Rejuvenate Your Offering
Carefully evaluating your customers’ needs may
help you find ways you can change your product
or service to meet those needs. In the process of
studying why your child-care business is
struggling, for instance, you may realize that the
best thing to do is to raze the building and build a
skate park. More often a less drastic modification
is in order, such as switching the emphasis from
all-day care for very young children to after-care
programs for school-age kids.
Understanding why your business isn’t working
won’t always provide a way to make it work,
however. When you find yourself in that situation,
seek expert advice. Talk to other entrepreneurs in
the same business who seem to be thriving. Find
out what they are doing differently. It may be
something as relatively minor as turning a onetime
video rental store into a videogame rental store. Or
it could be something further afield, such as a
used videogame exchange.
It’s also possible that your product hasn’t changed
but your customers have. That would be the case
if, for example, you operate a classic American
diner in a neighborhood that becomes dominated
by recent immigrants whose food tastes differ from
your menu. When that happens, changing your
offering to reflect the needs and desires of your
new demographic could not only revive sales but
raise them higher than ever.
Customers themselves can stay the same while
due to technological or other changes their needs
shift dramatically. This occurred recently in the
laptop computer market. Once hot sellers, laptops
suddenly fell out of the limelight of consumer
attention with the introduction of Apple’s iPad
tablet computer in 2010, forcing manufacturers,
retailers, software developers, and others to
reassess their products and strategies.
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