Building your product right
Jul 19 2012, 14:07 | By SME Mentor
A product is the backbone for any company and it is important that the product is headed the right direction in order to gain the much needed hold in the industry. This requires meticulous planning, organizing and some action in order to arrive at the much needed unique style, feel and utility of the product.
Keep it simple
There are some simple tips that you can follow in order to achieve the right product in the most effective way. Take a simple step forward and go beyond the basic product. Every customer is looking at that extra edge which they can get by owning the product. So if you can add some extra value to a product it will carry the product a long way. Krithika Nelson of Shopo.in says 'We dint try to aspire for high end products, but instead went towards those who had a good product but dint know how to market. We brought forth a platform that helps them promote their products, we connect customers with retailers by providing all information on our portals".
Go with the demands
The age old idea of demand, supply holds good even today. Understand the need of the customer in order to develop a product that will satisfy the need. It is important to invest a lot of time in research so that you are ahead of your competitors and you are able to grasp the attention of your customers just by placing your product. Senthil Nayagam and Dinesh, founders of Railsfactory started small, on the unique Ruby rails platform, and stuck to it making it big over the years. Today, they not only provide design and development, but are considering maintenance services as well. Customer interaction is important in order to understand how the customer's mind works and how you can use it to your advantage. It is important that your product is not lost in the crowd and stands up.
Go to the customer
Once you are sure of your customer base your product should be more of a necessity than a luxury. The product should be in line with the work or persona of your customers and should be able to enhance their work or lifestyle and it should be a product that should be viewed as an essential at every step. Anjana Vivek of Venture Bean consulting shares her story on how she with her team offers consulting services to all her clients, helping them create business plans, and make changes to their strategies.
Develop a product that can be adapted according to the changing times. Your product should be ready to be tweaked and presented back to the customers within no time so that it keeps up with the latest developments in the industry and your customer does not feel left behind. A product should always be able to go up the ladder and not travel towards a curve.
Genuinely new products are few as most of them are spin offs of old ones so it is the way you view it and the way it is going to be helpful to the customers that is going to keep your product in demand. Narayanan, founder of Effect Works says "when i started Effect works, i realized there was no other in this area and infact i am proud to say none exists even today. It was all about sticking to my unique service and offering the best to all our clients"
Remember that no matter how much time and money you invest in advertising and money it is ultimately the product that is going to keep your customer base intact.
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May 24 2013, 20:45
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