Tweaking or altering your products forms part of your ability to continually improve. The alterations may be a result of feedback from customers, your own ideas or the identification of emerging market trends and could all help contribute to product improvements, long-term stability and revenue.
Here are some ideas of how you could tweak existing products:
- Add new features
If, for example, you are running an online business, could you look to add something new to your website or develop an APP that could allow for a big marketing splash? This could result in the attraction of new customers and engage existing customers, however, don’t forget to maintain the focus of your offering to ensure it doesn’t detract from the core emphasis of the business.
- Change of appearance
From changing the size of your product to the colours you offer your product in, these are all ways you could look to change its appearance.
Equally, changing the packaging of your product may also be advantageous. Could you use more sustainable packaging materials for example that could be an additional marketing tool within itself? The more you can think outside the box to how your product looks and is seen by your customer, the more likely you are to attract their interest.
- Multiple uses
Does your product have more than one use? If you have been targeting your product at a specific audience for a specific use, could there be an alternative market you could target that may use the product in a different way?
See also: Do my business need a USP?
For example, you may be selling a health food product that you have primarily targeted at a young audience, but in addition, could this be turned on its head and marketed to the older generation for their benefit?
- Selling your product in conjunction with a partner organisation
Could you look to partner with a business that offers a complementary product to yours? A classic example of this is when holiday rental businesses or B and B’s feature local products or venues provide samples of toiletries or local foods. Equally, you may decide to package accommodation with venue experiences or tours. This is a great way of getting your brand in front of a varied audience, as well as being another market outlet for you. It may also allow for joint marketing and promotional activity.
Equally, do you have other products in your product line that you could look to sell together as a package? This could be another way of generating interest by changing the way you offer your products to the market.
- Selling online
It is estimated that this year (2018) will see more small businesses start selling online than ever before. With the demand for purchasing online increasing if you can sell your product online, either on your own site or existing sites such as Amazon and Etsy, it’s worth looking at. See our article on online selling options for more information.
There are several ways you could look to change your product, but make sure there is a legitimate reason for the change. The saying, ‘if it ain’t broke, don’t fix it’ comes to mind with this. It’s an important decision to make to which the pros and cons need to be clearly weighed up.