Can I create an additional product feature or service that people would gladly pay for?

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This scenario is much more difficult to identify than the previous two, because your customers are most likely happily using your product. The opportunity here lies not in preventing revenue loss, but adding a new source of revenue by providing an additional feature or service that is valuable to your customers.

The online bulletin board Pinterest has recently dipped its toes into this water. Pinterest venezuela whatsapp number database has 70 million users, who pay nothing for the service. In an effort to monetize this huge audience without charging a membership fee, Pinterest is testing selling promoted pins to advertisers. The promoted pins are still being tested, but based on Facebook’s success with promoted posts, advertisers will most likely be happy to pay to feature their products and services more prominently.

Have there been industry or technology changes we can take advantage of?

Can your product be made more valuable to customers, or created less expensively, if you incorporate new technologies?

At VerticalResponse we’re planning a major product upgrade in a few months. Why? Two main reasons: Customer needs have changed, and new technologies, not available when we first built our product, allow us to provide additional online marketing services as well as a faster and better user experience.

A note of caution: Change just for the sake of change is not an improvement. (I call this the “New Coke” lesson). Be sure you can articulate the reasons you want/need to change. (“It seems like a good time to change” is not an answer!) Make sure any change you’re considering actually makes your product better or provides greater value to your customers. And please, please, please talk to your customers and get their feedback before you make any changes.

Have you changed your product or have you considered giving your product a refresh? Tell us about it!