Selling more of what you already sell works to a degree, but it’s important to listen to customer feedback, and refine the product or service to ensure its continued relevance. At the same time, it’s important to listen to the market, look at what the competition are doing, and develop new value propositions to address the need for something new.
Apple is often cited as being innovative, and rightly so. Their evolution from the original Mac, through to the iPhone and the iPad, and all sold at a premium price, clearly illustrates the point. Blackberry also illustrates the point, but in the other direction.
Car manufacturers (currently hot news) are continually refining established models, for example, the BMW 3 and 5 series, and there is continuity in the look of the product, but the built-in technology makes it a very different animal. Jaguar reinvented the Jag, and have taken the world by storm.
Food products often retain the same brand or product name, whilst being refined to reflect consumer needs for less fat and less sugar.
The key message here is simple; as part of your growth strategy, ensure you review and refine your current offerings, whilst exploring and developing new ones.