How to Build a Successful Product Line

Companies like Spanx, Roku, and Michelin prove that you can build a business and be based on just one single, reasonably priced product or service that actually solves a problem for customers. More often than not, however, being successful or scaling your organization means coming up with a product Queue And offering more than one thing to its customers. So assuming you have laid the foundation and produced a problem-solving in-demand, reasonably priced item for customers, how can you develop the entire suite or catalog?

When you do market research for a product or service and develop a customer profile, you can find out that your customers collectively have other, specific needs that you are addressing. For example, a busy parent may need a daily calendar app / organizer as much as a car seat. Reviewing the big picture of the customer’s life and specific experiences can give you new eyes on what buyers will welcome you.

How to Build a Successful Product Line
How to Build a Successful Product Line

Start a revolution

Revolutionary products and services are items that customers can’t really tell you if they have a need or desire because they don’t even know they still need it or want it. These are things that surprise the customer but are always appreciated.

A good example might be Apple’s iPhone. No one had built anything resembling that device before, so customers had no similar experience and really had no concept of how it could change their lives. But once they saw how it worked, everyone wanted one.

Revolutionary products may receive a lot of initial resistance or criticism, as they can be very different from what everyone has done or used. But once you assure people that the product or service is actually viable and they see how much it improves their life, the item takes off really quickly.

Related: How to take your idea from one idea to one revolution

Expand what you have

Sometimes the easiest way to create a product line is to see what you’ve already got and then expand the options and features. This may mean changing colors or materials, for example, or you can include a completely new functionality. Software programs that are available at free / basic, intermediate and professional levels are good examples.

Related: Pros and Cons of Expanding Your Product Line

make it simple

Customers don’t always want a lot of bells and whistles, especially if they are trying to save money and the extras they don’t even need are expensive. So while some companies have made good whatever they have created Complicated, you can also go in the opposite direction and scale the item down. This may mean removing features or placing them in a more convenient package. Examples here may include:

  • A model of food processor came down from basic settings to appeal more to early cooks.
  • A conventional straight-edge razor compared to an electric, multi-blade razor.
  • Ipod mini compared to ipod mini.

Connect products together

This option is actually system thinking. This means that you develop all interrelated parts, one needs to achieve its ultimate goal. For example, if you want to build a shower, you will not only need tiles. You will also need waterproofing membranes, a drain and other products. Likewise, if you want to use an electric drill regularly, you will probably need items such as power sources / batteries and bits. Being a one-stop-shop for your customer, you can increase the value for them and reduce the risk that problems can arise from trying to parts together from many different manufacturers.

Press refresh button

Markets change incredibly fast. To accommodate them really well, you have to be ready to go near you. Sometimes this means updating and improving what is in your line. But it can also mean getting rid of old products altogether to make room for new products. The technology industry, which has one of the fastest product cycles of any industry, has to be carried out almost continuously. Your own refresh rate will depend on your unique customers, but once you update or innovate, make sure you are marketing well. After all, people cannot buy improvements or new innovations that they are not aware of.

An important theme that holds all these product line development strategies together is putting yourself in the shoes of your customers. Regular marketing research work can complement this, and you can learn a lot by connecting with experts. But don’t miss the opportunity to reach customers directly. Building trust and asking them about their experience is mandatory. What did they like? What can you improve? Do what they tell you seriously and implement it. Well done, this will have tremendous, long-lasting benefits for your business, allowing you to create a truly successful and consistently successful product line.

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