Will Your New Product Be a Hit? How to Find Out Without Risk

 

No matter how big or small your business is, it is really a big deal to create a scene to establish a brand new company with new set of products and services. The simple way of knowing the additional service or product to the current client is not always enough to guarantee the success of your business. Just like you started, working hard should be coupled with recognition and brand awareness.

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Before you start to invest and venture new products or services, you have to make sure that you use your customer data.

 

Converse With Customers

 

Once you nailed it and attained a good grasp of your services and product, you should never forget to reach out to your clients and ask them for their feedbacks and reactions toward your products and services. You can do this by posting on your business’ social channels, talk directly to clients who are loyal to your business, or send an email asking for suggestions and feedbacks. Research also shows that about 81 % of the entire customers are willing to provide or lay down their feedbacks for the improvement of the company. When you ask for feedbacks and suggestions just make sure that you get a fast response and acknowledge those suggestions and answers.

 

Asking feedbacks and suggestions from your clients will help you know the things you miss during the launch of your products or services. You will learn things like whether or not your clients are interested to your idea, what they like about your ideas, what they expect from your business, what they dislike, and the most important is on how much they are willing to pay for your product and services. Use your these feedbacks to tune in, improve, and finalize your ideas.

 

Analyze CRM Data

 

If you have not yet invested on the customer relationship management, you should consider the fact that every dollar spent on customer relationship management can yield up to $8.70 in the return of your business. In using this, you will be able to get an access to the pieces of information which you can use to improve your sales, customer experience processes, and marketing. Your customer relationship management will give you so much information on your customers such as what your customers normally purchase, who are your valuable and loyal customers, when are your customers usually buy from your business, how often are they buying, or why you are losing your clients.

 

The patterns given by the data you have collected will give your ideas on how to improve your existing services and products, as well as, tell you more about the wants and needs of your customers.

 

Take Advantage Of The Social Media

 

Aside from asking your customers or clients on what they think about your services and products, you can also monitor them via social media. You can listen to the feedbacks of your clients, as well as, that of your client’s friends. The famous giant, Wendy’s, also use social media to listen to the feedbacks and reactions of the people. Upon Wendy’s discovery of its flaws, it will immediately address each flaws in order to make things right.

 

Invite The Elites

 

If you know that your idea is something you consider worth it, you should always make efforts on developing your product or services to go viral or public. After that, you must go back to your CRM data so as to determine your best clients. Once you determine your valuable clients, you should always invite them to test your new service and product. Give them rewards as a token of appreciation and encourage them to participate in every event your business conducts.

 

 

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