In today's business environment, there's no such thing as "watching and waiting." If you do, you get left behind. For example, a company that keeps moving forward is Apple. The unveiling of the iPhone 7 with its latest features such as water resistance, dual camera and no headphone jack positions Apple as an organization that is continually pushing the market.

While we can't always control circumstances and events in business, like Apple, there are things we can do to minimize problems and leverage new opportunities for growth and profitability. We'll explain in this issue of Promotional Consultant Today.

Add New Value To Your Current Customers

Changes in the economy may sensitize your customers to the value of the things on which they spend their money, where they spend it and when they spend it. But, the good news is they are spending money. Three things you can do to create new value for current customers include:

  • Adapt products and services to meet customers' new needs . For example, IBM, a company that traditionally made typewriters and copiers, and transitioned into computer equipment, started offering more services so their customers could more effectively and efficiently use the hardware they already owned. (Example: services include consulting, training and coaching in addition to different levels of hotline and field service support). As a result, the company has rebounded from its slump of a few years ago, and has posted steady gains in revenue and profit, even during the recent economic downturn.

  •  Demonstrate how the same products/services can address new needs. Customers will continue to buy the same products and services at premium prices—even in a down economy—provided that customers recognize how the value of the product/service meets their most important current objective. (Example: If buyers can't justify buying a luxury car for "fun," they may still justify it for business reasons, performance, safety, security and other practical reasons).

  • Provide incentives that increase value: Find new ways to add value for buying now rather than later, for buying bundled service packages or for buying in larger quantities by offering special deals (Example: a storage company offers two months "free" if the customer purchases a one-year contract instead of a monthly contract).

Find New Markets For Your Products and Services

Increasingly, the answer to less demand from current customers is for companies to reach out to new markets. For example, both Southwest Airlines and Jet Blue Airlines—traditionally focused on leisure travel—are now aggressively pursuing the business travel market.

This approach has promise, but to be successful it's important to remember one thing: The key to successfully entering a new market is to adopt an investment mindset. For example, both airlines discovered they needed to make a number of changes in order to be "business-traveler friendly." Everything from flight schedules, layout of gate areas, accounting systems and reservation management systems had to be adjusted to meet the needs of corporate travel departments. Clearly, these two airlines are evolving in ways that will eventually impact every aspect of their company.

Entering a new market has the potential to profoundly and permanently impact the nature of your company. Be sure that your key stakeholders (internal and external to your organization) understand and are committed to the significant investment and change it's likely to take in order to succeed.

Ultimately, the world is changing and we must adapt to this, even if it means reinventing our businesses to create new opportunities for long-term success.

Source: Pamela S. Harper is the founding partner and CEO of Business Advancement Inc. (BAI), based in Glen Rock, New Jersey. She is an internationally known business performance expert, author and professional speaker with more than 20 years of experience in internal and external consulting to entrepreneurial, middle market and Fortune 500 companies. D. Scott Harper, Ph.D. is senior partner and COO of BAI. He is a globally recognized expert in innovation processes and systems with a unique ability to translate technical insights into desired business results gained from more than 20 years of leadership experience in Johnson & Johnson Consumer Company, Pfizer Consumer Healthcare and Warner-Lambert Company.