Every great business starts with a fantastic idea. Unfortunately, while you might have numerous plans for your big breakthrough product, the chances are that only some of the concepts you come up with will be profitable.
The truth is that most companies need to tackle a few failures on the road to success. This means that you need to have a good strategy in place for coming up with new concepts when one of your old ideas turns out to be a flop.
The good news is that being prepared with constant new concepts for your product portfolio doesn’t have to be as challenging as it might seem. In fact, once you get the ball rolling, you might find that you’re writing down new ideas every other day. Here, we’re going to look at just a few of the tips you can follow when you’re struggling to find that must-have item for your company.
1. Speak to Your Audience
While it’s hard to get the opinions of your audience when you’re just getting started in the business, you will eventually begin to attract customers to your doors. From the moment you start receiving interest from investing parties, you should be looking for ways to get feedback from them. For instance, you could put together a quick survey using an online tool. You can then link your clients to that survey through social media or email, and ask them for their thoughts.
On the other hand, if you’d like to take a more personalized approach to the feedback process, you could always consider calling your customers up and speaking to them. Some people will really prefer you making an effort to get their thoughts on your company – as talking to a customer in person shows them how much you value their opinion.
2. Try Some Personal Testing
How can you expect your products to delight your customers if you haven’t pushed them to the limit with your own testing processes first? It’s a good idea to integrate samples into your daily lives wherever possible and see how you can improve or enhance your product in any way with regular testing. For this reason, you might also look into selling established products sourcing directly from suppliers and sell at a markup. This eliminates a lot of guesswork and risk. We suggest you read through GFKs review of the 7 figure cycle.
For example, if you’re a company that produces food for babies, then it’s a good idea to give free samples of your product to everyone you know with a child. That way, you can ask for their honest feedback on how well the baby responded to the product, and whether you need to take any extra steps to make the substance more appealing.
3. Connect with New Suppliers
When you’re a budding business, you should always be looking for new ways to boost and improve your profit margins. With that in mind, take the time to continually assess your manufacturing process and source some new products for your company. A good supplier can be a dominant partner when it comes to developing new products. If you are looking for where to find tested and reliable suppliers you can get them at the7figurecycle.net as part of the 7 figure cycle training course.
While you’re trying out new suppliers, think about turning to the people you speak to and asking them for input on your designs, and any changes you should make as you progress to reduce manufacturing costs or enhance the profitability of your products. You could even review some of the other products your suppliers are producing for other clients to get some new information.
4. Don’t Just Focus on Direct Competition
Ideally, when you’re looking at your competition for inspiration and guidance, you should be focusing on differentiating yourself from the other people in your market, rather than just copying and pasting their ideas into your own portfolio. However, some of the best ideas that you develop for your company will come from a careful consideration of how brands outside of your immediate competition have chosen to change and enhance their product line.
Remember to think about people outside of your most apparent circle of competitors, and look for new sources of inspiration wherever you can.
Always Be Planning the Next Product
Ultimately, having a failed product doesn’t mean that you’re facing the end of your business. If you can continue to focus on creating new bigger and better profits as often as possible, then you should be able to set yourself up for future success.
Remember, don’t be discouraged if you don’t succeed as soon as you start – most entrepreneurs won’t. Developing a new successful line of products will be a long process packed full of tweaking, rethinking and gathering as much feedback as possible. Think about how you’ll grow your product selection, and create variations of different ideas as your brand evolves.