The Five Factors for Building Successful Product | UHY Dawgen Chartered Accountants Blog:
Look around you and you will see a number of successful products. An iPod, a Sony Vaio laptop, Colgate toothpaste, Coca Cola, Parker pens…the average consumer will use hundreds of branded products in his lifetime. What is it that you like about your possessions? You like your Whirlpool washing machine and the Xerox copier because they work well and just go on and on without breaking down. You adore your Volkswagen Beetle for its sleek looks. And you can’t do without
Kellogg’s for breakfast.
Kellogg’s for breakfast.
Here then, are the 5 vital factors needed for a successful product:
1. Create something that people want
2. Design and build it with high quality
3. Price it right
4. Keep the investment low
5. Backup with after sales service.
1. Create something that people want
2. Design and build it with high quality
3. Price it right
4. Keep the investment low
5. Backup with after sales service.
Gianfranco Zaccai, of the design group Continuum that developed the Adidas intelligent shoe, says a hit product should be “technologically possibly to produce, delight the consumer and be profitable”.
You must research the market well and listen to what people are asking for. Your product must have an USP – Unique Selling Proposition. Just as Olay stood for ‘younger looking skin’ and Domino’s
Pizza vouched for delivery in ‘30 minutes or it’s free’, your product also has to send a clear message.
Pizza vouched for delivery in ‘30 minutes or it’s free’, your product also has to send a clear message.
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