When new products cannibalize sales: Mitigate risks and grow

Sales cannibalization is a double-edged sword for businesses. Introducing new products is essential for innovation and growth. However, it often comes with the risk of cannibalizing sales from existing products. The problem requires a strategic approach to ensure new products complement rather than compete with your current offerings.

What is sales cannibalization?

Sales cannibalization happens when a company introduces a new product that takes sales away from its existing products. Instead of attracting new customers or increasing overall sales, the new product causes current customers to switch…