In business, sometimes you may have to reinvent your product/services in order to maintain relevance in your market. All businesses have to do it at some point or another. It is best to improve something about your product/service, even if it’s a small detail, because there will be newer (and possibly better) products coming from your competitors and you don’t want to them to have the upper hand on you. Not only should you keep up with your competitors, but you should be aiming to lead the pack. Here’s a few ways to do just that…
1. Make a quality product. One mistake companies make is that they spend lots of money on business expenses and not enough money on the customer. Your customer wants quality products and services, so don’t be afraid to spend a few extra dollars in order to provide that to them. But there is an extra benefit for you too. When you raise the quality, you can also raise the price--and in many cases, the customer won’t mind paying for it. Also, add new features to the product or service, such as faster shipping. As long as something is worth the money, you will find that customers are still willing to make the investment.
2. Be environmental friendly. One way to upgrade your product/service is to produce something that is easy on the environment. This doesn’t mean you have to change your original product into a “green” product, but you can make additional products that are green so that you can serve those customers that care about the environment. This one is a big deal because there are some people that are particularly committed to green products, so it can benefit you to have their loyalty.
3. Jump on the bandwagon. New trends are forming all the time, and it’s your job to find out about these new trends before your competitors do. Even if your competitors are already aware of the trend, it’s still your responsibility to get out there and put your own spin on it to make it uniquely yours. Just make sure that these trends match up with your company brand. You don’t want to stray from what your company represents in an effort to keep up with the Jones’, but you do want to stay relevant in your particular field, so never rule out the trends. Choose those that are most beneficial to your company.
4. Give great customer service. A product can be outdone, but it’s much harder to outdo great service. Even if your products are a bit pricey or if your business is in a location that is a little out of reach for your customers, they will still want to support your business if you are providing them with grade A service. Be willing to go that extra mile for them. That includes home delivery, free samples, discounts, free gifts and coupons, carrying out their bags to the car, etc. Whatever is most suitable for your business, try it out and make your customers feel important, because they truly are.
The fun thing about business is the competitive aspect of it. Coming up with ways to serve your customers and winning over new ones is very rewarding. Get together with your team and brainstorm ways to upgrade your business using the ideas above or any other ideas that you can come up with. These are just the four that are the most applicable to several business types. Hopefully you can take these tips and turn your product and services into a huge money maker! Good luck on your business.
For more tips on this matter, check out the article, Invention Success Secrets (http://www.entrepreneur.com/article/34984 ) on www.entrepreneur.com.