Take a moment to consider your business. How has the competition in your market changed? How have your customers adjusted what and how they buy? What new business trends threaten to make your business obsolete, or at the very least, eat into your revenues? These should be your motivating factors to add new products and services. All companies have competitors. Strictly speaking these are other businesses, but consumer buying habits, economic factors and overall trends can have a significant effect on the bottom-line. That is when it is time to do some serious “out-of-the-box” thinking.
Additional delivery and service options
While changing how and when you deliver with the help of telemetry and dynamic scheduling is a great way to increase route efficiency it’s not the only way an operator can increase the revenue of a route. I’ve talked to operators who added other product distribution to routes. They work with a third-party company and deliver the goods along the same routes their drivers are already taking. This can also be done with your current product selection. Perhaps a small office location would pay you to make a weekly delivery of snacks and bottled water, printer paper (if you offer office goods) or even provide service for their coffee machine.
Some larger OCS companies already offer to maintain or repair equipment that they don’t own or service. Usually, this maintenance is for high-end or specialized equipment, such as espresso machines. A high-usage account might like the option of paying a monthly fee instead of ad hoc repair bills. Or are there ways to offer the services of your repair department in other areas, say specializing in a type of equipment either in foodservice or in another area valuable to a location? Think about each area of your business as a possible comprehensive solution to an evolving consumer need. What else could you sell?
Professionalism is paramount
Begin by expanding your current offerings with complementary items that leverage the products and services you already offer. In some cases it might be that you can’t provide a service that company needs, but you may be able to partner with another company. This still gives your company the “one-stop-shop” benefit while maintaining a high level of professionalism in each area.
Whatever you add to your offerings also shouldn’t detract from your business model. You don’t want to cannibalize sales from existing lines, but instead invite the opportunity for more sales. Bundle products, but instead of offering the items for less, add value. Provide an additional service with the bundle such as preventative maintenance, fleet inspections, etc. This goes against the idea of discounting, which sometimes cheapens a brand. Keep the perception of your brand high and professional as it is your most valuable commodity.
Whatever changes you decide to make, ensure you are measuring your efforts. Before you begin, take some benchmarks of current sales. That way you will be able to compare the results after a year, or whatever timeline you decide upon. Looking at the trends will help you determine what you should continue doing or perhaps, increase the price of because the offering is so popular.
By its very definition, thinking of new products and services to provide requires creativity. However, it is also exciting, keeping offerings relevant and new in a world that changes quickly.
