Successfully growing your business can be as simple as adding another feature to the list of products and/or services you offer. It cannot be just any feature—it must be the right feature. 90% of new products fail. Allow your customer’s voice to lead you on the right path.

Let’s look at the steps necessary to grow your offerings strategically.

Find Your Objective

First, an objective must be defined. Then a solution should be created as well as implemented to meet that objective.

In order to create a solution, you need to identify the problem. Ask yourself the following questions:

  • How is your company is doing?
  • Have you checked your social media accounts lately?
  • What is your customer service team or your client services team hearing from your customers?
  • Are there any reviews online that could lead to change?

They all are a terrific resource for you to hear your customer’s voices. If your organization needs to go deeper, there are multiple options for customer feedback—surveys, testimonials, emails, etc.

Many customers would rather have a current vendor or retailer fulfill a product gap than look for an additional resource. If you have the talent and resources needed to fulfill a market in-house, you have an advantage.

Become Familiar with the Market

Once you have decided what service or product to offer, familiarize yourself with the market. Exploring your competition may prompt ideas for your own company, whether they be new services or products or new marketing techniques. Find the prices of similar services or products offered by your top competitors, if possible. This will help you develop an idea of what to charge for yours and what the market will allow.

To make your service or product highly sought-after, make sure it can be used to solve more than one problem. Make people’s lives easier. A service that serves multiple purposes ultimately serves a greater audience, which will increase your leads and land you more business.

Assign Responsibilities

To determine your rate or price, take a close look at your team’s capabilities. Formulate your team by using the following questions:

  • Will you hire someone new to help your company provide this service or product?
  • Will you be able to acquire the product from an existing vendor or will you have to find a new source?
  • Do existing members of your team have previous relationships with a source for this product?
  • Could they own bringing this to market?

Once you’ve determined your team it’s time to get your product rolling.

Test

Put your service/product to the test internally as well as externally. You need to iron out all the creases before confidently offering it to leads and current customers. Determine the best way to test your service and request feedback from all involved. Ask testers questions such as:

  • How can the service, or its execution be improved?
  • How can the product further meet your customers’ expectations?
  • What modifications are necessary?

Testing will help you hone your idea and work out any kinks.

Spread the Word

Once you have developed a price model, hired the right hands, and made all necessary modifications so everything runs smoothly, let your clients be the first to know about your new service or product. Many will appreciate the information and some may commit instantly if you have provided a valuable product or service to them in the past.

After your customers are aware of this new offering, broadcast it across social media, paid advertising, and online PR. Send an email to your newsletter recipients announcing the features and benefits of this new product or service. Create a landing page where you drive traffic and measure the success of your various channels of communication. Be prepared to A/B test all your methods of communication as well as the how you speak to your various audience segments. Do not assume early failure will be ongoing, test, test, test.

If you are looking to grow your business, take advantage of the greatest resource you already have—your customers. Listen to their growing needs by reexamining your offerings and making room for more.