STRATEGIES TO DEVELOPING NEW PRODUCTS IN YOUR BUSINESS
In developing new products that translate into new income streams in your business, some strategies need to be considered.
First thing is to understand that there is a relationship between market segments, market demands, market needs and product development.
Very recently Cadbury designed a new 500g pack that has a Ziploc effect, meaning you can open and reseal whenever you use.
This product was created for a particular segment of their market who were probably tired of the chocolatey product sticking together when exposed to air. So this product was created in response to this segments of customers with particular demand/needs.
What you find when you use this strategy is That there is an existing market/your existing customers waiting to buy it immediately thus translating into additional income stream for you.
CALL TO ACTION:
What are the different segments of your customers demanding for?
This can be evaluated using their most frequent complains about your current offering.
Write that down and develop a product around it.