If your sales force is still stellar but customers are dwindling and new competitors keep cropping up, it's a sure sign you need to bring something new to the table. Follow these steps to introduce new products and/or services, and turn your interesting ideas into a better bottom line:
Turn good into better
Going a few steps beyond expectations is a sure way to please buyers. Reinvent existing products by listening to your customers. What tweaks to your current offerings do they suggest? Tune in to employees, too. The best ideas often come from front-line personnel.
I recommend: Turn weaknesses into strengths by conducting a "
best practices assessment." Talk to a
Small Business Development Center for targeted guidance.
Invent the next wheel
Consider using elements of existing products to create something totally different, or try to forecast your industry's future.
I recommend: For a software nudge with brainstorming, try
IdeaCue. Hire a trend forecaster or keep up with journals like the
Trend Research Institute's. Once you have ideas in place, use
GreenBook.org to find focus groups, and follow guidelines for
productive focus groups.
Protect your ideas
If you don't officially call it your own, you can't profit from it.
I recommend: Familiarize yourself with intellectual property basics online at the
Franklin Pierce Law Center or
FreeAdvice. Determine what
type of patent you need, then
apply for a patent. Ensure your efforts are legal by choosing a specialized lawyer in your area through
AttorneyPages.com.
Make marketing a priority
Customers won't have a clue if you don't fill them in. Tell them how your new product works and why they can't live without it.
I recommend: Easy Contact by Deluxe helps get your marketing off on the right foot by offering economical e-newsletter campaigns. And be sure to follow the basic
Principles of Marketing to help get the word out.