Products and services have a shelf life because customer needs change over time. Do your need a facelift? Are your products and services a want, need or must have? The right products and services make marketing and sales growth easier.
5 Ways To Improve Offers and Grow Revenue
#1 Create a new product or service
What do your customers want or need today that you could easily offer or integrate into your services? They can be big or small. The key to success here is to ensure it’s a natural fit for your other products. They should compliment your current offers and be logical to customers based on your company’s reputation and experience.
#2 Offer a simpler or smaller version
Can you take something away or simplify it to make it more affordable to your target customers? This may be a way to create an easy entry to your company. From there, you can up-sell or cross-sell products in the future.
#3 Upgrade a product or service
What can you add to create a premium version or upgrade to something you already sell? What would your ideal customers value? Consider what your competition does or does not provide. One of the keys is to do a little research by talking to your ideal target customers. What do they want, what are they willing to pay?
#4 Bundle into a package
While bundled services may cost more as a package, they typically deliver more value in the long-term and ultimately save customers money. The key with packaging services is to create them for a niche or small segment of your market. Do not try to create packages that serve everyone or you will ultimately serve no one.
#5 Update your current products or services
Since the needs of customers change over time, your products and services need to keep up. Do the value-added features you include still matter to customers? If not, remove them and save the money. Are there services that you need to add that are now expected? If so, find a cost-effective way to incorporate them. Feedback from customers makes this easier to do. So evaluate your services and modify them as needed.
Communicate Changes and Improvements
When you give your products and services that much-needed upgrade, remember to communicate it! While many small businesses promote a new product, they often overlook communicating improvements or changes to existing products or services. Announcements in newsletters or email campaigns, press releases, a simple business letter, direct mail piece, updates on social media or even a ‘New’ icon on your product website can often do the trick.
Don’t overlook the product or service development side of your business. It’s an important part of marketing. And rem to communicate the changes you make. Your bottom line will thank you.
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To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com