Ask any company “what have they done lately?” And they will rattle off a long list of new features and enhancements. Ask them “so, how much has your revenue gone up?” And the answer in most cases would be “huh!!!”
So, here is a simple flowchart to determine if a new feature should be added.
Some additional points:
- Only work with absolute dollars. Do not accept "We expect to ..." type of response for any of the questions above.
- "Do it FASTER than now!!!" is money on the table. Existing customers are more likely to give you immediate monies than new customers.
- New features rarely stop customer attrition. So always explore to see if you can improve other parts like customer service, payment terms, on-time delivery to mitigate customer loss.
That is it. You are done.