The initial product or service upon which a business was founded might still be working great, but there probably needs to be critical development of new services or products before a business may actually see any type of productive growth. An initial product or business idea might have been clear, but branching out can be a little more tricky.
While there is nothing wrong with a good ol’ brainstorming session to get the gears turning, going the extra mile can result in a better product.
1.Contact your customers. Where else is there a better trove of information about what customers actually want or need? If the level of response is low, try adding incentives, like a discount for filling out a survey.
2.Is the competition doing something differently? If so, what is working, and what is not? Develop what the competition is failing at and fill that need.
3.Step out of the office. Sure, most founders and CEOs spend the early days of a business with an active hand in almost every position, but, with time and success, it is often necessary to hire employees to handle certain tasks. Try getting back into the field for a day or so to get a real feel for what is needed.
No one wants to watch their business trudge through quarter after quarter of stagnant growth. Developing new quality products and services is one of the best ways to ensure that a business remains relevant in the constantly changing online environment.