The challenge runs Nov. 28, 29, & 30, 2020
Are you ready to expand your product line? Economic changes have forced small-batch food entrepreneurs to develop long- and short-term strategic business strategies in order to remain afloat.
Here are three powerful strategies you can use to expand your product & service offerings in ways that appeal to your customer base, create actionable results, and yield increased sales.
What’s included in this challenge?
Day-1 Analyze customer data.
While it may be tempting to leap in headfirst and try to do anything to increase sales, first, take the time to survey your customers and community. The challenge will include a workbook and a private group for participants to discuss strategies for expanding their product line.
- Examine a sample customer satisfaction
- Review a sample product survey for your customers
- Gather customer opinions and comments about your products and services. (Use free suggested online survey software tools)
Day-2 New products, services & markets.
Your customers may be craving something new or different. Before you move forward and expand your product lines or offer additional services:
- Conduct thorough market research
- Check your profit margins to gauge your company’s financial health
- Do you have funds to invest in research & development?
- Do you have funds to increase production, marketing, sales?
- Are new markets open in your community?
- How would you expand distribution channels? (Distribution is one of the classic “4 Ps” of marketing (product, promotion, price, and placement, a.k.a. distribution).
Day-3 Target existing customers.
Current customers will often be repeat customers. So you will learn about engaging with loyal, customers who are the backbone of your business.
- Do not ignore your current customer. Engage once a week.
- Direct marketing remains an effective form of sales and promotions.
- Select a target group of customers and send them special offers via mail or email.
- Use an email marketing tool to develop segmented customer mailing lists for email campaign distribution.
What is holding you back from expanding your product line?
Now more than ever, it is important to stay well-informed of consumer behaviors, industry changes, and evolving trends in order to create innovative and cutting-edge products and services that give your small business a competitive advantage.
Fear of making a change
The slow growth of your best products
Space is getting tight and some products are not selling
You don’t have the skills to get the job done
You’ve gotten too comfortable
You’re relying on the Golden Goose
Daily Challenge Overview
You will examine your customer data, demographics, psychographics, and your direct competitors. Take a deep dive into what has changed over the past 6-months and how is it impacting your business.
- Demographics – You will learn the importance of understanding your community demographic. Namely, the statistical study of your community education, nationality, religion, and ethnicity.
- Psychographics – Psychographics is a qualitative look at the traits of humans on psychological attributes. Including but not limited to the study of personality, values, opinions, attitudes, interests, and lifestyles.
- Industry Competitors – While analyzing your competitors, you should know what you are looking for and how it can help your business. Everybody in your community is not a competitor and we will learn why.
What new products, services or markets could you move into.
- Products – There will be an in-depth analysis of what you need to consider when expanding your products and services.
- Market Areas – Are there market areas you need to be a part of? What other food markets should you consider entering.
Existing customers are the lifeline of your business. How you engage and connect with them on a regular basis will aid in nurturing your business and your bank account.
- Email – Learn the email strategies (scripts) to connect with customer
- Social Media – Social media can become the lifeline of your business if understand how to use it. Learn some strategies that will spread the word about your business.
- Offer loyalty rewards – Do you have loyal customers? Are you giving them the “White Glove” treatment? If not, why not?