New Year's Resolution - Review That Product

A quiet business time is a good time to reflect on business performance, and New Year is a good time to assess progress.

What sort of questions can we ask ourselves that help us do better next time round ? Here are some suggestions:

  1. What works well, and what doesn't ?
    Sounds simple, but it's important to know which products appeal and sell well, to who, and which internal processes work well and which hold up overall progress.
  2. Can you get external feedback on how the company performs ?
    Some of your customers may give feedback, others may not want to jeopardise the relationship. You may find paying for an external assessment of your company could yield valuable results where you can start to make improvements straight away.
  3. Are you open to new suggestions ?
    It may be that trying the same old tried and trusted techniques simply gets you the tried and trusted old results. What about trying something new ? Are there other channels out there that might bring extra income ? Are there other ways of working that could free resource onto more productive tasks ?
  4. Do we know how to trial new products ?
    Before embarking on a possible costly new venture, have you tested the market ? Have you asked potential customers whether they have a need for a certain product ?
  5. Have we got a peer review or focus group who will give us accurate feedback ?
    Imagine a situation where you can freely approach people who are open to new suggestions and ask for their opinion. Most people who join an online community progress from hesitant participator to full activity. This often means they can be approached directly and will give honest feedback. It's already a warm lead community !
  6. Can we find new customers ?
    Yes, you can. Typically, you can ask market researchers to trial a product or concept in an area new to you, or new products in existing areas, and use the findings from that market research to identify warm or even hot leads.

    N.B. I undertake market research in the Harrow area, and would typically call 100 prospects for a flat fee, then a higher specific charge for each hot lead passed on. Part of this research includes a profile of the prospect based on where they are and how their business is looking.

Well, that's all for now, so Happy New Year, and here's to success that bucks the general trend forecast for 2009.

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