Many businesses view cannibalization as the most dreaded issue but there is a counter to it. Many businesses believe they must cannibalize their own products or the competition will do it for them. You can counter cannibalization by making your older products unique and desirable to extend their product life cycle.
Many companies cannibalize their own products at some time in the future. You can definitely create your own little product niche from older products to counter cannibalization. Your older products can be reduced tremendously in price to make it cheap and affordable. This way your old products can capture the low income consumers while the latest products can capture the high income consumers.
Counter cannibalization by making your older products special again. You can reduce the old products price tremendously to tap a new market or make them unique again. Make your old products popular by making it cheap, reliable and unique in order to extend the product life cycle. If you can do it, there is little to no cannibalization because your old products are capturing a new market.
Make your own product niche from your old products to counter cannibalization. Your old products can tap a new market with just a little innovation. Cannibalization doesn’t sound so scary if you think outside the box.
