How to Build Products that Run Businesses

There are many aspects to running businesses, and products are the most important of them. Unless and until you have a great product, your business is a nonstarter. But then even businesses with great products can flounder. So, how can you ensure that you build great products that run businesses? How can you make sure that your product attracts the market’s attention? Here is what you must know about building products for your business. The Five Factors for Building Successful Products Look around you and you will see a number of successful products. An iPod, a Sony Vaio laptop, Colgate toothpaste, Coca Cola, Parker pens… the average consumer will use hundreds of branded products in his lifetime. What is it that you like about your possessions? You like your Whirlpool washing machine and the Xerox copier because they work well and just go on and on without breaking down. You adore your Volkswagen Beetle for its sleek looks. And you can‟t do without Kellogg‟s for breakfast.

Here then, are the 5 vital factors needed for a successful product: 1. Create something that people want 2. Design and build it with high quality 3. Price it right 4. Keep the investment low 5. Backup with after sales service. Gianfranco Zaccai, of the design group Continuum that developed the Adidas intelligent shoe, says a hit product should be “technologically possibly to produce, delight the consumer and be profitable”. You must research the market well and listen to what people are asking for. Your product must have an USP – Unique Selling Proposition. Just as Olay stood for „younger looking skin‟ and Domino‟s Pizza vouched for delivery in „30 minutes or it's free‟, your product also has to send a clear message. Good quality can be ensured by meticulous design, extensive testing and qualitycontrol procedures. Outsourcing to cut costs can sometimes backfire and result in expensive recalls. Keep engineering and manufacturing as close together as possible.