In today’s post I explain why you really should offer a new product or service, along with some useful advice on how to get started.
The fastest, most profitable way to generate additional income for your business, is to sell new products or services to your existing customers. It’s a lot easier than finding new customers for existing products and services. Why? Because your customers already know you, trust you and have an existing trading relationship with you.
Whenever I share this idea with a new client, they immediately see the potential. They then follow it up with a great question:
“How do we get started, Jim”?
Obviously, when I work alongside one of my clients on this, I can help them develop exactly what they want. However, I thought I’d share some very general pointers that you may find useful if you’d like to have a DIY shot at it.
A useful place to start, is to take one of your existing services and as my client Paul says, premiumize it. In other words, look for ways to add valuable, premium features to it. In every economy, there is an eager marketplace of people who actively seek out premium products and services. It’s why we have luxury restaurants, clothing brands, hotels, mobile phones, cars, etc.
Alternatively, you could look for opportunities to create an express version of one of your current services, for those who value speed and will happily pay for a new, faster service. Tip: Express services always work best, when you offer a guaranteed deadline.
If you want to introduce an all-new product, a useful place to start is to look for things that will compliment what you already provide. It works like this: If someone already uses (x) they’ll have a potential need for (y). Accountants discovered years ago that their clients would also value additional services from them. So they started offering services aimed at improving profitability and developing HR policies, etc.
Amazon really gets this. For example, when you buy a fountain pen from them you’re quickly presented with a selection of inks, writing paper and notepads.
You might also want to consider the huge market for environmentally friendly products. Developing a product that’s kind to the environment makes sense on so many levels. It’s good for future generations, good for the planet and good for your bottom line, too.
I hope those examples offer some food for thought.
Give it a try
Some people find developing a new product or service a lot easier then others. Even when I’m working with a client on this, it takes us a little while to get to the point where we announce their new offering and watch the money come in.
So give it the time it deserves. Because as I see over and over again with my clients, when you get it right the results can be absolutely transformational.