We’ve put together these articles full of ideas to help you grow your business.
The 4 key areas are:
- Increase your customers – Best ways to business growth with existing customers and current market
- Find new markets – with existing products or services
- Develop new products or services – to open new markets
- Improve profit
Here’s the third area… How to open new markets with fresh new products
Develop New Products or Services
1. Administer customer research to identify new ideas
Ask your clients about what new products or services they would want to see added to your range. Brainstorm ideas with your staff, along with which new markets to target.
2. Analyse financial feasibility of any new product or service
Determine whether you can make a profit from your planned new product or service. Do some market research to be sure of demand. For example, if you’re a manufacturer of sports goods and you’ve created a prototype for a new style of a cricket bat, gather some opinions from a whole range of cricketers, from kids up to professionals.
3. Examine new offerings with your customers
Prior to launching your new product or service to the market, make sure you test it first. Listen to consumer responses and take on board any feedback before going to market.
4. Protect your Intellectual Property
Once you’ve developed some intellectual property (IP), it’s important that you protect it.
5. License other products
Consider registering the license of another business’s products or services as a way to extend your product or service range. It’s more effective if they’re complementary to your own product/s or services. Have a look at the IP Australia website for detailed information on what you need to do to protect your business ideas.
6. Look to joint venture with other businesses offering different products
Monitor and check on other successful businesses within your industry, or those targeting markets that you’re interested in, and look at how to develop a strategic alliance.
7. Import products unavailable in Australia
Explore new products that aren’t available or are difficult to obtain in Australia but will potentially open up new domestic markets.
Have a 30-minute meeting with one of our expert accountants and business advisors to brainstorm the above ideas and create a tailored Action Plan to help you unlock your innovative ideas – leading to more profits for you and increasing the value of your business!