3 Tips to Declutter Your Product Offerings

Jurate Gulbinas   |   28 Jan 2017   |   2 min read

Simplicity is key! The easier your product is for consumers to use and understand the more likely they will be to purchase it. Stick to your roots; knowing who you are and what you’re good at as a company can make all the difference. try to adapt your specific product to allow different application. A company can have many products that are simple to use not just one so don’t limit yourself.

Key Takeaways:

  • Applied Underwriters, a workers compensation insurance carrier and payroll company, had crafted a complex form of workers comp coverage it called a “profit-sharing” element.
  • Essentially, if a client company experienced few or no losses, it would reap savings. Conversely, if that same company saw heavy losses, its costs would soar, to a price ceiling.
  • The trouble was, all the ins and outs in the company’s policy were buried under dense legal jargon: Terms like “cession point,” “loss development” and “run-off term” befuddled clients, confusing them as to what they were getting into. The eventual result: multiple lawsuits against the company.

“The core value of a product gets diluted in the flood of flashy extras.”

https://www.entrepreneur.com/article/287695

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Disclaimer:
This document is intended as an information source only. The comments and references to legislation and other sources in this publication do not constitute legal advice and should not be relied upon as such. You should seek advice from a professional adviser regarding the application of any of the comments in this document to your fact scenario. Information in this publication does not take into account any person’s personal objectives, needs or financial situations. Accordingly, you should consider the appropriateness of any information, having regard to your own objectives, financial situation and needs and seek professional advice before acting on it. CST Tax Advisors exclude all liability (including liability for negligence) in relation to your reliance in this publication.

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