Are you a budding business giant? If so, take a moment to look at every business out there and inspect their product lines. You’ll notice a similar pattern among the most successful brands – their product lines will constantly be updated. Many companies will accomplish this using Systematic Innovation Technology.
A refreshed line of advanced products will undoubtedly keep your customer base returning and more importantly, expanding. With the competition heating up in almost every industry, product line innovation must be at the top of your priority list!
Numerous techniques ought to be implemented as part of your business plan, with innovation being number one.
Here’s why you should implement product innovation:
- Do it for Customer Satisfaction
Your customer base need to feel satisfied with what you are offering. As your product line adapts to their needs, you will become their to-go source for whatever it is you sell, from herbal supplements to furniture. In turn, they will learn to love and respect your brand, leading to one of the most effective forms of advertising: word of mouth advertising.
- Do it to Increase Revenue or Market Share
A startup or established business that adopts a strategic your approach to a business model will have a higher chance of experiencing a swell in company revenue or market share. Although some level of investment is necessary for designing, manufacturing and promoting new products, this will pay-off immensely when you innovate.
- Do it to Show Your Diversification Capability
Let’s be honest – you would consider Apple a more advanced brand than say, Nokia, wouldn’t you? Apple’s ever-expanding electronic product line is a prime example of a multi-million dollar brand’s ability to advance and consistently give the customer what he/she needs.
Examples of the World’s Most Impressive Product Lines
PlayStation from Sony sold 344 million units, StarWars made $4.6 billion in Box Office sales and Apple sold 211 million copies of their iPad. This is just a small teaser of the best-selling products ever.
Some other products that are world-renowned for their success include the Mario Bros Franchise, Rubik’s Cube, Corolla and the Harry Potter books. You need not envision yourself accomplishing the magnitude of what these brands have achieved, but it’s always good to be inspired!
Using Systematic Innovation Technology to Present Products
Launching a product line is a process that may differ, depending on the technique(s) used. However, the following tips could prompt sales like never before:
- Forming an Action Plan – Before you can accomplish any of the tasks included in this list, sit down and brainstorm your ideas. Share thoughts and develop a culture that perfectly reflects your brand. Carrying out surveys, handing out questionnaires in the workplace and conducting polls on social media can prove useful when establishing an action plan.
- Consistent Feedback – Whatever it is that you have worked so hard to develop for your customer base, you must not forget that feedback is crucial for innovation. Each time a new product is released, take the time to find out what people thought about it, how it could be improved, what they didn’t like about it, etc. This is a genius method for understanding customer needs each time you unveil something designed to enrich lives.
- Product Relevance to People’s Lives – If you are currently only selling one type of product, such as a herbal supplement for weight loss (for example), regularly add to the product line for versatility and authority. When you stock a bigger range of products – each with a different benefit – your brand will enhance more lives and could contribute to global exposure.
- Multifunctional Team Assistance – A team that works well together will be more productive, which is imperative for business stability and success. Allow your employees to share ideas and make them feel like they are an important part of a new product launch. System innovation technology will free up extra time to prepare for product idea generation.
- Validation of Prototypes – Software development processes can be relied on for product design and virtual prototyping in a systematic approach. Since this approach can be repeated, you can test prototypes until you’re completely satisfied.
- Don’t Hesitate – If you get an idea that could potentially propel your business to new heights, why let the idea float away? Hold it tight and put it to use with system innovation technology. Capitalize on this area of company growth by broadening product lines and further solidifying your reputation. With multiple product options comes an added stream of income and reduced overall risk, so give it a go.
Achieving results all depends on your outlook on business. Usually, if you feel that you certain areas of the business need changing, key areas are due an update, or that your existing methods aren’t achieving desired results, these are clear signs you could benefit from systematic innovation technology. When integrated into your existing business plan, you may even notice your team behaving in a more positive way, which will benefit company reputation.