Significance of Calibrating the Product Growth Devoid of a product or service, no company can indeed sustain in the market
By BusinessEx Staff •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
A product is a true picture of a business entity in its entire life span. Devoid of a product or service, no company can indeed sustain in the market. In fact, the underpinning of a business entity is to serve consumers and in lieu, earn recognition in the form of money as well as goodwill.
How a Company Succeeds by Gauging its Product Growth
Seemingly, Apple, an American technology company, would not have existed in the present picture if Steve Jobs along with other founders would not have put efforts in constructing Apple I and other iPhones. At the beginning of the entrepreneurial journey, Steve Jobs, Steve Wozniak and Ronald Wayne drenched tons of hard work in creating a perfect computer model, Apple I. Following the invention of Apple I, various other inventions were made by Jobs, though the later inventions were solely done. Gradually, Apple became a renowned company in the market and all this happened because the company gauged the growth of its products timely.
This business approach continued to be followed by the later C-suite executives after the demise of Steve Jobs. The invention of Mac book, Siri ( iPhone's intelligent software assistant) and iPad Mini were made in the post-Steve Jobs era by religiously adhering to Jobs' envisions. The story of this tech giant is truly relatable to the vision of an ideal company.
Product Failures in 2018
Similar to the success stories, there are multiple unsuccessful stories of the business ventures as well. Nokia, Finnish telecommunications and Consumer Electronics Company, was in the limelight in the 1980s and 1990s. Owing to which, it was also a competitor of the then-emerging consumer telecommunications company, Apple. Thoughtless directing led to the sinking of Nokia and consequently, the company shifted its attention from consumer electronics products to other divisions. The absence in the telecom industry for a long time in 1990 resulted in Nokia's downtrend. In the 2000s, Nokia partnered with Microsoft to access the mobile industry.
The fall of the Finnish Company, Nokia in the mobile industry was begotten owing to unmeasured growth prospects. Like this, there are several other business entities which could not soar in the market because of poor product calibrating skills. Adidas, Chevrolet and Timberland are some of the for-profit companies which failed in the Indian market. Product duplication, inadequate marketing and poor market knowledge are some of the primary reasons attributed to the product failures of the aforementioned companies.
Why it is Significant to Gauge a Product's Growth
Aspirations are always struck with a product as it signifies a company's image to the customers. These aspirations are only realized if the product comes out as a well-liked gadget amongst users. After releasing the product, the company anticipates it will be achieving two-fold success through the launched product.
For making the product an error-free model, the company works day-in and day-out. From mechanism to the testing, everything is performed by the company to ensure that the product can meet the industry standards. Once the product is launched, the unsteady growth of the product baffles the company and in the pursuit to increase the sale of the product, the company does indeliberate follies.
1. Investment in Branding
In order to promote the product, the company wrongly invests in the branding process. Other than understanding the consumer preferences, companies mostly reckon that there would be a glitch in the promotions and thus, increases its expenditure in digital and offline marketing.
2. Don't Survey Customers
Without knowing the customers' requirements, a company can create an inefficient product which may be lesser helpful or may not provide any additional service against its competitor. This problem can be resolved if the company collect feedback of the customers and accordingly upgrades the product.
3. Don't fix the Problem
Besides splurging on marketing and promotion, if a company realizes its fallacy and fixes it in the due time, then many problems can be resolved.
These problems should be avoided if the company wants to avert a product failure.
This article was originally published by Jaspreet Kaur.
