Every product or service has a purpose. One of the reasons why customers buy a product or service is because of its benefits. Either it solves their problem or meet their needs.
Features can also be a valuable factor but only if it can provide benefits. By highlighting your product benefits and features, you can increase your sales and profit.
Meeting The Customers’ Needs
How well do you know your customers? As unique individuals, we all have varying expectations as consumers. Here are what we consider the three crucial things that customers need:
Pricing. When deciding on your price structure, you’ll benefit from looking at your competitors’ so you can gauge the customer needs and expectations. While we agree that price anchoring is not always the smartest way to decide on a strategy, it’s important to know where you stand in comparison to your competition.
Good service. Customers continually suggest they would be happy paying more for a product if it meant it would improve the level of customer service. Having a strong customer support team increases the level of trust your consumers have for you. They understand that problems will be addressed and fixed in a timely manner and they’re more receptive when things do end up going wrong.
A good product. When it comes to determining customer needs, creating a solid product is obviously a major priority. There is no point in excessive manufacturing costs if no one is buying your poor product. Be confident in your product, continually improve and always aim to give your customers exactly what they need and not what you think they need. Conduct appropriate research with market analysis and customer surveys. This will help you to identify your consumers’ needs and tailor your product development around them.
No matter how good your product or service is, truth is no-one will buy it if customers don’t want it or believe they don’t need it. And you can’t persuade anyone that they want or need to buy what you’re offering unless you clearly understand what it is your customers really want.
Does your new product development strategy reflects your customers’ needs?