We live in a world where everything is constantly evolving, from the food we eat, to the clothes we wear and the technology we access; we are all obsessed with the next big thing. Which is why you may find your customers asking: what’s next?
Now before you panic, there are lots of ways you can develop new products and services to not only maintain your current market, but also expand your business into new markets. Still not sure where to start? Well stick around as we take a closer look at our top 7 tips to develop new products and open your business up to new markets.
TIP #1 Get Talking
A great place to start is the people who already engage with your product or service – your existing customers! Start up a conversation and ask them about what new products or services they would like to see added to your range.
And don’t stop there – include your staff and ask them to help brainstorm ideas as well. You will find that each group will have a fresh perspective on areas to address and together you are sure to come up with a winning idea.
TIP #2 Check Your Financials
It is all well and good to have an amazing product that is going to be bigger then the next big thing, but at the end of the day you are a business and it is important to make sure that your shiny new product or service will actually make a profit.
Do your research and clearly understand all the financial obligations involved, from production to packaging, and of course triple check that there is a demand within the market and the intended audience support the product or service.
TIP #3 Test It Out
Before we go full steam ahead and launch your new product or service to the market, it is important to take it for a test run. Gather a selected group and ask them to really test it out. By genuinely listening to any final feedback from the group, you will be able to iron out any final kinks and move forward with the utmost confidence.
TIP #4 Protect Your Property
I’m sure it is no secret that it is incredibly important to make sure that you protect your intellectual property. Have a careful look over the IP Australia website and make sure you action anything that will help you protect your business ideas.
TIP #5 Could Licensing Be An Option?
Is there another business’s product or service that would be the perfect extension to your own business offering? Then licensing could be another option for you! Another bonus of licensing is that it is already an established offering, which means it won’t be totally foreign to your market, but still creates something new and exciting for your customers to explore.
TIP #6 Or Perhaps a Joint Venture?
Another option if a business is not willing to license you their products or services, is a joint venture. Not only can this bring great cross-awareness for both businesses and brands, expanding both of your audiences in the process, but it also eliminates some of the perceived risk as you are of sharing the load.
TIP #7 Import It In
Last but not least, you could look to outside of your accessible market – for example overseas. There is a whole wealth of products and services that have been effectively implemented overseas that have not yet reached our shores. Obtaining these for the Australian market could be a perfect opportunity to expand your market with a product that has already been tried and tested.
So there you have it! The best part about developing new products and services is that there are no right or wrong answers and it boasts a world of opportunities to really dive in and create something wonderful. We can’t wait to see what you come up with, and of course are here ready to talk you through all your financials when the time comes.