Product Development & Service Improvement
Things change however and it’s your job as the business owner to ensure your product or service is bringing the most value to your customers. Over time your product or service should develop as your business grows. Maybe you will need to add to your offering or you might look at improving your current offering or even removing outdated products or services.
Take for example Coca Cola, they essentially started with one product and now their product has developed into a range of products. Most of these changes have occurred due to acquisition, customer response and global priorities like healthier living. They were able to achieve product development from reading trends and the economy.
It might not be as clear or simple for your business to do the same but you can take steps to ensure you are not left behind and you are able to stay current in your market place.
The steps to keep in mind when thinking about product development and service improvement:
Download our free SWOT & PEST templates to help your thinking
- Ask your customers – your end users will be able to give you a great deal of insight into your product or service. They can give you feedback of what they like, dislike or what needs improving. This gives you the chance to consider product development or create a secondary offer to fill anything missing.
- Know your market – having your finger on the pulse will ensure that any potential changes that are happening in your industry or market place won’t cause you to lose out on revenue.
- Bring in an expert – business mentors and business advisors can be a valuable asset to your business. With their unblinkered view, giving you unbiased feedback from a perspective that is often not achievable from your point of view.
Within your planning you will have considered SWOT (Strengths, Weaknesses, Opportunities and Threats) and PEST (Political, Economical, Social and Technological) analysis. You should utilise these tools on a regular basis as a mechanism to force your thinking towards product development and service improvement.
Your product or service will never be perfect, always look for ways to improve and add value to your customers. Seek the advice and support of external experts to help you see the opportunities.
Product development thinking from Yorkshire Powerhouse
You’ve read our introduction to product development – have you any questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:
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