Are you staying educated about your product’s market?

What is the point of throwing a dart, without knowing what you’re aiming for? Not understanding your product’s market or your target audience is just as pointless.

Paying close attention to social and economic trends that may influence your business, is the key to long-term success. As an entrepreneur and inventor, you may expect to encounter change. This is what keeps things exciting after all. However, knowing where these changes might come from will help you anticipate them. This way, you can be proactive instead of reactive. Therefore, continuing your education through research is even more important than just understanding the current market.

In the spirit of going back to school, this is a great time to ask yourself what you’ve learned this year. Take stock in that knowledge, but also make sure that your product is on the right track and is still makes sense for your customers.

Has something changed about your target audience? Is there a new product on the market that may contend with yours? Perhaps there are new regulations in place that may cause you to change how your product is manufactured. Will these changes affect how your customers feel about your product?

Grade Yourself on These Key Factors

Current Customer Base –

Who is buying your product now and why? Has that changed from the beginning of the year? If most of your business is coming from the same audience, you get an A. If not, maybe it’s time to redefine your market.  

Your Competition –

Do you have a competitor who is getting a little too close to steal your market share? If they are doing a better job of reaching your target than you are, then it is time to look at the reasons why and do it better. You may even discover an untapped niche they haven’t yet.

Your Product’s Purpose –

Are your product’s features still fulfilling a need for your customers? Try making a list of benefits your product offers. Are you still offering a unique solution for your audience? Could a change in your design make it even more functional?

Brand Loyalty –

How your customers interact and feel about your product can sometimes create a buying pattern. This emotional connection to your brand is what keeps them coming back. It’s always a good idea to evaluate how your loyal clients make their buying decision. Find out what you’re doing well or not so well and adjust accordingly.

The constant changes in the market are almost dizzying and far beyond the scope of this article. You could get started with your research in a number of ways. Try getting on the internet and searching magazine articles, blogs and marketing reports. The best way to make sure you stay ahead of the game is to keep yourself educated.

Think about joining a social or professional group based in your area of expertise. You never know where or whom you’ll learn something new from. Of course, it always helps to partner with an experienced product design firm like SnS Design who can help you navigate the constantly changing market.

OUR CLIENT

Swiss Manufacturer, EDI-BAUR, came to SnS Design because they wanted help designing a new, more streamlined cleaning brush line for their European clients. As their industry trends were changing, we helped them tailor the brush line’s features and design aesthetic. These changes allowed them to cater to a high-end market, while keeping manufacturing costs low.

THE RESULTS?

  • Updated, streamlined with modern, functional design to keep our clients up to date with today’s trend
  • Added a new line of modern products for a Switzerland company that has been making cleaning brushes since 1983
  • Manufactured in Switzerland and distributed throughout Europe

Is Your Product Design Making The Grade?