Modify Existing Products
People love legacy products, but they love to see and try something different. Introducing a better and newer version of an existing product can give your business a massive boost. You can do that by introducing new features, marketing, and upgrading certain aspects of the product. It’s also a great opportunity to find out what features your customers want, and give them just that!
Improve Upon Your Ideas
“Customers don’t expect you to be perfect. They do expect you to fix things when they go wrong.”
— Donald Porter
When it comes to innovative ideas, it’s difficult to predict exactly how your customers will respond. If they don’t respond well, then find out what they want and change accordingly. For example, when smartphone companies removed the 3.5 mm jack from smartphones, the consumers didn’t take it well. To counter that, companies anticipated consumer needs and produced smartphones with a Type-C cable. For any business, it’s important to
Offer Product Trial
People are always hesitant in trying new things, especially if they have to pay for them. A great way to encourage people to try your product is by offering free trials or samples. It can show them what a great product it is and how they can benefit from it.
Although, if you know that your product will convert, then you can use sampling or trials as an early onboarding technique. If someone tries and likes one of your products, then they're more likely to try other products as well.
Increase Product Value
An excellent way to engage customers is by offering additional value to the product. You can increase product value by offering more quantity, discounts, customer support, warranty, or premium features. When competing with a product that offers no additional value, people are more likely to buy your product.
Besides, people love to talk about how they got such a great discount or how their experience went with the friendly customer support that listened to and resolved their issues. The increased product value can lead to you getting the best kind of advertising — word of mouth. The CEO of Facebook, Mark Zuckerburg said:
“Nothing influences people more than a recommendation from a trusted friend.”
— Mark Zuckerburg, Facebook CEO
Increasing product value will not only attract new customers but turn them into return customers. With so much competition, it’s natural to want a better deal for the same product in the same price bracket.
Set Yourself Apart via Customization and Specialization
In this highly-competitive market, every company needs to ask themselves,
“What sets us apart from the rest?”
If every other company is offering the same product at the same price, why would a consumer choose your product over the others?
Build New Products and Product Lines
Product development is subject to change, and the best way to start is by launching new Products. When doing so, remember to build products that the customers need without discouraging them from buying your other Products. The goal is to encourage customers to put their trust in all your products. Therefore, try creating new products that supplement the current ones instead of replacing the original.
Focus More on Package Deals
Even though you have an awesome product, people tend to look for package deals. When it comes to making the final buying choice, package deals are great motivators.
Package deals do more than just motivate customers to buy your product. They also expose customers to more product varieties that they wouldn’t normally try. Once they’ve tried a product that solved some problem, they’re more likely to buy it in the future.
Find and Explore New Markets
Almost every product has the potential to make its place in more than one market. Your product development strategy must take that into account and target people from various demographics, locations, etc. The best way to explore new markets is by targeting businesses instead of individual customers and marketing to different groups.