecosystem.

Furthermore, brands should evolve and expand their ecosystem while updating the individual parts of the product ecosystem. The author suggests that marketers should create product ecosystems that have consistent and cohesive features and are easily accessible to consumers.

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