?? Unlocking Growth: How to Innovate New Offering for Your Existing Customers?
Piyush Gupta
"Entrepreneur Dedicated to Building Successful Businesses | Focused on Innovation and Growth"
?? Unlocking Growth: How to Innovate for Your Existing Customers
In the ever-evolving landscape of business, one of the most promising avenues for sustainable growth often lies right under our noses – our existing customers. To harness this potential, we must explore strategies to expand our portfolio of offerings to them. Let's delve into three key pathways with real-world examples that showcase how businesses have successfully tapped into these opportunities.
?? 1. Complementary Products and Services
Consider what additional products or services would complement what you currently offer to your customers. Think of these as items that go hand-in-hand with your core offerings. For instance, take the giants Coca-Cola and Pepsi. They recognized that snacks perfectly complement their beverages. By strategically incorporating snacks into their product lineups, they not only increased customer satisfaction but also boosted their bottom lines.
?? 2. Substitutes for Existing Products
Diversification into substitute products can bring dual advantages: growth opportunities and risk reduction. Let's look at Coca-Cola and Pepsi again. Originally, they were known for cola-flavored soda. To explore new horizons, both companies ventured into substitutes such as orange and lime-flavored soda, fruit juices, and bottled water. This expansion not only broadened their consumer base but also shielded them from potential competition.
?? 3. Providing Complete Solutions
Transforming your business from offering discrete products or services into providing comprehensive solutions can be a game-changer. An exemplary transformation is that of IBM. Up until 1993, IBM primarily sold hardware and some complementary software. Today, the bulk of their revenue comes from offering complete IT solutions to corporate clients. This shift deepened their customer relationships, expanded their market, and improved profit margins. Customers no longer buy separate pieces of hardware and software; instead, they pay for an entire solution, often on an on-demand basis.
?? The Path Forward
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While not every complementary product, substitute, or complete solution may be a viable growth opportunity for your company, they serve as an excellent starting point for brainstorming. To identify the most promising avenues, careful analysis and assessment are essential. Seek out those one or two opportunities that stand out as superior and worthy of pursuit.
Now, it's time to look within your own business. What complementary products, substitutes, or complete solutions could potentially steer the course of your company's future growth? By exploring these avenues, you can unlock new potential within your existing customer base and drive sustainable success. ????
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