If you’re looking to increase market share, or turn around a stagnantbusiness, then introducing new products or services could be the answer. But there are a number of factors to consider beforehand to ensure your best chance at success.
Attract new custom
From your experience and knowledge of your business sector, as well asmarket research, what products would expand your customer base? Are theysignificantly different from what you already provide to reach customersthat aren’t currently interested in what you are offering at the moment?
Slight tweaks to your existing inventory are unlikely to lead to asignificant increase in orders, but stray too far from your corecompetencies, and you may struggle to adapt.
Provide value for existing customers
The benefit of introducing a new product or service targeted at currentcustomers is that you are building on an existing relationship and brandfamiliarity. Enquiries and complaints can be compiled and analysed tohelp you decide on the best path forward.
Viability
Knowing what potential clients want is one thing, but being able toprovide it is another. Having the know-how, staff and resources to offera product or service at a feasible price point is essential.
It’s always worth playing to your strengths when introducing somethingnew, so see where your business has succeeded in the past and build onthat foundation, rather than risk venturing into entirely unknownterritory.
The bigger picture
If you have a long-term business plan, then you will need to think abouthow new products and services fit into this. A short-term cash cow maydistract from where you want to be going in the future, particularly ifyou’re looking to improve and streamline your existing inventory.
Trial run
It’s worth having a trial run of a new offering with a small number, oreven just one, client. Carefully monitor progress and take on board anycomments or suggestions. This is far preferable to having to deal withdisappointed customers and lost revenue resulting from an untestedlaunch.
SwiftCase is a cloud-based, business process management platform thattakes the stress out of adapting or introducing business services.
- Gather data in real time to see which products are the most profitableby having a clear, coherent view of your costs and pricing
- Provide an online customer service portal, to understand what clientsare looking for more clearly
- Configure business processes for multiple services, including extras andadd-ons
Get in touch with us today, for a free, no-obligation demonstration.
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