How To Mitigate Cannibalization Risk From New Products
“I don't want this new product to eat away at my existing business.”
We hear this a lot.
So many executives get caught up in the fear that new products will detract, or worse destroy, their existing business. Total or partial cannibalization can occur when a new product moves customers away from current service offerings or product lines. It is a legitimate concern, but the right framework and strategy can help companies stay competitive and turn potential threats into opportunities.