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.
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.
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.
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.
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.
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.
Get in touch with us today, for a free, no-obligation demonstration.