The business world is very competitive, and developing a new product can be challenging. Everyone is looking to create the next best money maker faster than everyone else. Using the four tips outlined below can help you develop an innovative product that consumers will love.
- Focus on Value
Don’t make the mistake of setting your unique selling point (USP) on price alone. Consumers have become very savvy to recognizing the value of a product rather than just the price. If your product is valuable, you can set a price that’s fair to your customers and still maximize your profits.
Value can be based on several different factors. Value can be the perception of the customer, not your perception. This means that the customer is going to consider whether or not the benefits of your product outweigh the cost. You need to take into account things like geographic location, Seasons, the economy, and whether or not your product is more of a necessity than a simple want.
- Apply Personalization to Your Products
There is no doubt about it – consumers love personalization. A survey done by Segment showed that 49% of consumers purchased products that they did not intend to buy because of customization. If you’re not personalizing your products and your service, you’re missing out on a large chunk of the market share.
Personalization does not always mean putting the customers’ names on products. Personalization is an experience, which means that you’re helping to tailor this product to your customers’ lives.
Personalization can also come from the type of customer service that they receive while they’re shopping for your product. Are you or your salespeople asking questions to make sure the customers get the right products to serve their needs? Have you done any research into how your product can improve your customers lives? These are the types of actions that help personalize your products.
- Use Retail PLM Software
All products have a continuous lifecycle. It used to be that you had to keep up with product lifecycle management information manually. Still, now there are great retail product lifecycle management software that can handle this task for you effectively and efficiently.
Retail PLM software is an all-inclusive solution that provides systemic aid in product management from the development stages through to the product’s inevitable end. The software does this by engaging multiple processes such as data gathering, data analyzing, data implementation, team collaboration, and more. Since the introduction of the first RPLM software in 1985, the entire product development process has become more streamlined and efficient with each new decade of improvement in the software.
- Use Unique Packaging
Shopping is a visual experience for consumers. The product packaging you use can have a direct effect on the success of your product. Packaging also protects your product and makes your brand image look professional. You should spend an ample amount of time researching a the best packaging design for your product. The last thing you want to do is sabotage your newly developed product with poorly developed packaging.
Creating a new, innovative product takes a lot of work and dedication, but once the work is done, you’ll be glad that you took the time to do it right. Use the four tips above as a guide to keep you going in the right direction. Before you know it, you’ll have a successful product to market.