Can I sell that product?
Companies looking to grow will often engage in new markets they can explore, new areas they can target, new ways to increase revenue from existing clients. This coupled with other such concepts as affiliate marketing and refferals can help boost sales towards a symbiotic business relationship,
This is of course a good technique; you can sell a minor service or a cheaper service just to make contact with a company so that when they need a primary service they come to you, of course, for convenience. It is a means to create relationships. This is not restricted to B2B companies. It is prevalent everywhere. Google gives you the basic version for individuals of all its services free. Gmail, Maps, Drive, Google Plus. But, the minute you want to put your organization on Google’s grid, place ads on Google or get Google emails for your company, you’re in for a surprise.
Now being in an IT & branding company, this phenomenon is not new to me. We have constantly been in search of innovative ways to come up with services that can complement our efforts, that can help make a mark on vendor lists of our prospects.
Now it is ideal for every company to brainstorm over this decision themselves. My objective from this article is to only put forth what I found important questions that should be answered. These have definitely helped us take decisions on adding/avoiding more services to our profile.
Does it relate to our services?
What if Microsoft started selling burgers? Would you buy? I wouldn’t. For fear of founding Intel Inside of course. All your services must correlate with each other or at least pertain to a related industry. Unrelated services will not only affect your business operations but may also affect perception of customers and likely prospects.
Is it feasible?
Can we provide this service? Are we going to manufacture it on our own or sell a 3rd party solution? Is support going to be outsourced? Is profitability possible [if at all it is a goal]? Will the sales team be able to take on the new service-related challenges?
Will this complement our existing services or will we end up with a service we are selling at no profit that is taking up more time and efforts than what deserves to be put for our primary product.
Once we have decided to go ahead or at least taken the initial leap of faith, we need to evaluate the market for alternatives of the new service, their prices, terms, sales, market. A lot can go wrong in these areas.
Last but certainly not the least, we must also analyse our main competitors, to find whether any of them are also marketing this service either primarily or as a complementary service.
Now go out and Sell!!