As far as your customers are concerned, your business is your product. It doesn’t matter how stellar your customer service, how clever your marketing campaigns or how inspired your branding if your products don’t deliver in all the ways that your customers expect them to. Whether you’re a nascent startup working on your debut product or a tried and true brand seeking to bring innovation to the market with something new, you live or die by the strength of your products.
As such, no matter how long you’ve been in business or how many products your brand has to its name, it’s vital to avoid the common pitfalls that can occur when you’re developing a new product. Steer clear of these mistakes to avoid when developing a product and you’ll chart a clear path to sustainable growth, success and prosperity…
Cutting on costs in ways that diminish the customer experience
Of course, you need to be able to manufacture a product that will sell for a reasonable price point and still leave an acceptable profit margin. Of course that means that the Average Cost Per Unit needs to be driven down. Still, if doing that comes at the expense of the customer experience, you can’t expect that product to be embraced.
Whether you’re thinking about the materials used for internal workings or the powder coating on the paintwork, any aspect of the product in which the customer perceives value is worthy of an appropriate level of investment.
Failing to consider the sustainability price tag of your product
Today’s consumers are more aware than ever of the ethical and environmental costs of their purchases. As such, more and more are demanding a higher ethical standard from the brands they do business with. And if a brand doesn’t display appropriate Corporate Social Responsibility, they’ll happily find another brand that will. Even if they have to pay more for it. As such, it behoves you to consider the ethical and sustainability price tag of your product. And that extends to every single link in your supply chain.
Losing sight of value for the sake of innovation
Innovation is very important in business. It’s innovation that keeps you ahead of the curve and ahead of your competitors. Innovation can cement your reputation in your chosen market and help to establish you as a leader in your field. But innovation for the sake of innovation can drive a wedge between you and your target market. Yes, innovation should be embraced. But it should never come at the expense of the value your product represents to the customer.
All innovation should come from the perspective of generating greater value for the customer, not furthering your reputation. Do the former right, and the latter will take care of itself.
Your product is at the centre of your business model. Take the time to get it right and success in business can only follow. But in your zeal to prove your worth to the market, don’t lose sight of the customer’s needs.
- This post has been written by an outside source – See Disclosure Policy
