New product lines
It is important to regularly ask whether you are providing the products that your customers want and whether there are any new products that you could provide to ensure you are evolving with changing times as you look for the next income stream.
There are plenty of examples of new products meeting an unexpected demand or creating a whole new market - the first Cronut, streaming service, putting coffee in a martini.
But how do you know whether your latest idea is going too far, such as the following examples:
- Similar to DNA kits to confirm ancestry, DNA kits can be purchased for your dog to confirm its genetic makeup.
- Adults in some U.S. states can now buy gun ammunition from vending machines at their local grocery store.
- Fresh Icelandic Mountain Air can be purchased by the can.
- Bacon scented Mustache wax – “the bacon scent will make you the envy of all your friends”.
- A remote-controlled crocodile head, to keep people out of the pool.
A brain storming session with the team is a good idea to test whether you are delivering for your customers and to identify gaps you could be filling.
But remember to test any ideas with trusted customers before they are implemented.