Who doesn’t want customers to buy more from your business?
It sure beats chasing new customers all the time.
One marketing strategy to increase sales is to develop other product or services under your brand name.
It has been done for decades and it does help to strengthen your customer relationships.
Line extensions done properly adds value to your brand.
And it is one way to get your customers to buy from you rather than your competitors.
When you look for these sorts of opportunities you often seek out customer needs or problems first.
Then you work out the features of the products or services. After that you look at the benefits and communicate these to your customers.
Another way to get ideas and develop other products or services is to identify the end benefit of as a starting point.
End benefit
The end benefit is the emotional reason why customers buy brands. I have mentioned before they seek out product or service categories based on rational reasons and then choose a brand on an emotional basis.
Just think of it as using the head first then following the heart.
As you have probably read many times the more your brand has an emotional connection with customers the harder it is for competitors.
Ideally the emotional benefit that your brand has is not shared by your competitors and your brand owns it so it does pay to work out what it is.
Product or service ideas
Once you know your brand’s end benefit then you can brainstorm product or service ideas that could appeal to your customers.
One way is to look at market trends that could affect you and your competitors. Another way is to look at what influencing factors could or are affecting your customers and their purchases.
They can be simple ones so don’t overlook the obvious. Once you have a few ideas look at what features these products or services could contain.
One point of caution is do not think you have to load it up with lots of features. Just concentrate on the essential ones first.
Test
Some businesses like to test and you may want to try the ideas out as concepts with your customers and then refine the concepts before a full scale launch. If you decide just to launch it then, make sure you have set objectives to reach and track the results.
This is not a definitive way to develop new products or services it is just approaching the process a little differently. After all life would be pretty boring if we all did things the same in the same way as everyone else.
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