How Often Do You Introduce a New Product or Service to Your Customers?

13 May


DAmicos

 

This is a conversation I recently had with James Burnby When I posed the question for discussion on my LinkedIn group Small Business Academy International.

 

 

James Burnby • I think it should be completely strategic. It should be all planned to ensure you retain your customer, units sold and profits. e.g. In one role I have one person selling something. Based on three sets of percentages based on historic information we found we needed to tell exactly 1,600 people via addressed mail every second month to retain things. Every quarter we need to add something new for press releases.​

Alexzandra de la Iglesia • You are right on track James. As a small business owner you will need to introduce a new product or service at least once every six months, but no more than once a quarter. Mailers should follow the same schedule. Otherwise, they will be viewed as junk mail by your customers and tossed in the bin before they are even looked at and become an ineffective waste of your money. The same is true for email.

James Burnby • Agreed. That 1,600 units is purely strategic but the number of people in the mailing list are 4,000 in each region. We must not forget the PR using news papers and magazines. These are trusted media and prospects will rely on this media more than emails or letters.

Alexzandra de la Iglesia • Newspapers and magazines are great brand builders James, but only if you don’t pay for them. What I mean by that is they are very effective tools if you or your company are a featured article rather than just an ad. If the article if favorable it can add greatly to your brand credibility and catapult your business into a whole new level of success.

It is important to continually build your “List”. That is the goldmine of any business and a good way to do that is when your company introduces a new product or service.

 

When was the last time you gave your customers something new? How did you introduce it to your customer base and when is your next product or service coming out? Post your comments  now and tell us all about it!

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