I get that generating new products is really exciting — and it can get expensive too. So here are some ideas on how you can create something new from something old. Think of it as recycling.
- Test higher and lower prices in different markets. You don’t have to charge the same price in the same market. Different markets have different needs, charge accordingly.
- Offer different sizes at different prices. Pricing expert and author of 1% Windfall, Rafi Mohamed says that people will buy at price points that are appealing to them (assuming they have a need or interest in your product). Give your customers the opportunity to try and buy.
- Change the name to reflect new market. If you’re launching into a new market, change the name of your product to better reflect the benefits your product provides.
- Develop new, more varied uses for your product. We wouldn’t know that there were millions of uses for baking soda if Arm and Hammer didn’t pull them together and advertise them.
- Bundle products. McDonald’s is king of the bundle. Create a value offer that moves product at good margins and gives customers great value.