How To Ensure That Your Future Products Thrive in a Competitive Industry

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.

ensure your future products thrive

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.

Understand your competition and what they’re doing differently

Examining your competition is one of the most basic yet important ways to stay relevant.

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.

Learn how they are marketing their products as well. What are their most popular products? Whether you are selling widgets or air fryers, which sell quicker?

Examining your competition is one of the most basic yet important ways to stay relevant. #InspireToThrive Click To Tweet

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 a fantastic product 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 staying relevant for years to come.

With 3D printing, you can test new products, make small adjustments, and get feedback. Click To Tweet

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 products.

listen to customer feedback

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 periodically 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.

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. #eCommerce Click To Tweet

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 product instead of just the power and reach of your marketing.

There have been many cases in the past where a 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!

Focus on the quality of your product instead of just the power and reach of your marketing. #eCommerce Click To Tweet
instagram course
Sign up today for this class and get a money-back guarantee along with updates on Instagram

Test Multiple Versions of the 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 ⬇⬇⬇

Lisa loves helping others to thrive online through Social Media, Blogging, and SEO. What good is knowledge if you cannot share it with others? She has 30+ years of experience in marketing/advertising with 10 years of experience in content marketing, social media, blogging, and SEO. You can purchase her ebook about Twitter on Amazon, or take her Instagram class on Udemy.

    • 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!

  • Site Footer

    >