Identification of New Service Segment: Challenges and Opportunities
Akshay Vyas
Results-Driven Sales Professional | Assistant Manager | Business Development | Outreach | Key Account Management
In today's rapidly changing business landscape, companies need to continuously evolve and innovate to stay competitive. One way to achieve this is by identifying new service segments that complement their existing offerings. However, this can be a challenging process and requires careful planning and execution.?
Existing services often face saturation, which can have a significant impact on a company's revenue and headcounts. This saturation can occur due to rising new technologies and changes in demand. Moreover, employees who work on a single domain for a longer period may find their work monotonous, leading to decreased effectiveness and skills stagnation.?
To address these challenges, companies need to identify the closest domain inclined to their existing services. The journey begins with identifying a customer with a problem statement that might be completely new to the company. This requires a willingness to invest more time and resources, not only from the business development part but also from the technical side.?
Despite having software expertise, initiating a project in a new domain will have knowledge gaps. To address this issue, the business development team should convince the client to undergo a small training session for a couple of weeks. In exchange for training sessions, the project can be executed at no cost or at discounted prices.??
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After running a few projects with the same client for a couple of months, there should be a roundtable discussion with all the in-house decision-makers, marketing, and sales division to understand the potential of the new service segment.?
As with any new venture, there are risks and uncertainties involved. Sometimes, a project may not yield the expected results. However, if the company hits the bull's eye, it can enjoy a new service segment contributing exponentially to its revenue for a decade or more.?
In conclusion, identifying new service segments is a critical process for companies looking to stay competitive and grow their revenue. While this can be a challenging process, it also presents opportunities for companies to expand their expertise and offerings. By carefully planning and executing the process, companies can overcome the challenges and reap the rewards of identifying new service segments.?