Adding products and services opens new revenue streams. It also gives you the opportunity to offer more choice to existing customers or meet the needs of new prospects. The additional revenue streams can include new products as well as different or improved versions of existing products. Accessories and support services are also important contributors to revenue growth.
Assess revenue streams – It’s important to monitor your existing revenue streams so that you continue to meet your financial projections. If any stream is slow or declining, you need to take urgent action improve sales.
Develop new products – Ongoing research and feedback from customers may indicate a gap in the market or other opportunities that your existing products cannot meet. Developing new products can meet those needs.
Extend your range with bought-in products – If you don’t have the resources to develop new products, you can expand your range by reselling products from other sources. You should select products that complement your existing range in terms of quality, price and brand values.
Introduce product variants – You can meet the needs of different sectors of your target market by introducing new versions of existing products or services. Offering different sizes, minimum quantities, performance levels or quality standards widens the scope and appeal of your product range.
Improve existing products – If your competitors introduce products that outperform your range, you should focus on improving or upgrading your products. Focus on improvements that are important to customers and market the products as “new, improved versions.”
Combine products with services – This type of package is important because it helps customers make better use of the products they have bought. For example, bundling installation or training with a complex product ensures that the customer can quickly make effective use of the product.
Group products with accessories – A package of products and accessories can appeal to consumers who want to make greater use of their products. Reselling quality accessories from other sources can help you create this revenue stream.
Offer different service packages – If your business offers services, you can expand your range by offering customers different levels or packages of services. A simple example would be gold, silver or bronze packages of maintenance services.
Create a product roadmap – A product roadmap sets out your plans for upgrading or launching new products. It can help you develop a clear plan for your products and focuses your team on the most important development tasks.