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By: Act! Blog
Is your small business synonymous with a single product or a set of products designed for a specific use? If this is the case, it can be a tricky business to alter and evolve your product(s). On the one hand, every business needs to continually improve to keep pace with changes in the industry and society in general. At the same time, you don't want to completely depart from what your customers expect, and count on, from you. Finding the right balance is essential. Here are some guidelines on how to evolve your signature product the right way.
The Principle of Organic Growth
Organic growth means a few different things. In the business world, it usually means growing your company using its own resources rather than relying on outside investments, mergers, or acquisitions. This is consistent with the way most small to mid-size businesses grow. If we take this idea and apply it a little more broadly, we see that organic growth is also consistent with building your business in a customer-centered manner. When you're relying on your own resources to grow, the best place to look for guidance is your customers or clients. In this sense, organic also means staying consistent with your principles and the original vision for your business. Let's further explore how important it is to stay in touch with your customers' needs.
Respond to Your Customers' Needs
You don't want to change your products simply for the sake of making changes. You only do this to better serve your customers. This, in turn, helps you succeed and grow your business. You can learn a great deal about this principle by looking at how some of the most successful large companies do it. A good example is Amazon, a business that started off selling books. Now, it's one of the world's largest retailers of all types of products. What's really interesting to note, however, is the way Amazon has introduced one popular innovation after another.
If you look at Amazon's most successful innovations of recent years, such as Prime, streaming music and video and same-day delivery, they were all based on customer demand. By speeding up delivery service, Amazon solved one of the main complaints customers had with online retail - waiting a long time for delivery. All businesses that want to grow need to similarly look at their industry and customers' demands and look for ways to fill these needs.
Tips for Evolving Your Products
When you're ready to make changes and evolve your products, keep these guidelines in mind.
It's always challenging to improve and evolve your products while staying true to your brand and customers. At the same time, you can't avoid the rapid pace of change if you want to succeed and keep growing. The best you can do is to plan for growth and evolution in response to your customers' genuine needs.
To learn more about how Act! can help your own business evolve visit act.com.