If you are like most people, you are facing a severe budget crunch during this recession. If you have a prospect base you may be able to increase the revenues by taking the steps outlined below.
If you have been in business for some time you have fielded queries from customers who would buy your product if only you made certain changes. At the time you had more exciting opportunities, or the changes required seemed too expensive or too time consuming. You ignored or filed away these queries.
Now is the time revisit these old requests. Make a list of those requests and see which ones have the greatest revenue potential. Maybe you can sell a product with the same modifications to multiple customers. List these requests in descending order of revenue potential. Do not worry about the cost of making the changes at this point.
Next go ahead and find out which of these sales is still likely to happen. The situation of the people who made the requests may have changed from the time they made their request. You or your sales staff may have to call the prospects who made the request. In these tough times, you should be getting in touch with all your customers anyway. Once you have an affirmative that the sale will happen once you make the changes to your product you can proceed in confidence.
You now want to re examine the list of products and changes and reorder it again in descending order. Choose the ones with highest likelihood of the sale gong through and the highest revenue potential at the top of the list.
Now see how much it would cost and examine the risk involved in making the changes. Check with your internal development people and your vendors. Now that they see that the economy is bad and their livelihood is at stake, vendors and internal development will be more reasonable. Alternatively you can use fast-product-development.com or a vendor like us. Our costs are a fraction of the cost of big companies or product development departments of big companies. Plus we cut out all the risk from the development with our "On Time On Budget" guarantee and can do the work fast because the absence of bureaucracy.
It may turn out that you would be able to generate additional revenue by tweaking your existing product and by lowering cost and risk.
If you have the funds you can repeat the same exercise for requests for new products that your clients have already made. Remember vendors and internal development people will be more reasonable now. And you can always call us.
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