It’s Back to School Time

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?