You have a great product, and you know how to sell. Unfortunately, a great product alone and knowing how to sell it do not guarantee success in business. A study from the Journal of Marketing Research reveals that of almost 9,000 new products that achieved wide distribution at a national retailer, only 40% of them remained on the shelves just three years later.
Why is a great product not enough to thrive in today’s market?
You cannot compete with only the product you sell because someone will eventually copy it and sell it for a cheaper price (and potentially do it better). This is especially true in the digital era where your competitors can easily find ways to steal your market share.
You still need to have an amazing product, but what every successful entrepreneur recognizes is the fact that to thrive in today’s market you must pay attention to the entire customer lifecycle, from the point of awareness to when customers follow-up and repurchase.
In addition, your product must be found by people who are interested in it. Your follow-up service and support should be excellent. In short, you must see to it that your customers have a fantastic experience at every stage of their customer journey.
Customers need assurance that you will deliver high-quality products and services consistently no matter what. This is how you gain a customer’s loyalty, and this is what every company should aim for. Companies should invest more in creating loyal customers instead of acquiring new ones if they want to run a successful and sustainable business.
Continuous improvement is your strategic advantage.
A great product is just a great product. People will not care how great your product is if your experience sucks.
The competition in the marketplace is tight, so a company must define how it is different from everyone else. A product or an individual idea alone will not make you stand out and beat the competition.
The secret sauce is how you get to the idea. Your approach to how you lead operational change is powerful. You must adopt continuous improvement–continuously changing and improving your processes even when there is nothing wrong so you stay ahead of internal problems and your external competitors. You must have a strong and well-defined approach to your processes that is built into the engine of the way you work in the company. Other companies may copy what you are doing, but that should not be a problem because you will already be months—if not years—ahead. That is how you lead the industry.
Your business is more than just your product.
Time and time again, I see companies focusing more on their product. They aim to create the best product in the world, but you do not want to be known just for your product: You want to be known for the entire experience your company provides for your customers.
Keep in mind that a great product can be easily copied or replaced, but when you become known for your excellent way of doing business, no one can take that away from you. People will come to you and want to do business with you for a longer period of time.
In love and respect,
Hilary Corna
