This is Part Three of a Five Part Series with Tyler Pyburn, Host at The Pulse Network, and Stephen Saber, Chief Executive Officer at The Pulse Network, on how to innovate during a shaky economy.
Like I stated in my previous post, this is a discussion on an article by Stephen Wunker on the Harvard Business Review’s Blog Networktitled, Five Rules for Innovating in a Shaky Economy,
Adding Services
via mywelcometothecity.com
Most business leaders know that adding on a service to your product typically results with in the customer not wanting the said service. Customers know why they like your product and how they like to use it. But in a rough economy, where every dollar counts, customers have to re-evaluate the ways they engage in all aspects of their life.
via freshpeel.com
Adding services does not mean change your business model, it means supplementing your revenue with incremental dollars to expand your portfolio. Services are a low risk, high reward scenario because it will help your company get through the gruff economy whether it creates a new product line or cash flow, neither of which hurt your bottom line.
In part four of the series, I will explain how experimenting with your business model is a risk worth trying.
Check out the entire series from start to finish, Part One, Part Two.
Think I missed something on the post? What some more advice on how to innovate? Let me know by commenting on this post, or by reaching out to me on e-mail: ssaber@thepulsenetwork.com