If you’re looking to increase market share, or turn around a stagnant
business, 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 as
market research, what products would expand your customer base? Are they
significantly different from what you already provide to reach customers
that aren’t currently interested in what you are offering at the moment?
Slight tweaks to your existing inventory are unlikely to lead to a
significant increase in orders, but stray too far from your core
competencies, and you may struggle to adapt.
Provide value for existing customers
The benefit of introducing a new product or service targeted at current
customers is that you are building on an existing relationship and brand
familiarity. Enquiries and complaints can be compiled and analysed to
help you decide on the best path forward.
Viability
Knowing what potential clients want is one thing, but being able to
provide it is another. Having the know-how, staff and resources to offer
a product or service at a feasible price point is essential.
It’s always worth playing to your strengths when introducing something
new, so see where your business has succeeded in the past and build on
that foundation, rather than risk venturing into entirely unknown
territory.
The bigger picture
If you have a long-term business plan, then you will need to think about
how new products and services fit into this. A short-term cash cow may
distract from where you want to be going in the future, particularly if
you'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, or
even just one, client. Carefully monitor progress and take on board any
comments or suggestions. This is far preferable to having to deal with
disappointed customers and lost revenue resulting from an untested
launch.
SwiftCase is a cloud-based, business process management platform that
takes the stress out of adapting or introducing business services.
- Gather data in real time to see which products are the most profitable
by having a clear, coherent view of your costs and pricing - Provide an online customer service portal, to understand what clients
are looking for more clearly - Configure business processes for multiple services, including extras and
add-ons
Get in touch with us today, for a free, no-obligation demonstration.