Now’s the Time to Repackage Your Offerings

  • Home
  • /
  • Blog
  • /
  • Now’s the Time to Repackage Your Offerings

Perhaps you’ve done some soul searching the last few months and have determined new strategic directions, new niche markets or new offerings are in order to help weather the current slow down in your business. (I hate to keep harping too much on this theme, but people don’t seem to want to talk about much else.)

My advice is to slow down, resist over course correcting, and take a good look at some ways to repackage what you’ve already got to make it more universally appealing. It’s a time tested approach in the consumer products world – new package means new product and new product launch.

So here are some tips on putting this into action in your business.

  • Add something talkable – create or add a feature to your products or services that makes people take notice, or better yet, talk about what you’re doing. Outrageous guarantees, add-ons, and bundles are great ways to irritate your competition and get people saying – “how can they do that?” – now that’s talkable buzz that can drive business. Be bold here.
  • Add value before discounts – One of the first places businesses cave is on pricing. Customers are getting a little tighter with the cash, so the inclination is to cut the prices to make the phone ring. It rarely helps and, long term, it hurts profit. I suggest lumping in more value, more you time, more service, more bonuses from partners to overwhelm your customer with something that is clearly more valuable then the offering that is 2 bucks cheaper.
  • Create offers to act now – Now is the time to make your advertising and lead generation action oriented. Start creating reasons to act now. Offer special promotions, freebies, and bonuses as a reward for trying now, buying now and buying more.
  • Mold low cost alternatives – If you’re experiencing a longer sales cycle these days or just flat out prospect paralysis, it may be helpful to create some lower cost or lower tier offerings. Think the good, better, best or try before you buy approach in an effort to lower the risk on the part of your prospect. Let them get a taste of how great your company is before having to commit to the full scale engagement. You might just find that you can create offerings at lower prices points that attract entirely new markets as well.
  • Partner for advanced packages – Go out and get big, take on huge markets, and much larger competitors by teaming up with complimentary strategic partners to create markets and offerings that you could not even dream of taking on alone. A team of CEO level experienced SMB providers could wipe the snot nosed brats on the BigCo team all over the court. You know, if that’s what you’re into.

I’m not simply suggesting lipstick on a pig here, this is the shortest route to entirely new strategic opportunities. And, don’t forget to build your new  product launches promotions too.


Tags

pricing strategy, product launch, strategic partners


You may also like

  A weekly round-up straight to your inbox

Join the thousands of business owners, marketers, and consultants who have benefitted from this weekly email for over 20 years!

  1. I particularly like the second point about adding value instead of discounting. That’s something I am focusing on this month – offering my clients a free start-up consultation.

  2. Great tips to consider. We have recently removed our setup fees to make sure there are no barriers between whether or not customers try out our SaaS. As you mentioned, this created a great reason to act now.

  3. John, I’m with you and Simon about value adding instead of discounting. I also think your low cost alternatives solution is apropos. Making the funnel as wide as possible at the top, even if you’re just replacing your cost of acquisition on the first sale or two, is really key in this economy.

  4. I am sooo with you on this, John. Thanks for a terrific post and reminder that when you create value for your customer and couple it with different options, price points and offers, you’re giving the customer every possibility to do business with you. Couple that with integrity and great customer service, the sky’s the limit!

  5. I think number 4 is probably the most important tip listed here. There may be customers that want to use your product now but cannot afford the full version. Offering a low cost entry level alternative is a good way to lock them in. Once their bottom line allows for it they will move to the full, more expensive, version. As long as the produst proves its value.

  6. Most of my clients are in the business-to-business market; all of them are feeling the pricing pressures. I’ve worked with a number of them to develop a value price bundle – this has worked very effectively for most of them.

  7. I find a mistake business owners make when times get tough is only looking to improve their ads or brochures and not their product, as you suggest. Add lower-priced options, bundle, whatever — we need to start offering customers products they want to buy, not just what we have. This is tougher than buying a bigger ad, but often is the secret sauce that gets sales back on track.

  8. I love the second point you make here “Add Value Before Discounts” so true, so very true.. Be imaginative, consider what needs or wants people may have that haven’t been met before, give them more value for their buck!

  9. I speak monhtly on business plans and talk about percieved value and pricing at a profit. I love the way that this was put. I will pass this on to my students!

    It is funny, I don’t always practice what I preach! I will now. Thanks,

  10. a well rounded business know-how on the subject John, basically competition what makes the market healthy for consumers but what drives them to come over to your business is the ability to have them be satisfied on what are actually offering.

Comments are closed.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}