It isn’t as though your business isn’t successful. Far from it. As a matter of fact, it seems as though every day you learn something new which makes you a better entrepreneur and makes your business all the richer for it. It’s not as if you don’t have a great relationship with your customers. You do. In fact, your satisfaction surveys regularly yield glowing praise. On those few occasions when customers have issues, you know that your team are primed to swoop in and rectify them before they become complaints. Speaking of your team, it’s not as though you have any weak links there either. Recruiting the right talent for your team was a long and rigorous process but with the right onboarding procedures you turned a group of promising and talented candidates into a cohesive team who come to work every day with a willingness to embody the ideals upon which you based your brand. Even your products seem to be doing well and currying favor with your target market. They’re not quite flying off the shelves but you’re selling more than enough to keep the lights on.
All told, things are going just… fine. But fine isn’t quite enough for an ambitious and creative firebrand like you. You don’t want to settle for anything less than total world domination. You believe in your brand and you believe that your team has the talent and capability to carry out their duties on a larger scale. But while you may feel ready for growth and have the infrastructure to support it, there’s something keeping you from taking your business to the next level.
You’re ready, but your products aren’t. It’s time to change that!
Einstein once said that the very definition of insanity was doing the same thing again and again and expecting different results. Thus, you can’t possibly hope for a burst of growth if you carry on selling the same products at the same rate. If, however, you have a new product in development right now, this could be it! This could be the key to taking your business up a notch. It’s simply a matter of ensuring that you dedicate due time, effort and diligence to its research, launch and development. There are countless businesses out there whose brands were built on the promise of a single product. Likewise, many others have been lifted out of obscurity and thrust into the limelight by one perfect product. Just one great product in the right place at the right time can help nascent businesses to play on a much larger court or give ailing enterprises a shot in the arm that gives them a new lease of life.
Here are some ways in which your next product could be the key that unlocks a new era of explosive yet sustainable growth…
It could neatly encapsulate everything great about your brand.
It’s not as if Apple burst onto the scene with the iPad in 2001. Anyone who’s seen the film Steve Jobs or the documentary Billion Dollar Hippy knows that the Apple brand had featured in a starring role in a range of tragedies and melodramas. It had endured many rises and falls prior to 2001. What made catapulted this ailing also-ran that was trailing behind Microsoft into the heights of technological rock stardom it enjoys today?
Two words… i. Pod.
It wasn’t just the sensational marketing campaign back in late 2001 that led to a cataclysmic surge in the brand’s popularity. It was the product itself and the synergy between the product and the marketing. Indeed it was so successful that it ran right up until 2008. The iPod was far from the first commercial mp3 player on the market, but back in 2001 it became the mp3 player.
Why? Because it neatly encapsulated all the attributes with which the brand wanted to be associated. It wasn’t just technically sophisticated, it was cool, it was fun, it was distinctive and, as the campaign made abundantly clear, it was for everyone. It was a party that the whole world was invited to.
With this in mind, it’s hard not to get excited about what your next product could do for your brand.
Its launch could usher in a new era of brand awareness
Even the most carefully researched and perfectly designed product can fall flat without a robust launch behind it. Channel your efforts into marketing your new product and creating positive buzz around its release and you may find that if the buzz is loud enough, it’s not just your loyal brand advocates who will hear it.
With the aid of a laser focused PPC or Google Ads campaign making astute use of the right keywords and aimed at the right demographics, the launch of your product could usher in a new era of brand awareness. People who will have need of your products (but who have until now never heard of you) will sit up and take notice.
But let’s be clear here, building brand awareness is one thing, capitalizing on it is another. How will you incentivize new prospects to your brand? Will you offer them special promotional offers? Will you invite them to partake in your product before launch? Will you give them an opportunity to win one for free if they fill out an opt-in form? The choice is yours!
It can give you a leading edge over your competitors
Do you lie awake at night wondering how many sales you’ve lost to your closest competitors on any given day? We all know that this way lies madness but sometimes we just can’t help ourselves. However, when you carry out extensive market research and competitor analysis it may become clear that the product you’re developing fits neatly into a gap in the market that your competitors have been unable to fill.
Demonstrate to your common clientele that your product can do something for them that your competitor’s can’t and you’ll find that their brand loyalty to your competitors doesn’t last all that long.
It can demonstrate your commitment to ethics, compliance, safety and sustainability
In an era where your target market is more aware than ever of the impact that their consumer choices have upon the world around us, there’s never been a better time to double down on your commitment to sustainability, governmental compliance and safety standards.
Research shows that many consumers, especially younger consumers will usually choose a brand that places ethics at the forefront of its business over one that doesn’t and over 70% of millennials will happily pay more for a product that’s more sustainable than that of competing brands.
There are numerous ways in which you can do this. From the sourcing of the raw materials and components that make the product to the packaging. Whether you use bioplastics which are biodegradable with a much lower carbon footprint or use safety compliant lithium battery packaging. The way in which you manufacture, package and distribute your product affords you a wealth of opportunity to demonstrate your ethical credentials to your target market. In so doing, you can position yourself above competitors who are less interested in operating more ethically and sustainably.
It can attract a demographic group who have previously shied away from your brand
There’s a lot to be said about knowing your niche and catering exclusively to their wants, needs and desires. But while this may be a great way to establish your brand and your business, it can also become a box that restricts your growth. When you know your niche, you have a wonderful core of loyal customers, for sure… But nobody’s saying that you can’t build upon this solid foundation.
One of the great things about launching a new product is that you can use market research to ensure that the needs of your existing consumer base is baked into the proverbial crust. However, you also have the opportunity to market the product to new demographic groups who may be tangentially aware of your brand but have always assumed that for one reason or another you’re not catering directly to them.
It can win key influencers over to your brand
Whatever your products and whatever your industry it’s likely that somebody out there plays a role in influencing the consumer choices of your customers and prospects. For a long time the tastemakers were magazines, newspapers and celebrities. And while brands certainly do what they can to curry favor with these, many also turn to social media influencers to directly, well, influence their following’s perception of your brand. Influencer marketing has grown exponentially in recent years and is set to really explode in 2019.
That means that there’s never been a better time to get influencers on side. Win them over on your product and their following could be among the legion of new brand advocates who fuel your growth.
With a spark of ingenuity, a smattering of operational excellence and a whole lot of market research, your next product could be what takes your brand from small fry to big fish!