Get Creative with Your Products

January 21, 2011 by Kevin Custer

When looking at ways to position your products to go beyond one-time infusion of monies (stimulus funding or grants, for instance) to become a long-term “must-have” for your customers, one option is to sell a long-term 'subscription' service that is paid for upfront. Create a "maintenance and support" product that includes things such as software, content, material upgrades and a couple of professional days a year for the next 3-5 years (with travel expenses reimbursed the year they actually occur). Other consumables, like new textbooks, could also be included. Though you will have to adjust accounting procedures, this kind of "maintenance and support" product will set you up as a "must-have" for many customers for years to come, beyond the end of the stimulus funding.

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