A business has a few options when it comes to improving your company, solidifying your market share, and above all else, improving profits. You can cut corners, try to increase the number of sales you make, or, better yet, you can expand your product packages.
There are so many possibilities when it comes to stepping outside of the traditional business model. A fashion brand can become a community collective that brings in money both through sales and through a membership subscription so that their customers can attend events, special sales, enjoy repair services, and more. Every business can create a strong community that generates revenue from multiple sources if done correctly.
To help you expand your product or services package, and to become a better company for it, follow these tips:
How to Select Which Products and Services to Offer
It is important to be very selective about which products or services you add to your business. A pet store has no business offering a phone repair service. You can include it, sure, but because people won’t ever think to go to their local pet store to fix their broken phone screen, it will be a waste of time, money, and resources.
You need to be selective and try to find gaps in your business.
Find Missing Gaps
One of the best ways to expand your company is to find gaps. If you are a web designer, then you only deal with one small part of starting a website. By offering more, from the hosting to site security, and ongoing technical support, you can entice more customers to choose you and stick with you.
Listen to Customer Feedback
If you get feedback from your customers, make an effort to go through it, and make a list of their complaints. What they find frustrating might be a great business opportunity.
Becoming the All-In-One Solution
A great way to improve your business is to become the all-in-one solution. Otherwise, you will need to think outside the box when it comes to products or services that would complement your current business model.
Offer Hosted Solutions
Hosted solutions mean that you hire and subscribe to a white label business’ service package. Reseller hosting packages, for example, would allow web designers to offer a complete product to their customers. Not only would you be able to create a website for them, but you will also be who they pay to host. White label means that the services are provided to your customers through you, without any label or marketing, indicating it was a third-party company. A quality reseller will allow you to easily expand your product package and entice many new clients who want an all-in-one solution package.
Partner With Other Agencies
If there are no white label reseller packages available, then simply partner with other companies or agencies. Become a collective that benefits everyone. For example, if you are a repair service, partner with the local retail stores in the area. The business can hire you and pay you your rate, and they can offer either an insurance policy to their customers or gain a small profit by upselling your repair. You get more work your way, and they can offer more value to their customers – it’s a win-win.