If you want to grow your business, you need to make more offers! Seems simple doesn’t it…
Are 60%+ of your efforts focused on making offers to prospects and suspects, or are you “wishing” that people would buy your product, service, or idea?
If you are a small business owner that has a crowd of raving fans, there is probably no better event internally to re-invigerate your fan base than an internal product launch. Not only is this is great way to increase your revenue, but is a great way to re-activtate customers that haven’t purchased from you in awhile.
Are you saying to yourself, “I Don’t Have Anything To Launch”. Baloney…every small business can do several product launches in a year if they get creative and start making offers.
Stop being boring. Spend some time getting creative and re-position your existing product or service so you can re-introduce this to your fans. Maybe you have a low performing product that needs attention. Or…perhaps you have a service that you could add a little more value to re-package it as a new offering.
Here are 3 tips to get start gearing up for launching a product or service for you small business:
1) Survey, Survey, Survey – Get out there and talk to your clients. A sample 0f 5-10 is probably plenty. What products or services are they consuming now? What products or services do they wish you would offer? How much are they willing to spend on them? The bottom line here is do a little research. They will tell you what they need, but more importantly what they want. Compile all of your research and sit down and analyze what your clients are saying vs. what you are offering. Guaranteed you are going to find some opportunities…
2) Gap Analysis – Now that we have compiled data from real clients, it’s time to do some analysis. The easiest way I have found is to fire up a simple spreadsheet and compare your existing products to the features or wants discovered from your survey.
3) Re-Package or Create – Now that we have identified opportunities to enhance or create a new product or service, it’s time to get busy. Don’t lose steam yet, start small and build on what you have learned. Pull your team together and identify ways you can re-position and re-activate your fans. Drill into the benefits that the service or product will offer. Just make sure you are addressing the desires you uncovered in step 1. Many business owners fail to take this real feedback and integrate it. Your clients are telling you what you want, now give it to them and make them an offer they can’t refuse.
Stay tuned for Part 2 of the product launch series as we get tactical about marketing a new product or service.