The business world doesn't stop idle – markets are constantly changing and market opportunities only have a certain shelf life. Companies that want to grow must choose it. You can complicate the same thing, sell new things to existing customers, or find new customers for your existing products.
What do people do in practice? 3 times as many companies try to find new markets for their existing products as look at developing new products for their existing customers.
This really makes life more difficult than it needs to be. The key issue is how much it costs to acquire a customer. Research shows it costs 7-10 times as much to create a new customer as to sell to an existing one
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It really makes life harder than it should be. The key question is how much does it cost to acquire customers? Research shows that creating new customer costs 7-10 times more than selling an existing customer.
Therefore, it is often cheaper and better to find or develop new products for your existing customer base than to conquer a new market.
New product development basically occurs in four steps
1. Talk to customers
2. Find out what they want
3. Think how to do it without fail
4. Do it
The actual product a customer purchase is often a collaboration between someone familiar with their team and someone on our team who can look a little beyond the current offering. What we have to do is do this more systematically. First, pick a mix of clients – say, 2 big clients, 2 adventurous clients, and 2 clients you don't know very well.