The field of product development is constantly evolving. It is because what excites your customers today might not be so appealing tomorrow. Unlike in the monopolistic era, where a product defined its customers, the current age is the one in which end users define their product.
In the present age, product designing and brand building are interdependent. All of an organization’s efforts on marketing and brand promotion depends on the quality and acceptability of its products. Crafting a product that creates value and offers an unparalleled experience for its users is the one that ultimately survives in the competitive world.
Read this article if you want to discover the secrets that can make your product the best in class and how tweaking a few normal things can help you create a brand that can withstand even the toughest of disruptions.
Table of Contents
The Top-10 Things That You Should Never Ignore To Build the Best in Class Product
1. Hire an Experienced Product Manager
A Product Manager is the creator of everything related to the product lifecycle. S/he gives shape to a robust product management system, right from conception to execution. No wonder the average product management salary is higher than many other roles within the same organization.
Hence, if you already haven’t recruited a Product Manager or the existing Product Manager is falling short of expectations, consider hiring the key resource person who will create a strong foundation for your organizational objectives.
2. Define the Role of the Product Manager
A Product Manager takes care of customer relationship planning, balances business needs with customers’ demands, ensures a product remains relevant to the needs of the industry, sector, and market, and improves the communication system between key stakeholders.
The role of the Product Manager depends on the industry and product requirements. For example, in some organizations, technical product managers are more valued, whereas, in some others, business product managers drive more value.
3. Focus on Customers
In the monopolistic era, product designers focused only on their products, and the market took care of the rest. Present-day business managers sort out their customers first and then focus on designing the product.
Only when you know who will be your customers can you design a product with guaranteed takers.
4. Know the Right Way to Find Customers
To find out your target audience, pay attention to the demographics of your target audience, which include age, education level, location, marital status, gender, occupation, and income level. After demographics, you should turn your eyes to the psychographics of your target customers, which include attitude, personality, lifestyle, behavior, values, hobbies, and interests of your customers.
As brands become increasingly personal, capturing the details that matter will help to create a product that can withstand hostile market conditions.
5. Create a Blueprint of Your Product
Before venturing into large-scale production, try to create a few samples and distribute them for free, or bundle them with another product, or offer them at a discounted rate. The idea is to check the results of your customer surveys and marketing potential before you invest further resources into the production.
Once your product is ready, sell the story first, and gauge the reactions of your customers. By playing with their senses, you are creating loyal customers who will be with you irrespective of market conditions. Be nimble enough to change the design if you feel the audience’s reaction is not in line with your expectations.
6. Make Sure the Product Bears the Stamp of the Team
Crafting a product that makes its mark in the market is a team exercise.
It is not solely the task of the production team to create a product that carves a niche for itself. Every department, starting from marketing to procurement, finance, human resource, quality, IT, engineering, and maintenance, should associate with the product development process.
It is the task of the Product Manager to ensure the processes mingle into a smooth operational procedure. After all, a product that is a result of collective team-effort will stand out in its quality.
7. Spend Some Time Scanning Your Competitors
An effective business is one that stays ahead of its competitors. Find out what makes your competitor’s product so attractive. Discovering what drives growth for your competitor may help you to create your product’s USP.
Choosing a competitor, however, is a delicate affair.
You have to pay attention to the quality of the company you are choosing for comparison. Prepare a list of issues that your competitor’s product will answer. It may include details about the quality and durability of the product, the branding, customer feedback, break-even pricing, and profit factor.
8. Understand the Role of Advertising
Advertising is no more an objective affair where customers are mere observers. With the rise of alternative advertising mediums like social media and web ads, brands are increasingly becoming a part of the end-users’ lifestyle and daily routine.
While this makes branding your product easier, not knowing the tricks to position your brand properly can do more harm than good.
9. Brand Your Product Creatively
Your product ad should reflect your brand’s personality and purpose. Every video, audio, or image ad you publish, should display the brand ethos. As almost all advertising mediums are filled with similar ads, only brands that create strong emotional repercussions can claim the loyalty of customers.
Another thing you should keep in mind is to align your brand value with the customers’ values. Rather than giving done to death taglines, you should make your actions show the difference you are making. Show that you are ready to go the extra mile along with your customer, and the customer will ensure that your brand gets enough word of mouth publicity to make you spread your wings.
10. Once You Devise a Plan, Stick to It
Understand that it would take time for your product to get the attention it deserves.
Take time, deploy your full resources to gauge the market, and design the product after testing. Once you create your product and the ad that reflects your brand value, stick to it, no matter how long it takes to become popular. Don’t wait for an eternity, though.
Users like products that stick to their principles. By paying heed to short-term goals, you should not forsake the long-term prospects of brand value creation. Understand that even the best brands in the market had their share of lean periods before making it big.
In the current age, products decide the course of an organization. The role of the Product and Product Marketing Manager becomes crucial in the overall scheme of things. Check product marketing manager resume samples for starting your journey with a bang.