Creating an engaged audience is not all about communication. You can have the best communication strategy in the world but if you aren’t offering a product or service your audience needs, they will not engage with it.
What do we mean by this?
Your products and services fall into the mix of the actions your business takes to for fill your audience’s needs. They are your core operational activities and drive the business or association’s income stream.
Let’s take a tennis club for example.
Their audience are tennis players (members and non-members) and the committee members. The products they offer are tennis courts and a club house. The services they offer are a regular tennis competition, tennis member services and an annual tournament.
This tennis club has realised their core income stream is reducing because tennis club memberships are in decline. Existing club members are aging and not able to play anymore and they are not attracting new members. They may be blaming people these days for having a lack of commitment. That it is not the clubs fault – it is the audience’s problem and the club has little to no control.
If this tennis club decided to complete a products and services review it would paint a different picture. They would most likely find they have lost touch with the needs of their audience and secondly their product and service mix is not being worked to its greatest business advantage.
A product and services review and brainstorm looks at:
- Your competitors (who are they, what do they offer, when do they offer it, why do they offer it and how do they offer it)
- Changes in existing market conditions and new/emerging markets
- A review of your core activities
- Do they add value to the customer?
- Which activities are succeeding and why?
- Pricing, marketing, sales, after sales service, design, packaging and systems.
- Where are the quick wins?
- What is the long term strategy for the business or association to continue to be viable?
- Brainstorm possible changes to existing activities and look at new activities to boost revenue.
A product and service review is essential for any business uncertain about how their existing core activities are working in the market to ascertain whether all market gaps are being capitalised on.
It is also a way to ensure your business plan in up to date and relevant in today’s market place. We can help you understand whether you are moving in the right direction and are you responsive to market demands.
It is that simple.