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Is Now a Good Time to Offer a New Product or Service?
Posted on Mon, 06/08/2009 - 13:48 by Caroline Shahar
Small businesses everywhere are feeling the pinch of the economy in their downward revenue stream. What can you do to reverse that trend? Try something different. Consider introducing another revenue generator. No matter what the economy is doing, it’s always a good time to offer a new product/service if you know it’ll be well received in the marketplace.
A common mistake businesses make in adding a new item to their lineup is deciding what customers will want to buy without including any actual customer input. To successfully increase your revenue, go straight to your potential buyers to find your answer. If you have an idea of what they will want and buy, test it with them. If you’re not sure what to offer, ask your customers what their needs, problems, and aspirations are. From their input, you will have the right knowledge to determine what you can offer that will help them and generate money for you.
Here’s how to identify a winning new offer:
Option 1: You are starting with an idea. Test it with your customers to find out what they think of it and what their purchase intent would be. If they say they would purchase it, what would they be willing to spend? You can find this out by emailing an online survey to your customers and/or posting the survey on your website and social media sites. Check out these good questions to ask your customers to get the knowledge you need.
Option 2: You don’t have an idea. Start by identifying your customers’ top needs, wants, problems, or aspirations. While you may think you already know these, sometimes customers’ answers will surprise you. Here are some sample questions to ask your customers to gain this information. Once you have feedback, identify what you can offer that will be a real solution for a challenge your target audience is facing. Then go back to your customers with your new idea, and ask them the questions in option 1.
By going straight to your audience for this information, not only will you identify a winning offer, but by involving your customers you will make them feel more connected to your brand. And you will find that customers who have contributed to the development of a new product/service are more likely to purchase your new offering.
Now it’s time to create awareness and sell it. Use email marketing and other marketing channels to announce that what customers wanted is now available. Your survey results are the key to having a strong positioning strategy. Use the information they gave you in the survey to speak their language. Let customers know the benefits of your new offering and how it will help solve their problem or help them meet their aspirations. And don’t forget to get continual feedback on your offerings to find areas for improvement that will also lead to more sales.
Questions, comments? Click the “Comment” link below. Happy growing
Small businesses everywhere are feeling the pinch of the economy in their downward revenue stream. What can you do to reverse that trend? Try something different. Consider introducing another revenue generator. No matter what the economy is doing, it’s always a good time to offer a new product/service if you know it’ll be well received in the marketplace. A common mistake businesses make in adding a new item to their lineup is deciding what customers will want to buy without including any actual customer input. To successfully increase your revenue, go straight to your potential buyers to find your answer. If you have an idea of what they will want and buy, test it with them. If you’re not sure what to offer, ask your customers what their needs, problems, and aspirations are. From their input, you will have the right knowledge to determine what you can offer that will help them and generate money for you.
Here’s how to identify a winning new offer:
Option 1: You are starting with an idea. Test it with your customers to find out what they think of it and what their purchase intent would be. If they say they would purchase it, what would they be willing to spend? You can find this out by emailing an online survey to your customers and/or posting the survey on your website and social media sites. Check out these good questions to ask your customers to get the knowledge you need.
Option 2: You don’t have an idea. Start by identifying your customers’ top needs, wants, problems, or aspirations. While you may think you already know these, sometimes customers’ answers will surprise you. Here are some sample questions to ask your customers to gain this information. Once you have feedback, identify what you can offer that will be a real solution for a challenge your target audience is facing. Then go back to your customers with your new idea, and ask them the questions in option 1.
By going straight to your audience for this information, not only will you identify a winning offer, but by involving your customers you will make them feel more connected to your brand. And you will find that customers who have contributed to the development of a new product/service are more likely to purchase your new offering.
Now it’s time to create awareness and sell it. Use email marketing and other marketing channels to announce that what customers wanted is now available. Your survey results are the key to having a strong positioning strategy. Use the information they gave you in the survey to speak their language. Let customers know the benefits of your new offering and how it will help solve their problem or help them meet their aspirations. And don’t forget to get continual feedback on your offerings to find areas for improvement that will also lead to more sales.
Questions, comments? Click the “Comment” link below. Happy growing
