Taking Steps During a Downturn Economy Silicon Valley SCORE will be offering a new seminar called "10 Steps for Doing Business in Downturn Economy".   Here is a summary of just one of the steps you can learn more about if you attend this seminar. Step #8 - Increasing Your Revenue by Improving the Product or Service You have probably seen it all around you - businesses are offering all kinds of new products or services with an angle that hopes to entice customers living in "these economic times".  Many times it is simply a discount or sale; but, a clever business owner will think beyond this tactic.  Here are some other things to consider: * Drop products that are not selling.  Doing so helps you to reduce inventory, thus reducing expenses.  It also lets you focus more on the successful products, particularly if they are new products. * Ask yourself "what is changing?"  It is not just the economy.  Customer's needs change based on many other factors.  Figure out what is changing in your market and find a way to address the new needs or wants that are emerging.  Change is more than a campaign slogan - it is the seed for new business opportunities. * Ask your customers and team what they suggest as a more appealing product or service.  You can sit down with your team and have a brainstorming session.  Don't pour cold water on ideas - let everyone feel good about contributing ideas.  You can evaluate these ideas later.  Focus on ideas that address market needs that fit the times.  To get ideas from customer, try using your contact lists (phone numbers and e-mail). * Test the improved or new products/services with current customers to help you refine the idea.  Consider a little test marketing.    Later, you can start selling to the rest of your customer base . * In Japan, some companies put out dozens of similar new products to see which ones are the most popular (e.g. different colors), and they then drop the less popular ones.  This is another form of test marketing.  This is just a summary of just one step that we talk about in our new seminar.  The first offering of the seminar is March 31 - Click here to register