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Do you know what a product launch has in common with diving into a pool?
At first sight there is none, but imagine you are shown a pool and asked if you want to swim in it (without touching it). Is it cold? Hot?
Your only solution will be to deduce the temperature with estimates.
However, you will never know the temperature without using tools (thermometers) and even then, it will not give the feeling once inside.
The only way to judge the water is simply... to dive in!
Yes, it's risky, yes, the water might be frozen, but it's only after entering that you can act accordingly.
Either the temperature is good and you stay in the water, or it's way too cold and you leave it shivering but knowing it's cold.
Product launches are the same way.
As long as your product or service has not been in contact with the market, no study, no expert, no scientific research or even AI can guarantee the success or failure of your project.
Remember the Google glass? Who thought those glasses would be such a failure? Unfortunately, the price, exclusivity, launch date and unsuitable design are the reasons why the project was abandoned.
But how can you predict this result without testing? You have to dive in and dare to get wet.
Need to Dev helps you to approach a targeted market. Better still, we dive into the pool for our clients and advise on swimming (or not).
Don't wait and stop guessing, test the markets by contacting us.
Diversification of income sources to reduce business risks.
Diversification is a key strategy for reducing business risk and maximising your company's chances of success.
But how do you achieve this?
In this article, we'll explore the benefits of diversifying revenue streams, how to put effective strategies in place and the pitfalls to avoid. Ready to find out how to enrich and diversify your income streams?
Diversification is a concept that may seem obvious, but is often misunderstood. It's not just about selling several different products or services, but rather about reducing dependency on them.
So how do you put in place an effective diversification strategy?
It is important to start by assessing the risks to which your business is exposed. This can be done by identifying the solutions that account for a large proportion of your revenues, or the customers, markets that are most important to you.
Then you can look for opportunities to diversify your revenue streams, such as exports, new markets, complementary products. There are four types of diversification :
- Horizontal diversification
- and the unrelated or conglomerated
It is also important to note that diversification should not be seen as a quick fix.
There are pitfalls to be avoided, such as excessive diversification which can lead to a dilution of the company's expertise or an over-consumption of resources (known as dispersion).
It is therefore important to target the diversification opportunities that are most relevant and align with your long-term goals.
Finally, diversification is also an opportunity to get out of your comfort zone, develop new skills and open up to new opportunities.
It is important to note that this strategy should be implemented in a focused and considered way, according to your defined objectives.
If you want to protect your business against business risks, it is time to think about ways to diversify your revenue streams.
To find out more about how to diversify your business effectively or how to set it up, please contact us. We will give you the keys to successfully diversify and achieve your business goals.
Today we talk about identifying the market and the needs of potential customers
The perfect knowledge of its market and customer needs are key factors of success for any company.
It is important to take the time to understand the environment that constitutes its target, the potential customers and to target their needs perfectly.
The example of the Blockbuster Company is clear, focused on physical DVD rental in shops, did not see the emergence of the non-material demand of online streaming services. Consumers wanted instant access to a large catalogue of films and series, which Blockbuster could not provide.
It failed to identify the changing needs and continued to focus on their single distribution model, which eventually became obsolete.
It is therefore crucial for companies to monitor market trends to ensure that they are still meeting the needs of their targets.
It is important to take time to understand who the potential customers are, what they want, what they are looking for, so that they can offer solutions, products and services that objectively meet their needs.
By focusing too much on their daily tasks and on the details of their management, many companies become short-sighted.
They no longer have a clear view of what is happening from afar. Fortunately, it is important to look at the environment, and for that, there is nothing better than an external firm that takes a high view and has an objective vision.
Choice of products to be marketed
In the business world, the choice of products to offer is crucial to the success and growth of a company. Focusing on the most profitable and in-demand product lines is essential to maximise the profitability of the investment and to meet the needs of the customers. For our third area of business development improvement, we will explore the importance of this strategy, using the example of BIC.
BIC, since its inception, has specialised in the manufacture of practical, inexpensive and disposable products. It has made its mark with products such as ballpoint pens, pencils, lighters, shavers, etc. By focusing on a relatively narrow range of products, BIC was able to concentrate on the quality of its products, while reducing production costs. This strategy has allowed them to remain competitive and responsive.
Companies need to focus on the most profitable and in-demand products to maximise their return on investment. To do this, it is essential to monitor market trends and changing needs. Companies must listen to their customers and anticipate changes in their buying habits.
Companies must be prepared to react quickly to changes in the market and adapt their strategy accordingly. For that, simple and effective methods are needed to evaluate the performance of existing products or services and develop strategies to improve their profitability.
With Need to Dev, we can help you to implement these methods or launch a dedicated campaign to listen and respond to the market.
Do you remember the swimming pool syndrome?
One of the most important challenges for companies is to find the most effective and least expensive sales channels to maximise their turnover. Yet some companies fail to adapt to market trends and are overtaken by their competitors. A good example is the Sears Company, which neglected the transition to online shopping and saw its physical shops become obsolete.
To avoid a similar fate, companies need to focus on the most effective and least expensive sales channels. This means monitoring market trends and regularly evaluating the performance of different sales channels, distribution and logistics. Companies need to ensure that these networks are the most efficient and least expensive to maximise profitability.
But be careful not to be too far from the business and the field. Selling through distributors alone is not the solution. Indeed, if we do not have any more "field" contact, we will lose the customer requests and new trends. This would result in proposing obsolete solutions.
In conclusion, it is crucial for companies to focus on the most efficient and least expensive sales channels to maximise turnover and reduce distribution costs. By working with Need to Dev, companies can achieve this goal by monitoring market trends, evaluating sales channel performance and developing strategies to improve efficiency and profitability.
Contact us today to learn more about how we can help you achieve your goals for growth and success.