Review your offer regularly — a smart strategy to help you win.
Review your product and service offer to strengthen your business, improve your margins and identify market shifts ahead of your competition.
There are exhaustive actions you can take now, to help insulate your business, regardless of the twists and turns in the marketplace. Below we explore why it’s critical to review your product and service line up and how an objective analysis of your offer can help improve and strengthen your business.
1. For product and manufacturing clients — optimize inventories, shore up supplier relationships
It’s vital to shore up your inventories of products and components with perhaps longer lead times than normal. Performance of ABC analysis will help ensure you have the right amount of inventory based on the consumption needs of your business. Also take care of your most important supplier relationships as well as identify and nurture backup suppliers to provide additional sources, when needed.
2. Diversify product and offer lineup
It’s equally important to critically review your product and service lineup as to the extent each contributes to the success and profitability of your business. Unprofitable products or services should be eliminated if they don’t offer a strategic rationale to be part of your lineup (I.e. loss leaders which help generate additional sales from other, profitable products/services).
3. Identify new target markets
Consider a critical market analysis to help you identify additional markets — new geographies or segments — to take advantage of. While all growth strategies require strategy and effort, taking your existing offer into new markets is generally the easiest place to start. Widening your target market helps insulate you from turbulence.
The most effective way to support the health and success of your business is to take targeted and strategic actions before you actually need them. If your business is well prepared ahead of time you will have the highest probability of ongoing success — regardless of market and economic conditions.
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