Developing a new service is an exciting means of expanding your business capability, and in some cases, this will feed back into every other aspect of your product portfolio. This can be as simple as a cafe purchasing a panini-making toaster that allows for crisp and delicious products every time, or it may be an entirely new division offered by your brand, such as how the Co-Operative, once known solely for their supermarket offerings, began to offer funeralcare services.
Of course, like launching any product, implementing a new and capable service into your brand requires heavy testing, intensive market research, and a full review of investment needed. Thankfully, this can be a less all-or-nothing process than launching a business for the first time, because at least now you may have some resources, pedigree, and an interested audience ready to give you the benefit of the doubt.
In this post, we’ll discuss a few effects and consequences of adopting a new, capable service into your brand, and hopefully give you some helpful advice to that end:
Isolating Your Core Audience
To begin with, it’s important to make sure you have the target market to begin with. Ideally, a new product or service should work for both your current audience, and new customers in kind. This means identifying if your services have overlap, and if the two feed into one another. For example, a graphic design firm may also open up an accurate printing division for the best replication of their designs for banners and more - allownig them to integrate a full-service pipeline for B2B customers.
Pen All The Appropriate Documentation
It’s important to make sure you have all the correct documentation for your additional product development. From product to service designs, market research, compliance measures, patents if you’re in need of them, and results from your focus groups and surveys. Moreover, pen training documents for new staff to integrate new responsibilities into their daily efforts, and recruitment intentions as well as written job listings that help you get the ball rolling in that regard. When you have a worthwhile, multi-level document to work from, everyone is (quite literally) on the same page, and you can adjust this planning as you move on.
Review Software & Functional Systems
It’s essential that your firm reviews the essential software and functional systems used to develop their brand. For instance, electrical estimating software will help you give appropriate technical readouts for documentation purposes, enhancing the accuracy of your diagnosis, and implementing better communications via properly transmitted technical data. Ultimately, services are no longer divorced from the systems and software you use to deliver them, even if that’s in simple ways such as inventory tracking. Reviewing the correct software for your needs, training your staff as to its adoption and use, and properly leveraging the features you need takes time, but it will make a profound difference.
With this advice, you’re sure to adopt a new and capable service into your brand going forward.
