I saw this picture (Featured Image) on Facebook and the first thing that came to my mind was “Product Optimization“.
According to Wikipedia, Product optimization is the practice of making changes or adjustments to a product to make it more desirable.
Deliberating further, I realized product optimization is a major distinguishing factor between a great brand that’ll lead its industry and a brand that’ll soon be out of business.
This is because the great brands like Google, Apple, Coca-Cola, Toyota, and the likes keep improving on their product to make it more desirable for the consumer/user. While the not-so-great brands strive to achieve what is called the “perfect product“.
While taking my enterprise design thinking course at IBM, I learned that there’s nothing like a perfect product. Businesses must learn to believe that every product is in its beta version.
User/Customer preference is a changing constant, hence, their demands and concept of desirability change overtime. Brands that meet up with this change in demands via product optimization remain relevant while the brands that aim for the perfect product that requires no optimization become irrelevant and invalid as it will no longer meet the user/customer desires in real-time.
Product Optimization is relevant in every sector and every business. It is the heart of every great business that exists today, from consumables to electronics, automobiles, etc
Your Product is NOT just Your Product
Your product should be perceived in terms of everything you offer to your target audience (user/customer).
Personally, I advise that your business attitude and Brand personality should also be considered as a product that needs optimization if it must remain valid and keep your business growing. Your business model, operation strategy, and marketing must be consistently optimized.
Everything that can improve your customer/user experience and enhance the effectiveness of the values you deliver to a certain target audience is a product that requires optimization.
The Product Optimization Loop: steps to a consistent reinvention of products for customers/users to enhance brand relevance and industry leadership.
Product optimization practically flows through 3 phases
- Feedback & Measurement
The Introduction phase begins the cycle. This is where you introduce what works at the moment.
Most businesses don’t go beyond this phase, because they assume they have developed a perfect product.
Meanwhile, a perfect product is only an illusion that time will tell. As soon your customers/users get familiar with your offer they begin to crave new experiences. Great brands understand this secret, that’s why they always strive to meet and exceed their customer’s expectations.
Some businesses bask too long in the adulation of their introductory success, over time, they give room for complacency and the “Titanic effect“, which inevitably comes back to sink their business.
There are many companies we could use as a case study here, companies that launch out with great potentials but refuse to take product optimization to heart, eventually, sinking into nothingness.
If anyone of such business comes to your mind, drop the name in the comment section below.
Feedback & Measurement
The second phase is feedback and Measurement. This is where the power of data science becomes vividly evident.
Brands that strives to remain valid proceeds to collate feedback from their customers/users, they measure the KPIs relative to their customer satisfaction and expectations, and use the acquired data to innovate new solutions, optimized products.
Feedback is reinforced by a genuine interest in the customer/user and ensures that quality communication and brand relationship exists between businesses and their customers.
Without adequate feedback, brands will have no idea of how their introductory/beta product is working and how (and what) the focus of optimization should be.
Always get feedback from your audience and analyze relevant KPIs.
The innovation phase is where the business shows that it is learning from experience and growing to meetup (or exceed) its customer/user experience and expectations.
Innovation is what happens when businesses utilize existing data to introduce a new experience.
Innovation is the key to brand immortality.
The ability of a business to leverage existing data to consistently introduce new products and improve customer/user experience is key to building a great brand. Great brands remain relevant and always on top in the minds of their target audience.
Keep finding new ways to do things, keep optimizing your products, and keep creating new (WOW) experience for your customers/users.
Many Pastors use this product optimization idea to keep the church growing – see for yourself
Product optimization is a prerequisite for business growth, brand relevance, and staying at the top of your customers’ minds.
Although the word product is often associated with the physical goods you produce and offer for sale, product optimization involves every aspect of your business, your management operations, communication, and marketing is a product that demands constant optimization.
Let’s talk about getting started on your product optimization journey – Chat with Me.