My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. There are always ideas for launching new services, and each seems like a good idea initially. The following contributed post is entitled, 3 Questions To Ask Before Launching A New Service.
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Photo by picjumbo.com: https://www.pexels.com/photo/silver-click-pen-on-open-book-210660/
The excitement of launching something new, no matter what field you’re in, is great. It feels like you’re on the cusp of something special. But the practical considerations that determine if your service will succeed or struggle to find its footing in the market should be the main focus, and it’s important not to let the positive feeling shroud that. Unfortunately, many businesses jump into new offerings without properly understanding what they’re getting into, or without a compelling case for themselves. If political parties can do it, so can your business.
Now is the best time to begin asking the right questions before you commit time, money, and reputation to the venture. These questions aren’t meant to kill your enthusiasm or talk you out of innovation, but if done right, will help you launch with confidence and clarity. When you understand your market, your capabilities, and your competition before you start, you’re much more likely to create something that customers want and that your business can deliver. You just have to be realistic with yourself.
In this post, we’ll ask them for you:
Do Your Current Customers Want This?
Not all businesses even find out if the people who already trust your business would be interested in what you’re planning to offer. Your existing customers are the easiest people to sell to because they already know your quality and reliability, and in some cases they’re often willing to try new things from companies they like. If they’re not interested in your new service, that’s a strong signal that you need to rethink your approach or find a different market entirely.
Invest in the time to talk to your current customers directly, as it prevents you from guessing what they want, because their feedback will tell you whether your idea solves a real problem they have. Their responses will also help you understand how to position and price your new service.
Can You Deliver This Consistently?
Having a great idea for a service is something most people can do, but being able to deliver it reliably week after week is something few can. Be in that second category, and think through the resources, staff, and systems you’ll need to provide consistent quality, and that goes tenfold when you need to scale it. Many service launches fail because the business underestimated what it takes to maintain quality standards over time. Speak to fundamental partners that offer nearshore software services for example, if uptime and development prowess is a major concern, which it should be.
What Are Your Competitors Doing Right & Wrong?
You can easily look at other businesses offering similar services to understand what’s working in the market and where there might be gaps you can fill. Don’t copy them of course, but don’t hesitate to begin learning from their successes and failures so you can position your service more effectively. From there you can pay attention to customer complaints and praise for existing services, because these insights will help you avoid the issues they’re learning the hard way. It might help you avoid a mistake you were on the cusp of making.
With this advice, you’re sure to launch your new service with confidence.
