The thumbnail version:
- Times are tough and not likely to ease up much soon
- Re-examining your product offering is one way to help survive these times
The full version:
Times are tough. Just when we thought business would be getting back to some version of “normal” after eighteen months of COVID, we are being told to expect a fourth wave of the pandemic. Who knows what the impact is going to be on business generally and our industry specifically?
All of this calls for a re-examination of what your business needs to do to survive. One of those things could be freshening up your product offering. And it is always a good idea to involve everyone in the re-examination process because they too have a vested interest in the survival of the business.
Here is a suggested way to go about it . . . Focus in on a few compelling gaps in your product or service offering. This is where the people in your shop who deal with customers daily will have some useful input if they’re paying attention to what customers are asking for.
Consider how those gaps may be closed by extending your product offering. Consider the pros and cons of all options. You’ll want to initially narrow the options to those items most likely to meet the customers’ demands and most likely to lead to profitable growth.
You could of course do nothing and just hope that things will return to “normal”, but that might just be the worst of a number of options at this time.