Is Now The Right Time To Improve Your Product?
Companies regularly improve their products. You need only consider Apple and the display improvements they make to their phones and tablets year after year. Admittedly, the differences in their products are often very slight, but due to the popularity of their brand, they can get away with minimal improvements as they know it can guarantee sales.
If your product is popular, you could replicate their tactic. If you know customers are going to buy from you, even when any improvements made are minimal, you could update your products to ensure more sales.
The opportunity to increase your profits is just one reason to make improvements to your products. However, there are other reasons too. If any of the following applies to you, now could be the right time to think about making improvements.
Reasons to improve your product
#1: Your competitors are outselling you
If your nearest business rivals are selling more products than you, then you have to ask yourself why. Is it because they are offering lower prices? Are they putting more money into marketing? Or are they creating products that are more functional and of better quality than yours? If the answer to any one of these questions is “yes,” then improvements to your products could be necessary. They will justify the price you are asking and they will, in theory, be better than whatever it is your rivals are selling.
#2: Quality is an issue
When customers buy from you, they expect a product that is of good quality. If there are any defects, they are obviously going to be less than pleased. Imagine a piece of furniture that experiences fabric tears within a week of purchase, for example, or a piece of software that is riddled with bugs! When quality is low, you can expect complaints, negative word of mouth, and online reviews that could damage your company.
To ensure better quality, you would need to improve your products. You can do this by outsourcing to professionals in their field, such as industrial sewing services if fabric design is a part of your products. You should also commit to rigorous product testing before releasing your product to customers. By taking such steps, you ensure a better quality product and a reduced chance of customer backlash.
#3: A changing marketplace
The consumer marketplace changes all the time. Products that were in trend a year ago may now be outdated, for a multitude of reasons. To understand more, you need to consider your customers. If they now expect certain features and product benefits that you aren’t providing, you will need to make improvements to your product to meet their current needs. By doing so, you will stay within market trends and you won’t fall behind those businesses that are keeping up with their customers’ latest expectations.
So, is now the right time to improve your product? It might be, especially if you have related to any of the points we have made here. Manufacturing costs can be expensive, especially if you need to make changes that hike up the cost, but these can be offset if your products have a better chance of selling. Gain feedback from your customers and check out your competitors to discover whether now is the time to make product improvements or not.
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