So far on our journey of growing your business, we have discussed:
Our third monthly feature on growing your business is developing new products and services to open new markets.
Adding fresh new products and services to your business offerings is another way to open new markets and find new customers.
So how do you go about it?
How to introduce new products and services to your business
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Conduct market research
Before you start purchasing stock and equipment or launching your new service, see what your target market has to say. Conducting market research is an important step to complete before venturing into new areas.
As you are already in business, you have the ideal customer base already who can help you out. There are lots of free survey platforms available such as Survey Monkey. You can compile quick and easy surveys that your customers can complete anonymously and return constructive feedback to you.
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Check your finances
What is the financial impact of this new product or service? Will it be profitable? How much will it cost you in the initial outlay to set up? How long will it take to break even?
Make sure you fully investigate and understand the financial implications of expanding your business before you jump in and sign the dotted line.
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Market testing
Before you launch your new product or service completely, test it out with your current customers. Use those who responded in your market research phase to test it out and provide feedback.
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Protect your IP
Once you kickstart a new product, it’s vital to protect your Intellectual Property (IP). IP Australia has a search function to test whether your new product is actually available and hasn’t already been registered by someone else. If it is available, be sure to apply for a patent to protect it from being replicated by someone else.
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Licensing
Look around at other big businesses around you. Is it possible to license their existing products and services to add to your offerings? Can you piggyback on something that already exists in the market?
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Joint ventures
If going out on your own into a new market or area is too much to take on, look around for other businesses that may consider going into a joint venture. Do you already work with another business in delivering your current products and services? Do you have similar values where a joint venture could benefit both businesses?
As businesses today, we need to constantly evaluate and evolve our offerings to remain competitive and relevant. COVID has tested many of us and forced us to develop new products and services we may never have considered before.
Taking your business to the next level is a big step. Yet if planned well, can bring significant benefits to your bottom line and ongoing business longevity.
If you’d like to chat to us about adding new products and services to your existing business mix, give our friendly team a call.
