Every successful business should make it a priority to step back and re-evaluate – whether it be frequently or at longer, pre-planned intervals. This is particularly true when it comes to a company’s products and/or services. In order to remain a top competitor in today’s marketplace, your products will need to stand out from the crowd. It is up to you to research the competition, engage in continuous development, and find a way to make your company shine.
Read on below for tips on how to begin re-evaluating your product:
1. Think about the competition.
Competitor analysis is a great way to test how you measure up against key industry players. When it comes to the product in question, ask yourself the following:
2. Analyze your marketing strategy.
- Who are your top competitors?
- What are your competitors doing?
- Are you doing more/less?
- What are the success factors within your industry?
- How do you compare?
You may have the greatest product around, but that’s not going to get you very far if you aren’t marketing it to the best of your ability. Consider the various mediums available to you (guerilla, traditional, online) and analyze which marketing strategies would work best for your brand. If you aren’t doing enough to sell your product, it’s time to revamp your strategy.
3. Assess product quality.
This is a bit of a tricky one. Although you may think you offer the best product available, it is important that you assess customer feedback to get a clear picture of where you stand market-wise. Are your consumers generally happy with what you supply? Have you had increasing/decreasing complaints? How could you improve your product? These are all questions that should be asked frequently if you want to stay competitive.
4. Consider your pricing.
Is your pricing too high/low for the market? If so, can this be justified? Your product does not have to be the least expensive by any means. In fact, it can be the priciest …as long as you have a good reason. Quality materials, handmade craftsmanship, and exceptional customer service are just a few factors that can play a role in a product’s higher-than-average list price.
5. Revisit your strategy.
If you feel that you could do be doing more to improve your product, then revisit your strategy and implement updates where required. Putting this essential practice off will only hurt your product – and your bottom line – in the long run.
Re-evaluation is an important tool for your business if you desire long-term success. By focusing on the ins and outs of your product on a regular basis, you’ll be able to stay competitive and maintain an effective business strategy.
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