Living in Los Angeles is a continual reminder of the need to “freshen” one’s look to remain relevant. It’s a great analogy for the importance of keeping your business products and services pertinent in a continually evolving and dynamic marketplace.
Every small business must consider the ebb and flow of their products and services. What clients absolutely loved and couldn’t live without last year gets discarded like a worn-out shoe this year.
To be successful and obtain sustainable growth, your business must be good at finding and growing successful products and services. This includes:
- Ensuring your product or service is in the right market, designed well, positioned correctly and priced appropriately
- Knowing open market segments in which you can openly and successfully compete
- Understanding the market tier for which your product and/or service is best suited
- Knowing which stage of the product/service lifecycle you’re currently experiencing
- Having a development process in place for finding and growing new products and/or service
These are just a few considerations when looking for a pick-me-up for a product or service that may be old and tired.
Product and service innovation is a great way to drive growth and bring a new solution to your clients’ challenges.
Are your product/service offerings ready for a new look? Let us help!