There is no better time than now to offer a compelling product. Consumers are starting to get out more and spend again. Economic activity is increasing, employment is high, and as inflation is starting to bite, buyers are racing to make purchases before things get even more expensive.
However, most new products fail. However, many successful products are either a pivot of older or failed products or a culmination of many long-forgotten ones. So, if you are considering new products for your company, we delve into some areas where you can start. It may not require the birth of an ingenious new product, and it can be minor tweaks to an existing one. Maybe your product development doesn’t need additions to the lineup but more focus and revamp. Perhaps you’re missing out on potential customers because you don’t know what they want, you don’t have a presence where the customers are, or you lack follow-through with the customer. These areas require just as much attention as product development does.
Slack was a pivot from a failed gaming platform. Nintendo’s gaming system was a result of decades of iterations. The company started from playing cards and evolved into toys, including a solar-powered light gun. This was followed up with the development of a video game console with a light gun accessory for Magnavox, and then the numerous game consoles produced over the years and for what made them famous globally. The first iteration of the iPhone 15 years ago is day and night to what the latest iPhone offers today.
Start by improving the product you already have. Maybe you’ve already started proactively outreaching your customers to get recommendations on the subsequent potential enhancements they most need. If you haven’t, start with the influx of support inquiries you’ve gotten over time and see how the UX can be improved to eliminate the recurring queries.
Tools and Analytics
Free tools are available to help with the latest product trends, and the direction industry leaders are heading into with their products based on consumer demand. These tools and analytics are also helpful in gauging how your products are piquing prospective client interest and what you can do to tweak that interest. Below are some tools entrepreneurs can use to aid in assessing new product ideas in 2022.
Google Analytics – you can use this tool to see what keywords or search terms lead customers to your website. This can help in illuminating possible product development ideas. It may also help determine what you may need to focus on more in your product lineup and what is working well in resonating with customers.
Google Trends – This tool gives real-time data on trends in a particular region or globally. If a specific trending topic is relevant to your business or product, it may require minor tweaks to content on your website to route traffic.
Google Keyword planner – This tool aids in the Trends tool by targeting specific keywords relevant to your business or products based on average searches. Couple that with Google Ads to see pricing options for those words and the competition around them.
Social Media and the changing Advertising landscape
There has been a significant change in how businesses reach their customers. As consumer viewing habits have shifted from television to mobile devices, companies target their ads on mediums where they find consumers most, online and on social media. Furthermore, businesses have begun informing and educating their potential customers and often invest heavily in content of the subject matter relating to their products and niches. Below are some other areas businesses can invest in to improve the prospects of marketing their products.
Instagram – Brands have used this app for posting pictures and videos to build their audience and highlight their offerings. Simultaneously the app has spawned its own category of employment, influencers. Over time, these individuals have built out their audience and can be leveraged for product placements and referrals.
Facebook – Having a Facebook page for your business is vital today, like your website. With over 2 billion active users of the site, almost everyone uses the social media platform today. It’s not only an online social gathering but one where people go to get advice and opinions on products. More and more, Facebook is the starting point for most searches before a purchase. Beyond their social circle, individuals can join specific groups relevant to their search to gain the insight required.
Tik Tok – This is a relatively new social media app that quickly takes the audience away from the larger and more established players in the space. Its short viral videos have overtaken the usage of both Instagram and Facebook combined. This platform helps reach audiences for awareness quickly and can also be used for product placements.
Gone are the days of giving away souvenirs or swag bags. The environmental impact of such offerings may harm a brand with some of the more conscientious consumers today. As a result, more businesses have started to build and offer apps. They benefit from collecting first-party data about your potential users, allowing companies to provide curated and very specific products and offers. It is much more effective and convenient for today’s mobile consumers.
The Customer Experience
The customer experience is everything in today’s environment to set your business apart from your competitors. The main reason is that getting the customer experience right is complex and requires an investment of both time and capital. In a way, a top-notch customer experience is its own form of marketing. Some companies offer a certain level of support and customer experience for a higher range of product bundles as a tertiary service. In effect, you transform the customer experience into an iteration of a product.
Maybe your business only needs to have a very informative and intuitively designed knowledgebase page. More likely, it would help if you had a well-trained team that understands the nuances of your products and various troubleshooting that they may require that are both personable and helping.
Another area can be the degree to which support is available. It may be email only, or your firm can stand out from the competition with a more real-time offering such as chat and phone support, 24/7/365. This, all easily visible on your website, speaks volumes as well!