Something new from something old
Yesterday, while wandering through our manufacturing area I stumbled on a product to add to our line.
A few informal discussions with colleagues and a handful of A-list clients confirmed that the idea was great and they’d be happy to buy-in provided the price is right.
The weird thing is that the company has been offering this particular product for over 20 years. It’s just that nobody’s thought of marketing it until now. And neither has anyone else in the industry.
An added bonus is marketing this product should also help to improve the sales of one of our stagnated product lines we’ve been considering canceling.
While I’d love to take credit for identifying the potential for this new product through a rigorous market research study, that’s not how it happened. I simply saw something happening, asked a couple of simple questions, and got a great answer.
Now, I’m certain there will be a couple of mistakes along the way, but there’s an opportunity for us to help a lot of businesses save a lot of money. Our investment is zero and our product can go to market as soon as I can train our sales people.
When was the last time you tried to imagine one of your old products being used in a completely new way?
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