Product Line - How can you make it successful

Building a product line can be complicated. It may be one of the biggest challenge for your business. Read these steps on how you can build a successful product line

Take a second look at customer needs

When you do market research for a product or service and develop a customer profile, you might discover that your customers collectively have other, typical needs you aren't addressing. For instance, a busy parent could need a daily calendar app/organizer just as much as a car seat. Reviewing the big picture of the customer's life and typical experiences can give you fresh eyes about what buyers would welcome from you.

 

Start a revolution

Revolutionary products and services are items customers can't really tell you they have a need or desire for because they don't even know they need or want it yet. These are things that the customer is surprised by but always appreciates.

A good example might be the iPhone from Apple. No one had produced anything like that device before, so customers didn't have any experience with something similar and didn't really have a concept of how it could change their life. But once they saw how it worked, everyone wanted one.

Revolutionary products can get a lot of initial resistance or criticism because they can seem so different from what everyone has done or is used to. But once you've convinced people that the product or service actually is viable and they see how much it improves their life, the item takes off really quickly.

 

Expand what you have

Sometimes the easiest way to create a product line is to look at what you've already got and then expand options and features. This could mean changing colors or materials, for example, or you could include an entirely new functionality. Software programs that are available in free/basic, intermediate and professional levels are good examples here.

 

Make it simpler

Customers don't always want a lot of bells and whistles, especially if they're trying to save money and those extras they don't even need are expensive. So whereas some companies do well by making what they've created more complex, you also can go in the opposite direction and scale items down. This can mean removing features or just putting them in a more convenient package. 

 

Connect products together

This option is really systems thinking. It means that you develop all the interconnected parts someone needs to achieve their end goal. For example, if you wanted to build a shower, you wouldn't just need tile. You'd also need a waterproofing membrane, a drain, and other products. Similarly, if you want to use an electric drill regularly, you'd probably need items like a power source/batteries and bits. By being a one-stop-shop for your customer, you can increase value for them and reduce the risk that they might encounter problems by trying to piece parts together from several different manufacturers.


Blog Credits to www.entrepreneur.com