If the only tool you have is a hammer, you tend to see every problem as a nail.
Bartles & Jaymes found a whole new market for their wine simply by mixing it with soda and fruit juice, creating a whole new segment of the beverage market (wine coolers). Snapple did the same thing with iced tea, while Jolt did it in the cola business by adding caffeine when the rest of the world was taking it out. Jolt has since been surpassed by energy drinks like Red Bull and Monster.
How could you change your mix? What could you add to your existing product or service to create an even better product?
Offer Value-added Services
When American Airlines started their Frequent Flyer program in the early 1980s, they instantly caught the attention of the frequent traveler. Hotels like Hyatt offer desks, business centers, Wi-Fi, and a host of other business services to specifically attract business people to their hotels.
Rental car agencies like Hertz and Avis offer pick-up and drop-off right at your car’s parking space, bypassing the normal check-in lines. Enterprise and National took it a step further by picking you up and dropping you off at home.
Charities offer special recognition for their leading patrons, as do churches and hospitals. How could you offer more recognition, publicity, or rewards to your clients?
What can you add to your existing product or service to change the value proposition to your customers?
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