Any entrepreneur will speak to the importance of product testing as it is a significant first stepping stone for developing any business endeavor. However, once a poor product is sent out for consumer use, things can take a nasty turn for any growing company.
Ferrari Energy, a family-owned private oil and gas organization founded by Adam Ferrari, says that product or service quality can make or break a business and shares ten effective ways that entrepreneurs can take note of when refining their products.
1. Start with the basics
When refining a product, entrepreneurs should begin at the base floor. It is critical to define “what” the idea is and the “why” behind it. To create the most clarity, break the meat of the concept down into a single sentence.
2. Create a mind map
Brainstorming different angles with a product using mind maps can help entrepreneurs develop questions and ideas surrounding product improvement. A mind map can be directed towards exploring the product’s broad idea, potential consumers and target audience, and the industry.
3. Consider quality
A good product is a quality product, and these days’ consumers appreciate quality. Therefore, entrepreneurs should heavily consider their target audience’s wants and deliver those wants to them through materials used and overall experience.
4. Do your research
Know, learn, and grow from the competition. By researching what products and companies are a part of the competitive equation, entrepreneurs can understand their competition to outweigh them.
5. Enhance the product
Refining a product means making it not only helpful and easily usable for consumers but also aesthetically pleasing too. Adding any new capabilities to meet these standards without negatively impacting the ease of use is the striving goal towards the ultimate customer experience.
6. Make sure to do the math
Profitability is another critical aspect for a business’s success and should be included in the development of a product. Entrepreneurs need to ensure that they do the math to affirm that they do not build a product they cannot afford or overestimate sales leaving costs to bring the business down.
7. Create dialogues with the target audience
One of the best strategies when trying to get raw feedback from a target audience is to tell as many people as possible about a product idea—engaging with those in a target audience and outside of that ideal consumer group will also better gauge the accuracy of the chosen target audience.
8. Gain feedback from an expert
Seeking out advice from an expert is an excellent way to better a product. An innovative method to upgrade a product is to reach out to colleges and universities with business schools to see if a marketing class or professor would be willing to take on the product as a project.
9. Put the product to the test
If a company can develop prototypes, it should. Getting a product into consumers’ hands for product testing before it hits the market can be the difference between catching a mistake and missing one.
10. Collect surveys
Surveys can drastically help with data research and accurate feedback for both product ideas and product tests.
About Ferrari Energy
Ferrari Energy took its name from its founder, Adam Ferrari. Adam is a native of Chicago and was formally educated in chemical and biomolecular engineering. He completed his degree at the University of Illinois at Urbana Champaign and finished at the top of his class, graduating magna cum laude. As a young professional, Adam worked in the operations and business sides of the energy industry. After gaining ten years of direct industry experience, he took his passion for the energy industry and launched Ferrari Energy.