Expansion is a part of every good growth strategy. Although there are many ways you can expand your business, the one you simply can’t take your operations to the next level without is new product development. No matter how much consumers love your current product, it’s important to keep your offerings fresh as it gives them a real reason to come back. But how exactly do you expand your business through new product development? Here are five ways that are guaranteed to work.
Do your research
Even though there’s hardly a better way to expand your business than to develop a new product, you can’t just go and start producing anything that comes to your mind. Instead, you have to approach your customers and see what it is that they want next from your business. It’s a good idea to keep a close eye on your own sales and the sales made by your competitors and see what’s working the best at the moment. If there’s something that really stands out, trying to develop something similar can turn out to be an amazing idea.
Develop a concept
All new products start with a concept. Once you figure out what is it that your customers want, it’s time to develop a product. The best part of it that you don’t have to go focus on details and developing a concept shouldn’t require a lot of time and effort. You can then have consumers take a good look at it and provide feedback that’ll help determine whether that specific product idea is worth investing in. Moreover, you can use the data you collect to make slight changes in the design of your new product in order for it to appeal to your target audience even more.
Making sure you’ve opted for the right product idea requires a lot of work, but it’s something that needs to be done. Once all the testing has been completed and you’re absolutely sure what your next product is going to be, it’s time to design it. This part of the development of a new product depends on what kind of product you want to create. For example, if it has something to do with technology and requires a careful assembly, creating parts specifications and assembly instructions is a must. In case it’s food-related, you need to create the final recipe and preparation instructions.
Nail the marketing
You can come up with an awesome new product, but if nobody hears about it, you can’t expect to make enough sales to help you take your company to the next level. If you want to get there, coming up with ways to promote your new product is a must. Sticking to traditional marketing ideas that have proven to be effective is guaranteed to work. For example, you can use heat transfer paper to create cool graphics that promote your new product. Also, we live in the age of social media and just a few clicks of a button are enough to have thousands or even millions find out about it.
If you nail the marketing part just as discussed above, be ready to face a number of orders as soon as you actually launch your product. Offering a product for the first time isn’t the same as offering the one you’ve been selling since you started out so get ready to do some extra work in the first couple of weeks. Make sure the process you come up with relies on data you collect from real orders and not on the forecasts you’ve made before launching the product. The better your new product does in its first few weeks, the likelier it is help your business expand.
When designed carefully, a new product can do wonders for your business. Just have in mind that there’s more to it than just thinking of cool product ideas. Get everything else right and expanding your business will become much easier.