How To Reinvent A Product
Many entrepreneurs and small business owners often attempt to reinvent their existing products, from pizza to cupcake to coffee. Some have achieved astonishing success while others have fallen flat. Reinvention of an existing product is an integral part of business growth. Giving your product a new form and finding new uses for it can make it relevant and fresh again. Reinvention of an existing product also helps your business to adjust to the dynamic marketing conditions, prevent market stagnation and promote market expansion.
Here are few tips for successful product reinvention:
Redefine market segments: Redefining market segments within an already existing market can help your company to deliver outstanding and differentiated value to each and every segment. Market segmentation serves as an effective tool for profitable growth.
Industry influencers: Small businesses often focus only on the immediate buyers. They neglect the need to address the users and industry influencers who might ultimately become buyers. Apart from focusing your efforts on immediate buyers, it is also important to focus your efforts on addressing industry influencers.
Offer complementary products: Integrating your products with other products, which serve the same market segment can help you to horizontally expand your product offering. For instance, a web-based collaboration application company can integrate its services with web-based software tools, which form an integral part of small business software systems.
Emotional and functional appeal to buyers: Tell your customers the story behind your product. An interesting story will help you to create an emotional one-on-one connection with your customers. Also, it will help you to create emotional attachment with your services and product, which can result in increased customer loyalty and profit returns.
Remember that revamping your product strategy does not mean that you need to reinvent your overall business. As your business gradually grows and number of competitors increases, it is preferable to keep reinventing your products and services to stand out in an otherwise competitive and crowded market.