The Value of Product Development

As a communications company, what was the last new communications product that you offered? It was probably internet access. Think about how far that technology has come and what the additional possibilities are for services and revenue on your network today in addition to internet access. 

If you’re thinking about expanding your business, or potentially selling it here are some reasons to start developing additional services

1. Competitive Advantage: Today, customers can purchase a variety of voice and data services from a variety of providers and it’s important to not only keep pace but let the market know you understand how to make your customers competitive using your services.

2. Innovation Story: Innovative companies are thought of as creative and groundbreaking, bringing more excitement to their brand and solving consumer problems. Being first is always better than needing to flatter your competition by replicating something they did first and you wish you had thought of earlier.

3. Added Services: New services might not be your number one revenue generator, but new services drive excitement around your organization.  New services provide a continued look at existing products customers may have forgotten you offer, keeping your brand front of mind.

4. See Your Buyer and Engage Your Consumer: New products generate new discussion and new opportunities

5. Test Market Trends:  Your ability to maintain an active focus on innovation and stay current on trends allows you to be ahead of the curve with emerging consumer trends and test new concepts in early stages of trends and refine them as the trend becomes mainstream. This test and refine concept allows you to see what concepts have potential and which were fleeting while still maintaining a competitive advantage.

6. Value Creation: By developing additional services on your network, you can reach more markets and sell higher margin services, and the network will generate a better return and all of this adds up to long term value that you are creating.

If you need help with determining which services to offer, or a business plan, or turnkey development and launch of new services give us a call today (303)-678-1844 or drop us a note hello@roninpbr.com