There comes a time when you have to look at your business model and decide whether it is working for you or not. If things are a bit shaky, it could also be that you need to offer new products to your customers. If you're thinking that it is definitely time to inject something fresh and new into your products then you may be wondering how you can go about deciding how to create new products for your business. Here is some guidance and how you can do this.

If you want to know which products and services you should deep dive into and go all in on, all you have to do is look at your customer feedback. Your existing customers can hand you the information you need to create new products and services. Engage with them a little bit more to understand their needs, preferences and pain points. Do online surveys to find out what they're thinking and what they want. Look at the feedback that you get from them through conversations, and your online reviews. Often customers are very bold in telling you exactly what was good and what was lacking in a product. This will give you new ideas to either improve a product or create a whole new one. Your social media interaction and even your customer service queries are also great sources of product ideas. There's no need to be scratching your head wondering what product to create next? Once you have an active business there is literally a wellspring of information ready for you to tap into.

Once you get all the information that you can from your customer feedback, you're going to do market research and analysis to see if there is a market beyond your customer base for any product you are thinking of creating. You need to do this because you want to make sure that you can bring in new customers with any new product that you are thinking about creating. You don't want to dump all your cash into something that just doesn't pan out. If it is only a small section of your customers that wants this product and you can't drive new customers and sales with it, you might want to hold off on it. This is why market research and analysis is so critical.

You're going to have to do a feasibility study to assess whether or not your idea is realistic to launch. The first thing you're going to have to do is look at the financial feasibility of it. You need to ask yourself some hard questions about your finances before you launch a new product. You don't want to sink yourself in a financial hole by going after a product that your bank account cannot stretch to allow.

You're going to have to create a prototype for any product you are thinking about developing. A prototype is a way for you to visualize the product and test its functionality. Create the product and custom packaging for it, this way you can see how the product works and how it looks. If possible you can get a cross-section of your customer base to try out your prototype or give you feedback about it, so you know if you need to go back to the drawing board about a few things.

If the prototype you created is a "go" then the next thing you're going to want to do is to go into production and development. Once that is completed you have to think about how you're going to market the product. It will be easy to market to your existing customers as you could interact with them on social media and also you can do email marketing to introduce your new product. However, you may want to do some advertising so that you can bring in new customers to your product. This will help you scale your sales and conversions a whole lot faster. If you're ready to create some new products to grow your business and maximize your revenue, then don't hesitate to do all you have to make things go smoothly. You have to make sure that you are doing due diligence.  If you don't you're going to end up with a world of problems. New products are exciting and launches are amazing when they go according to plan. You want to make sure that your new product shows you dollar signs and not drainage in your business bank account.