Whether you are interested in expanding your small business or simply wanting to stay up with the time, adding new products and services is an essential part of finding success in small business. Markets change, and the more you can change with them, the more successful you will be. However, it is important that new products be congruent with your current brand, adding to it rather than detracting from it. Here are a few pointers for brainstorming new products that will compliment your brand.
The customer is always right. Well, not exactly always, but most of the time at least. If you find that your customers are asking for a certain product, it indicates that they feel your business is a logical place in which to find it. If your customers are expressing frustration with a current issue, think about how you can solve it. Innovation is one of the strong points of dealing with a small business, so give the customer what they need and especially what they ask for.
Provide convenience. The same way the post office sells stamps and mailing boxes, you should also be selling relevant accessories that naturally go with your product. Not only will expanding a product line in this manner help build your brand, there is no reason a customer should buy a product from you and then be obligated to promptly march across town to get the cable or other accessory that they need. Sell a full line of peripheral items that go with your key products or services; it will not only make your customers’ lives easier, it will add to your bottom line.
Offer value. Customers now buy so many products and services that it can be both time consuming and expensive. If you can find a way to bundle several of these into a single package that costs less, your customers will beat down your doors to buy them. Most of the time, offering solutions such as this will not conflict with your brand, and in fact build it.
Think holistically. When a customer walks into your store, they bring with them a history and a future. Where do they come from and where are they going? For example, if a chiropractor often refers clients to certain vitamins and supplements, these customers likely are leaving and going directly to the drug store to buy them. Offering the vitamins and supplements in office is a good solution in this case. If there is a logical step before or after your business, try to offer the same product in your own business. It will save the customer time, something that no modern person has in surplus.
As you can see, adding new products and services that compliment your brand can be very simple. The key is to identify your customers’ needs, even if they haven’t identified them yet. If you are offering more products that fit your brand and that your customers want, you can bet you will be more successful than ever.