How to improve an existing business
If you have an existing business and are struggling for new customers or you market is declining then you may need to start thinking differently.
As time progresses, market needs change. Technology improves and some jobs move overseas to cut the costs and improve some companies profitability.
Competing against these companies may seem daunting but if you step back and undertake a strategic review (or analyse your business plan) you are likely to highlight new opportunities.
Existing products to new markets
If you believe that your current customers have exhausted your products can you promote and sell these to different markets?
A great example of this is a company called Lucozade. In the 70s and 80s they sold a glucose drink to people who were feeling unwell. Everyone in hospital had a big one litre bottle of lucozade by their bedside.
This was a market they dominated and were successful in. But then they looked at other markets and now predominately sell lucozade as a body replenishment drink for sports people - whether footballers and athletes or simply to folks going down the gym.
This is an excellent way to market the same product to different market needs.
Look at what your product is satisfying as a NEED to your current market and see if those needs are required in different markets. Don't think about your product features -- just the benefits they are providing to satisfy customer needs.
New products to existing customers
The best way to develop an existing business is to sell more or different products to your existing customers.
Most customers are fairly loyal and have bought from you before so they know you and your company so you don't have to go through explaining who you are and why they should buy from you.
And the best way to find new products to develop for your customers is to actually ask them. Most people are willing to partake in a small survey and you will learn a lot from customers that may actually help you understand your current business better as well.
Work out what you want from the research and prepare well in advance. Before going out to your entire customer base, work with your best customers first and go through your research. You'll find areas you may need to change and adapt to get the best out of the questions you are asking and may think of additional areas to ask.
Keep research very focused and do not ask too many questions otherwise people will not be concentrating towards the end and just provide answers to get rid of you.
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