The best way to escape from a problem is to become creative and innovate.
Innovation and product development go hand in hand with growth.
If you look at large companies like 3M and HP you will see that their current sales are made up of products that they have created in the last couple of years.
If you have been in business for some time, you will have created a number of products and services that you successfully built your business on. You have probably found a narrow niche in which you can build visibility and become known as a trusted expert in your field.
You have a website and blog, and a growing email list with an audience you can nurture. You have also learned how to generate leads and you are actually making money. But something is worrying you and you feel something is wrong.
You aren’t converting the same number of leads and your revenue is slowly falling. This could be because of two very important reasons:
- Your market is too small, you have a high market share leaving you nowhere to go.
- Tour products and services have become stale and your prospects are having better experiences elsewhere.
You now have few viable option, but the most important one is to become more creative and innovative and either enhance what you have or create some new products and services. Easier said than done, but something has to happen.
“If I have learned one thing, it is working hard for eighteen hours a day kills creativity and innovation”. Peter Sergeant
You might want to consider digital information products can you offer to enhance your current product range and improve your customer experience. Here are some examples:
- Instructor Guides
- Webinars and Presentations
- Audio courses
- Video courses
- Private or group training sessions
- Consulting services
The key is that each of these information products covers essentially the same knowledge you would share with a customer face-to-face, but repackaged and sold in convenient low-priced packages.
In effect, you create a sales funnel in which some of your customers are eager to buy increasingly more expensive products from you. Of course, for each new step in the price ladder, fewer people will buy. Your creative and innovative information packs can be a good place to start.
Additional revenue streams may be to sell advertisements on your website or do some affiliate marketing. Affiliate marketing may be a better idea if you don’t want to create new products.
“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbour. Catch the trade winds in your sails. Explore. Dream. Discover”. Mark Twain
Creating products can be expensive and difficult, but can have a large impact on your future business development. You should be budgeting for your new product innovation as there are many things to consider, and if your products and services are not kept fresh you could be in trouble.
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The content on your website, and in your posts will benefit as you embrace content marketing. Most customers will buy low-cost information packages when they are relevant. If you over deliver, many of them will upgrade to the next-level product if you are keeping your product range fresh and inviting.
Customers who do are likely to be loyal will love what you offer them and will usually be prepared to pay for your skills and expertise.