As human beings evolve, changes in behaviour and lifestyle will cause needs and wants to also change. A product or service that was effective in meeting customers’ needs in the past may not be as effective today. In order for a small business to stay truly competitive, it must understand that change is a normal part of business growth and continuously seek ways to maximizing the effects of change to its advantage. Without the right products or services for your ideal customers at any given time, your marketing efforts may generate interest, but not sales you desire.
The Small Business owner must therefore cultivate the habit of evaluating periodically the relevance of the products and services it sells. An updated marketing plan is a good tool for this evaluation and should provide information on target buyers, market trends, and penetration strategies.
When analysing your product/service, ask yourself the following:
· Is your product still desirable in the market today?
· What can you add to your product to make it more unique? Additional features, new packaging?
· Are you making your product the most efficient way?
· How can you leverage new techniques, machinery and technology to help you save costs?
· Are you targeting the right customers? Should you expand your business to a new market to find new customers and increase revenue?
The process of restructuring and repositioning your products and services is only complete when you communicated it to existing customers and prospects. Do not assume that customers will automatically notice the change. Tell them and show them. Utilize newsletters, email campaigns, and, updates on social media networks to announce your new features.
A Successful company will continuously work on shaping its market offerings to deliver value to its customers thereby creating long term growth.
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