PRODUCT & SERVICE DEVELOPMENT
What’s Product & Service Development look like in your Business?
Product and Service Development. What is your ideal client looking for you to provide? Are you learning about what they looking for and filling the need? This doesn’t necessarily mean you are purchasing the same equipment that you just saw another company purchase so you can win a bid; it means that you’re purchasing items that will enhance your client (and their guest) experience for their upcoming event.
Sometimes this can be hard as trends pop up quickly and can disappear just as fast.
If you’re wondering what Product & Service Development items
might benefit from some additional operational structure, check these out:
- Do you know what differentiates your product from a company who offers similar services?
- Do you have different revenue streams? Do you know your profitable ‘backup’ plan?
- Do you purchase new inventory before it is sold? Or do you sell it after it is sold once / after you know the product will be paid off by x-number of upcoming uses?
- Are the products being added to inventory one-time, themed items or items that can be customized to several different events? If one-time, are they charged accordingly for the client to pay for them fully and not hurt the overall margin of the event?
If you said ‘no’ more than ‘yes’ when answering these questions, let’s dive into Product & Service Development together!