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As a business owner, you know that your business’s success completely depends on your product’s quality. However, we live in a world full of constant innovation, and having a good product may not be enough to compete in a constantly changing landscape.

The reality is that to stay afloat and thrive, you need to be ready to reinvent your product. Successful business owners understand that they will never create a perfect product, yet they will work as if they can. In doing so, they accept that their job is never furnished because there is always work that can be done.

What Makes a Product Quality?

Having a quality product is essential to your company’s success and survival. Everyone has a general idea of what constitutes a quality product, and most companies strive to attain quality within their own products. The problem then arises is that this definition of quality differs from person to person.

So what then is quality?

What we know is that a quality product satisfies the customer’s needs.

There are a variety of perspectives to consider when trying to find a central definition for quality, including:

  • Manufacturing perspectives
  • Customer perspectives
  • Product/value-based perspectives
  • Transcendental perspectives

Understanding these different perspectives will allow you to reframe how you view quality in relation to your product and industry. To further clarify what perspective you should adhere to when assessing your product’s quality, you can refer to this list.


Perform Market Testing

If you want to improve the quality of your product, then a great strategy could be to go straight to the source by performing market testing. When you’re in the process of creating a new product or improving on an older product, market research can prove to be an invaluable asset because of the foresight it gives you. Market testing will allow you to take your concerns and theories about how your product will perform and apply them to realistic scenarios.

Doing this will enable you to get ahead of the curve so that you will already have a general idea of how your product will perform before it ever hits the market. If you haven’t tried this strategy before then, it would be wise to consider it because successful market testing can completely reroute your plans for your product and save you both time and money in the long run.


Allow Customer Feedback

Business owners would inevitably identify a demographic they feel they can best serve when entering a market. However, demographics change over time, and as a business becomes more established, one of the problems it may run into is losing sight of its target audience.

Implementing a system that allows your customers to voice their opinions will ensure that your product is still providing the same level of value and satisfaction to your customers. This will allow you to gain insight into how your product affects your demographic. It may also increase brand loyalty as your customers are bound to feel more connected to a company to which they can voice their concerns.


Develop a Strong Product Vision

The overall success of your product stems from the planning done while the product was still in development. Having a clear idea of what you want to accomplish with your product and how it will solve issues for your customers allows your product to succeed as much as possible when it hits the market.

This is why taking the time to flesh out your product vision for you and your team can prove invaluable. A solid product vision establishes the product’s purpose, what problem it intends to solve, and how it will benefit the customer. Understanding and articulating the vision for your product will inspire your team by aligning them under a common, understood goal and ensuring that everyone is working efficiently with the same goal in mind.


Find Your Pain Points

Having established pain points that you aim to fix with your product goes hand-in-hand with having a clear product vision. Pain points are simply problems that current or potential customers encounter when in the marketplace. Successfully identifying pain points within your market has broader implications than just the influence on your product. If done right, these can completely alter your sales and marketing strategies and how you navigate your industry.

The value of pain points cannot be understated. To ensure that your product is the best it can be, assess the current influence of your product and compare this to the holes in the market that you have discovered. Does your product fulfill these needs? Are your customers satisfied with your product? Does your product solve the problems it set out to solve? Answering these questions should give you a decent indication of the route you have to take.


Pay Attention to Your Competition

This tip requires a fair bit of consideration, but it can be very useful if done well. Entrepreneurs must have at least a general knowledge of their competition when entering a market. However, this awareness of your competition will always be useful as you’re in business.

Understanding what moves your competition is making or how well their last product performed can be valuable whenever you’re ready to return to the drawing board and prepare for a new product release. While the goal is never to imitate, knowing how similar products are performing will allow you to improve your product by learning from the mistakes of your competition.


Adjust Pricing

This one may hurt to hear, but depending on how well your product and business are doing, it may be necessary to consider adjusting the price of your product. Pricing is vital as it affects your customers and nearly every aspect of your business.

Why should you consider adjusting your pricing to improve your product?

In many cases, businesses base the price of their product on their expenses rather than basing their price on the customer. While you need to make a profit in order to be successful, you also need to have customers who are willing to buy your product. Just look at Netflix to see how detrimental pricing can be without consideration given to customers. In 2022 Netflix raised the prices for all U.S. subscribers, resulting in 200,000 subscribers being lost worldwide. Evaluate your business and your market before making any adjustments, and understand you must be very strategic before changing anything.

Improving your product is a necessary part of running a business. It is a never-ending process wherein you and your team constantly evaluate and reevaluate how your product is performing.

There will never be a perfect product that suits every customer’s individual needs. However, that’s what being a business owner is all about: understanding that there is no perfect and trying to attain it anyway.