7 Tips For Making Changes To Your Products And Services
There are often times when making changes to your products and services becomes necessary—for instance, lowering prices to make them more cost-competitive or making alterations to packaging materials so as to provide consumers with a greater understanding of the product.
The manner in which business owners make changes to their products and services is of particular importance for reasons including appeal, brand awareness, continuity and recognition.
1. Raising or lowering prices – Timing is important
Research shows the importance of timing when raising or lowering prices and that two competing businesses raising or lowering prices by the same amount may see completely different results depending on how they time pricing changes.
The point of lowering prices is to make an impact that will boost sales, whilst raising prices should come at a time when there’ll be minimum resistance. This is why retailers raise prices around Christmas, because consumers are prepared to pay more.
2. Raising or lowering prices – By how much?
How much you raise or lower prices is just as important, if not more, than the time chosen to make pricing changes.
Raising and lowering prices affects consumer perceptions either positively or negatively—for example, lowering prices could make consumers believe the product or service isn’t selling well and that your business is flogging it off cheaply.
There are, however, many reasons why businesses raise or lower prices, including raising the price of a popular product so as to encourage sales of other products which aren’t selling as well.
3. Improving your products and services – Understand your clients’ needs
If you’re to improve your products and services, you need to understand your client’s needs. Getting customer feedback is the best way to go about this, so consider Facebook polls and phone surveys to establish:
- What they value most about your products/services
- What they think of your current prices
- What changes they’d like to see
4. Offer ongoing support – Be there for your clients
Sometimes what’s required aren’t changes to your products and services, but more information and better support – don’t overlook the benefits of being there for your clients and customers.
5. Changes to packaging – The importance of continuity
Making changes to product packaging can make products more appealing to consumers, but you must take into account the importance of continuity and the effect that changes to packaging could have on your current customer base – when they shop for your product, will they still be able to find/recognize it?
6. Changes to your logo – A big mistake?
In a brand-centric world it would be a major mistake to overlook the importance of brand awareness. Changes to the logo on the door of your flexible office space, products and marketing materials could result in reduced brand awareness and you may experience a drop in sales.
7. Making changes – Keep your clients in the loop
Your client and customer base is crucial to the success of your business and any time you decide to make changes to your products and services they must be kept in the loop.
The decision to make changes to your products and services isn’t a decision to take lightly, nor is it one to rush into. As a result, there’s a very real need to conduct research before making changes of any kind because of the potential impact it could have on your current and future client/customer base.
Wendy C. Reid is a freelance writer with experience in blogging and editing articles. She enjoys making written masterpieces about marketing and business topics, especially for clients such as Regus in the U.S.
[Image Credit: Serein]