Product development-all companies have to do it. Coming up with a new product can be very stressful, but only when you lose track of what your competitors are doing, and what your customers want.
There’s a saying that says a product must be 10% new in order to sell. This is what makes developing a new product truly easy. All you do is take an old product and upgrade it into something irresistible.
Follow these 5 steps to develop a winning product every time.
1. Research. Know your audience and what they want. What product is on demand? What kind of services are people raving about? What are your competitors cashing in on? You have to know what’s going on outside of your company before you can bring some of the action into the company.
2. Develop something that is “economy friendly”. Is your new product affordable? Is it too cheap for your customers or is it too expensive? If it’s a little cheaper than your other products, it may reach a new group of customers, which is a win for your company. However, if it’s too expensive it may lose the support of some of the customers you already have. Make sure the price of your new product ends up bringing in more customers and more money-not losing customers and money.
3. Develop something unique. Is your new product exactly like another product, or is it something totally new? A completely unique product would only sell if there is a real need for that product. If the product is similar to other products on the market, then that will still work as long as it has that one new feature that the other products don’t have. That one new feature is what makes your product unique.
4. Does it match your company brand? Sometimes companies go into competitive mode, and they began creating products that their competitors have. But the mistake they make is thinking that they and their competitors have the same exact customers, and that’s not true. When you are too busy competing, you develop products that your own customers don’t even want. Your customers are attracted to what your company represents, and any new product you develop must match that image.
5. Can you afford to make it? If the product is way beyond your budget, you may have to upgrade an old product to save money. You can add new ingredients or features, and then promote is as “New and Improved”. This tactic is almost just as powerful as selling a brand new product. You should never go beyond your budget to create a new product unless you know for sure that the product is on demand.
Of course, what’s a good product without good product promotion? In order for any of these tips to bring in money, they must be vigorously promoted. Read the article Tips on Promoting Your Business and Products .