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necessity. Sometimes this added value comes in the form of expert advice and after sale support. Other times, it can mean creating complimentary products and services (this is often referred to as a line extension). The goal here is to offer an addi- tional product or service that has some alignment with your current offerings. If you’re looking for ideas for complimentary products, start by asking your current customers. What are they currently buying from you? What else do they buy? Is there an opportunity for you to meet this need? Hint: Online research is a great way to find ideas to grow your business. Take a look at your compet- itors, or even similar types of company’s around the world. How are they adding value to their products? Are they selling products or services you don’t have? What types of customers are they targeting? Where are those customers locat- ed? How are they attracting customers? Google searches on key customers or key types of custom- ers can also lead you to new opportunities.
Creating an online presence that actively recruits new customers can be a game changer for most small businesses. Gone are the days when you could build a website and count on search engine optimization (SEO) to attract customers. Yes, you need a website! But let’s face it; there are more than 4 billion websites online. Many of these com- panies spend big bucks on things like google word advertising. You need an integrated strategy that connects your business with your target customer and keeps you engaged with them. ADD VALUE TO CURRENT PRODUCTS OR SERVICES We live in a world where so many products or services are viewed as a commodity. That’s why the ability to add value to your products is an absolute
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FEBRUARY 2019 • SPOTLIGHT ON BUSINESS MAGAZINE
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