To keep your business growing and on top of the competition, it’s important that you continue to innovate and refine the quality of your products. Becoming complacent is one of the greatest dangers that causes businesses to become stagnant and fall behind. To ensure you provide your customers with the best, here are some different ways to improve your products.
Invest in R&D
Having a department dedicated to research and development (R&D) is key for ensuring your products are always evolving to fit the demands of the market and the needs of your customers. Without it, it’s easy for ideas of innovation to quickly fall to the wayside as more important matters take priority in your mind. While you shouldn’t expect immediate profit, R&D leads to long-term profitability as patents, copyrights, and trademarks are created as new discoveries are made and new products are developed.
Knowing when it’s appropriate to outsource aspects of your business is one of the greatest ways to improve your products. Oftentimes, creating the necessary materials for your products can be difficult when you need expensive equipment, a place to store it, and the training for your employees to operate it. Instead, if you need chemicals, for example, outsourcing to a chemical manufacturer can save you a lot of money you’d otherwise spend buying and investing in machinery. The expertise of these manufacturers also means you’ll be getting the best materials for your product that you may not be able to produce yourself.
When making new additions or refining the features of your product, you want to ensure your changes are actual improvements. Typically, there are three ways you can improve upon a product: deliberate improvements, frequency improvements, and adoption improvements.
Deliberate improvements are meant to add upon or improve an existing feature that customers have responded well to. For example, maybe a secondary feature of your product has become more popular than the primary feature, so you would then want to build upon that secondary feature.
Frequency improvements are designed to get a customer to use a feature of a product more often. There may be a feature on your product that you believe would be very useful, but maybe there’s something about it that’s too cumbersome or difficult for customers to really appreciate said feature.
Adoption improvements are meant to win over parts of your customer base that aren’t using certain features or products. Oftentimes, it’s simply giving them a reason to use a feature or making it easier to access.