Adding additional product or service to your current stable business can be tricky, but if done correctly it can transform your business and create exponential growth opportunities. With our help, and the simplified steps below, you can successfully bring new opportunities to your clients.
First: Do Your Research
You may have a great idea of a new product or service, but does it fit within your current business model? For example, you wouldn’t expect to go to a McDonalds for a car wash. On the other hand, a better example is HelloFresh who expanded their line of product to include kitchen utensils. This company already has a clientele base that is interested in making their cooking experience better and easier. What better way to help that process along, than providing them with the right tools to do so. A great way to research, is ask your current clients what they feel your business is missing and what they need/want.
Second: Find the Resources
One of the biggest problems companies face, is the implementation of a new process/product. Everything may look great in writing, but do you have the people and resources to execute? The best plan is to have a dedicated staff to roll out the new product. That way they can be attentive to all details and issues that may arise. You don’t want to overload an employee with current responsibilities and then implementing a whole new product (depending on size), that may lead your new product development to suffer. This is one area we can help! A lot of companies find it cheaper to outsource their services, and we specialize in handling all projects big and small. This gives you comfort of mind knowing that the production of distributing is taken care of.
Third: Create a Plan
Establish a timeline, this is important so you can stay on track and have attainable goals. Next in the plan is to create a budget. Implementing a new product/service can be very expensive (time, people, materials, marketing, etc) and you want to make sure you are not wasting money or resources so it’s important to stick to your timeline!
Fourth: Test Your Product/Service
Before your big launch, you want to incorporate a soft launch into your timeline. This is the best way to test your new product and work out any kinks there might be. Depending on your new concept, try it out on close family and friends or gather a select group of loyal customers that will be honest with you, but you’re not scared of losing their business. Once you receive the feedback you can incorporate that into your new product line and when you officially launch, have ease knowing that it will be implemented flawlessly.
Fifth: Market Your New Concept
How are you priced among competitors? If there is similar product in the market place you are competing with, you might want to launch yours at a slightly lower price, or offer “introductory pricing” to get the customer hooked. But, important to keep in mind, you don’t want to be priced so much lower that your brand is looked upon as “cheap”. Next, if you have a sales team, they should hit the ground running. If not, or in addition to your sales team, blast it out on social media, put out direct mailers and find your key brand advocates. In addition to our services we can also provide social media help and implementation of your blogger kits which is the newest trend and a must for your company’s product! Blogger kits can be compared to your company’s resume. This can take form of a pamphlet, images, audio, video, product samples or a combination of all. The importance of creating an impressive Blogger Kit, is not only will you spark the interest, but you’ll be perceived as a company who is credible, and trustworthy. Taking the time to invest in this, will in result create the consumer to invest their time and money in you. First impressions are everything, so now is the time to shine!
In addition to the above steps, continually improving your products is the last and final step. Nothing in business is ever completely done, so always pay close attention and continue to keep everything up to date. Staying stagnant for too long can sometimes be a death sentence to a company. Clients are always looking for the “newest, and best” so you should strive to be top of their list and Fulfillment Plus Inc. is here to help you do so!