Developing new products and services for your customers

As your business develops, so will your products and services. In this guide we will look at the main factors influencing your decision to develop new products and services, as well as, the steps you can take to start development.

What influences your decision to develop new products and services?

• A change in what your customers demand - It is highly likely that your customers needs and wants change as the rest of the world develops. It is your job to ensure you adapt to change and stay ahead of the curve to survive.

• Technology advancements - The world is changing quicker than ever before. With more advances in technology happening every year, your business should look to adopt the latest technology to improve for the benefit of the customer.

• Your customers are telling you to change - Your customers hold the right answers. Listen to the feedback they are providing and see if you need to adjust your products and services to give them what they are looking for.

• You've hit a dead end - There might come a time where your growth begins to slow. In this period of decline, you could consider how you are going to develop your products and services to get back on track.

Simple steps to begin your development

Before you start anything, market research is critical. Market research will help you understand what competitors are doing and whether or not your customers are ready for the development of your products and services.

Ideas from within - What does your team think about your products and services? The people operating within your organisation could have the right ideas to take your business to the next level. This is even more influential given how often they engage with customers.

Make sure you have the capacity to start development - Before you get started with developing your products and services, you need to understand if you can afford it, both financially and from a human resources perspective.