Building up your offering

With more and more people becoming aware of their need to budget and take better care of their money, there has never been more importance placed on getting a good deal or getting the most from your money. This can make things hard for companies when it comes to marketing and making sales.

However, it doesn’t make things impossible, you just need to look at what you offer your customers and double check whether or not there are ways that you can improve it.

Take a look at what you already offer

Before you think about ways that you can expand and improve, you need to know what you already have to offer. Take a look at your current products or services, what is working well for you, what isn’t working well? What are your high earners, low earners or run of the mill earners by doing a product analysis.

Once you know these things, you can think about ways that you can make changes.

Think about premium options

You don’t need to add in a new product or service if you don’t think that this is right for you, what you can do instead is to offer a premium range, take your service and go one step up, adding something extra to it, this will appeal to those who want to try out something a little extra from what they normally get from you.

Add in complementary products

Plenty of companies have expanded what they offer by looking at whether or not there are any related products or services that they could offer, that would appeal to their customers.  An example of this would be a garden centre offering household items or a builder providing training on DIY projects that people may want to take up. One main thing to focus on when it comes to making this addition is that it is going to work for your business and that it doesn’t stray too far away from your area of expertise.

Ask for advice, opinion and guidance from your customers

There is no-one who is going to know better how you could expand than your customers. So, use the powerful research tool that is right at your hands, ask your customers what things that they think you could offer that would improve your business, what things do they need? What would give the most value to them? Once you have this information then you can think about ways that you can change and improve what you offer.

Think about different ways to add value

Expanding and improving what you offer doesn’t always mean that you have to add in a new product or a new service. Sometimes, it can mean that you simply look at ways that you can add value to your customers, or take your customer service that little bit further. If you are a physical business, then maybe you could consider a late-night opening, or a weekend opening to help your customers. This will give them added value and will put you in a good light.

As you can see, expanding your business is something that is worthwhile thinking about, however, you should always remember that improving what you offer doesn’t have to mean that you change your product or your service.

Take a look at my other blog:

Mastering market research

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