6 Ways To Create New Products And Services

One of the most effective ways to market a service offering is to turn some aspect of the service into a product. In this way, you can give a complicate, sometimes invisible service to the right name, a package and a fixed price. Where you are trying to get a prospect to know, like and trust your company, offering them something of value that is easily understood and communicated can give you a leg up over the other service providers who are a little fuzzy about what they’re offering.

Extend A Product – Your product might receive a boost down the road if you find a way to attach a service to the product after, or in addition to , the initial sale. Many companies have found their real profits come from servicing a product that they practically give away.

Offer Levels Of Service – One way to extend your service offers is to offer gold, silver or bronze service levels that allow clients to purchase a certain level for a certain price. Some business find that they can offer group programs at a different level of price than individual programs. Another take on this strategy is take larger, more complicated service offerings and break them up into logical parts.

Package Your Knowledge – There are very few things that enhance your expert status and appeal more than information products that show or tell prospects how to do something. Again. it’s proof that you know what you’re doing and can allow you to build trust in very powerful ways. These info products can be used as market lead generators or low-cost trial products. In some cases, they can allow you to reach and serve markets that don’t make sense for you or your staff to serve personally.

Write A Book – By being a published author, you can gain instant credibility and access to potential radio spots, newspaper features, speaking engagements, etc.

Bundle And Package – Another way to create a new offering is to bundle several products or services together and offer a special bundle pricing. Subscription services that include monthly fees or annual commitments in exchange for a new package offering is one way to bundle. Complete offerings that include products and services from strategic partners can all you to create a product or service with a broader appeal than you might otherwise create on your own. In some instances, you can get strategic partners to add valuable products and services in exchange for exposure they gain by being introduced to your clients.

License Your Knowledge – Many successful small business owners have found they can ultimate increase their product offerings by allowing other businesses to learn their success formula. This is particularly affective in vertical markets.

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