Expand in Different Products Services and Regions
In any business it is difficult to stay relevant if all you offer is one product. However ground breaking the product might be when you first enter the market; there will soon be copycats and competitors that show themselves and if you are not keeping current you will lose out to these new entrants.
A tactic to stay relevant may be to offer complementary services or products. If you offer everything that your customer needs why would they go anywhere else?
As an Example
For example, if you own a computer shop, you could safely assume that your customers will also want to buy printers, external hard drives and keyboards. You could also assume that they will want somewhere to service or fix their computer when something goes wrong. Perhaps you could offer customers specialist training on high level software or offer older customers lessons on the basics of using a computer.
Telephone systems are becoming more and more hi tech and may have a synergy. Photocopiers and other office technology may also have relevance depending on your target market and location. The point is that you offer everything your customer needs and the more you offer the more convenient you become. If you are considered a convenient option for your customer, then you can charge a premium for this and a customer will happily pay it.
Be Current and Efficient
You should always be looking for a point of difference from your competitors and by continually creating new products you are sure to do this.
Contact Nova Cash Flow Finance to learn more.