Regular reviews of your product, pricing and marketing activity are important to ensure the product or service you offer is likely to meet the market in terms of value and expectation. A regular scan of the market for product and pricing changes can provide a useful insight into how you may be able to improve your product and attract and retain customers.
Actively ask your staff for ideas and suggestions on how to improve or introduce products or explore new markets. Your staff know your product intimately so are a great source of ideas. Make sure you’re providing them with the opportunity to share them. Develop a system to capture ideas and suggestions from your team on how you can improve your products or explore new markets.
Establish a process for product development - this could include regular meetings, and/or reports. Ensure staff and visitor feedback is taken into account, as well as financial reports (how much does the product cost to deliver and how much revenue does it return?) and social and community benefits.