Product development and keeping your products or service new
Product development and growth are essential for any business. A product in your business has a lifecycle and a potential use-by date. Keeping it vibrant in the market requires continuous effort, creativity, and passion. Take a moment to evaluate your products; have they been around for a while? As the years go by, even the most popular items you have been selling can lose their sparkle and appeal. That’s why it’s essential for small business owners to rejuvenate their product offerings bi-annually.
My father was the accountant for Hills Industries, and I, too, worked there as a student, carting clotheslines in the factory. The humble hoist, started by founder Lance Hill’s clothes hoist, became a symbol of Australian home ownership in the 1950s.
Hills, in its heyday, registered over 240 patents for everything from clotheslines to laundry products, ironing boards, garden sprayers, and watering systems. Product development was a big thing in those 70;s and 80’s years at Hills. Sadly, the company lost its passion for developing garden products, and the garden product division was sold off. But for many years, the innovation and design were amazing; after all, everyone needs a clothesline.
The Spark of Innovation: Starting and Sustaining
Starting a new product involves a rush of activities—from ideation to prototyping to launch. But what happens when the passion gets tired? The good news is that the same foundational principles that you used to launch a successful product can also be adapted to reinvigorate a product that needs some new love and reinvigoration.
Product development isn’t for just Big Business its extremely important for small business too in keeping your business growing
Initially, a product needs to stand out. You brainstorm, conduct market research, and identify a unique selling proposition (USP). For an older product, this stage involves reassessing its current standing in the market. Has the market shifted? Are there new problems your product can solve? Can the product be technologically improved? Engaging with ongoing market research helps you understand whether your product still meets your customers’ needs or if it needs a revamp to stay relevant.
Part of product development is defining your product—whether new or old. It requires clarity about who it is for and what it offers. For a long-standing product, consider redefining your target audience. Maybe demographic shifts have occurred to a new generation. This might lead to tweaking your product or adding features that address what customers are asking for. Similarly, a product roadmap isn’t just for new launches; it can guide the evolution of an existing product, setting out new features, upgrades, or expansions into different market segments.
Design and Development: The Fun Continues
This stage of product development is thrilling in both new products and revamps. A product refresh might involve redesigning the packaging to be more modern and appealing or updating the product design to incorporate the latest technologies or trends. This phase breathes new life into the product, making it appealing not just to existing customers but also to new customers who might discover it for the first time.
Manufacturing and Marketing Moves
Manufacturing might not change much for a product refresh, but the approach might. Perhaps it’s time to consider more sustainable materials or processes that can be a new selling point. On the marketing front, reintroducing a product gives you a chance to make some noise. Update your branding, run new campaigns, and use storytelling to re-engage customers. Highlight improvements and reiterate your product’s core values, ensuring that your messaging aligns with current market dynamics.
Pricing Strategies and Sales Channels
You must continually evaluate your pricing strategy. Market conditions might justify a price adjustment. Perhaps your cost of production has decreased, or competitors have edged into your space, affecting perceived value. Adjust your pricing strategy to reflect these realities, ensuring you remain competitive yet profitable. Your sales channels might also need a refresh. If you’ve been relying on direct sales, but e-commerce has taken a leap, maybe it’s time to strengthen your online presence. Alternatively, consider whether a subscription model or exclusive limited time offers could make your product more appealing. You may also have dealers who have lost love for your products. It might be time to rattle some cages and remind people about your fantastic widget.
Launch Day and relaunch the old chestnut
Just like a new product launch, relaunching a product should be an event. Plan meticulously, ensuring that you and your staff are ready. Take time to refresh the website, and you will have enough stock available. Post-launch, don’t forget to analyse how the relaunched product performs.
Finally, remember that revitalisation is not a one-time fix but a need for a cycle of continuous innovation. Always be prepared to iterate on your product, using customer feedback and market trends as your guide.
Each refresh offers an opportunity to learn more about your market and refine your approach. Revitalising a long-standing product blends the art of the launch with the science of sustainability.
By reapplying the stages of a product launch—ideation, definition, prototyping, design and development, manufacturing, and marketing—you can inject new life into existing products, ensuring they continue to thrive in competitive markets. Embrace the ongoing journey of product innovation and keep your offerings fresh and exciting for years to come and most of all keeps adding value to your business.
