Going Minimalistic with New Product Development: Streamline Your Offerings

Going Minimalistic with New Product Development

In past few years “going minimal” has evolved to be a trend in various sectors, from fashion to manufacturing and everything in between. This trend has laid its impact on product development procedure as well. In 2017, it was seen that customers are more likely to reject your product if it has a complicated list of offerings. A complicated product feature confuses both your existing and potential customers which restrict your sales. Therefore, it is very important that companies focus on de-cluttering what they want to offer their customers with new product.

Simplicity Reigns

In case, you think you can bring a successful new product into the market by elongating the list of your offerings – you are wrong. More offerings are like more bells and whistles, but it is not a good for your sales. Consumers are looking for a solution to their existing problems. Thus, they might get confused and think that your product might not be offering them the exact solution they are looking for. By keeping your product features simple and that matches with the requirement of the customer, you can hit the right chord. Not only customers like your product and your sales will increase, but it will also build goodwill in the market.

Another reason why feature- heavy new products fail to create the right mark is that the core concept and value behind the new product gets diluted. This is due to the addition of too many and flashy extras. Such a product is not comprehensive as generally assumed, rather they are burdensome if you consider costs and ROI. A straightforward set of features offered by a new product creates a better connection with customers and it is also easier to sell.

Tips to Simplify Your New Product

Although offering too many features does not cause a legal action, it does any favours in the market. Here are some simple tricks to streamline a new product to make it market ready.

Read: Product Development Trends in 2017

Know Yourself as a Business: The first step to simplifying your product offering begins with understanding your product offerings. So, what you need to do? Go back to basics. And i.e. what your business is good at? Every business has a strong point which sets it apart from all its customers. When you incorporate your strong points in your offerings, your new product gets a strong foundation. Apart from that, the growth of product from concept to launching is a focused and easy one. This is because of clarity of goals and also have an idea what features will compliment your business.

Do Not De-Niche Yourself: Every product has a niche which it aims. The idea should be to keep your feature in line with this niche. If your features go off the niche or cover too many niches at once, niche customers might not consider your product for purchasing at all. This is because your product will fail to connect with customers.

Read: Are You Killing Your New Product with Wrong Road Mapping?

Shun going too Specific: Many businesses will check the second point and go too specific. But being too specific is a crime as well. It is like pigeon-holing your own product to an extent that customers think they can use your product in only one setting. This can be a damaging situation unless you are offering a product fit for use in a specific setting.

Simplicity is not synonymous with thinking small rather it means going straight forward with what you want to offer with your new product. When you are planning your new product development, give priority to the needs of customers and keep things simple for them. With right offerings, you can build a success story with your new product.

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