A smart marketer knows that a product or service has greater consumer appeal if it is perceived as new. You can add newness to already existing products and services by adding such features as extended warranties, free installation, and consultations. There is a marketing adage, “Always Be Selling” or ABS. When it comes to offering new products or services, “Always Be Thinking”. Always be thinking of ways to differentiate your products and services from those of your competitors. Start by experimenting with several variations on a small scale until you hit upon the right combination. Test the new derivative on a sample set of your customers to see if they like it. If they do, introduce the new product or service to increase your sales.
Your strategy should be: Be Innovative. Introduce New Offerings. Peter Drucker, one most widely influential thinkers and writers on the subject of management theory and practice tells us, “Innovation is the specific instrument of entrepreneurship. It is the act that endows resources with a new capacity to create wealth.”