How can you ensure your future products thrive? One of the most difficult things about having a business in a competitive industry is having to constantly upgrade and improve your products to meet new standards and trends.
Products can’t thrive unless they’re put through a lot of trial and error. Hence, it is why it’s important to test new products all the time. And of course, get feedback from your audience.
However, using this data is a whole different story.
So what can you do to ensure your future products continue to thrive? Let’s take a look.
Table of Contents
Understand Your Competition and What They’re Doing Differently
Examining your competition is one of the most basic yet important ways to stay relevant and get ideas for future products.
Every business has its own unique ideas and it’s a good idea to see what others are doing so that you can try to match them, beat them, or at least understand the thoughts behind their decision-making.
Make Ample Use of Prototyping To Ensure Future Products Thrive
Rapid prototyping with 3D printing allows for faster product development cycles. This allows you to try new products and make new iterations at a much faster rate than before.
With 3D printing, you can test new products, make small adjustments, and get feedback. Then, generally repeat the process until you have fantastic future products that just works well and meets every goal that you’ve set.
Ample use of prototyping has become one of the key ways for a business to improve its products and ensure that it continues to stay relevant for years to come.
Listen to Customer Feedback from Previous Products to Make Future Products Thrive
Customer feedback is also an important resource to use. You should read what your customers are saying, get an idea of their thoughts on social media, and also listen to their concerns and ideas.
While you don’t need to do everything that your customers request, it’s a good idea to at least consider it because it’ll give you a better understanding of their stance on your future products.
There’s a lot to learn through listening to customer feedback. So, don’t neglect this if you want to ensure your future products can continue thriving.
Send out periodic questionnaires to your customers about your products. Understand what they are thinking about.
Having interesting polls on social media about your products for your customers to respond to is another way.
Understand That Marketing Isn’t Everything, Especially if Your Product Isn’t Ready
The importance of marketing your product can never be understated, but there’s a point where you should focus on the quality of your future products instead of just the power and reach of your marketing.
There have been many cases in the past where a future product is marketed and hyped up by many people. However, only to release and fail to meet expectations.
It’s important to balance the hype with the reality of your product to ensure that you maintain the trust of your customers.
But once you are sure your product is ready, do market it away!
Test Multiple Versions of the Future Product and Narrow Down the End Result
Split testing is a great option if it’s available to you. This works with certain products that can be made with small variations.
Typically, these changes aren’t worth turning into completely new products due to production costs and complications.
I have a client who sells luxury soap and learned after testing that bath and body gel was an item that clients wanted to purchase. Therefore, they updated their product line.
So, it’s important to test multiple versions of a product and narrow down the best one.
What’s Your Story?
Have you updated any of your products or services lately? How did you go about it?
I’d love to know more in the comments below.
Your Guide to Thriving Future Products in Competitive Markets
What are the key factors for future products success in competitive markets?
Understand the market landscape, audience needs, and innovations by rivals. Balance superior quality with affordable pricing, and continuously iterate based on user feedback.
How can I identify emerging trends to stay ahead?
Use analytics tools, engage with industry communities, attend relevant conferences, and monitor social media for insights. Staying informed helps you adapt quickly.
How important is customer feedback to product development?
It’s crucial. Customer feedback reveals pain points and desires, offering guidance for improvements and new future products features. Regularly seek and analyze this feedback.
What role does innovation play in maintaining competitiveness?
Innovation keeps your product relevant and appealing. It differentiates you from competitors and can capture untapped market segments.
How should I price my future products to remain competitive?
Consider production costs, competitor pricing, and perceived value. Implement pricing strategies like penetration or premium pricing based on your goals.
How can I effectively market my product?
Use targeted digital marketing, leverage social media, and engage with influencers. Tailor your message to your audience’s preferences and values.
How do I evaluate my competitors effectively?
Regularly review their offerings, strategies, and customer reviews. Understand their strengths and weaknesses to spot opportunities for your product.
How important is the role of partnerships and collaborations?
They can extend your reach and enhance your offerings. Choose partners that complement your strengths and align with your brand values.
What should be my approach to product development?
Adopt an agile approach, allowing flexibility and responsiveness to change. Involve cross-functional teams for different perspectives and skills.
She has 30+ years of experience in marketing/advertising with 12 years of experience in content marketing, social media, blogging, and SEO.
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I would also like to suggest keeping ourselves abreast with the latest marketing trends.
Do have yourself a prosperous 2021, Lisa.
Ahh, good one Renard. I think at this point, it is time to hire someone for your marketing. Running your own business is enough on its own and add marketing to the mix and WOW! That’s why many people get so overwhelmed today Renard. Thanks for your input and make it a great day!