2018-05-03 12:19:53Staying CompetitiveEnglishGrow your sales by incorporating customer feedback into your product life cycle. Use the feedback to make informed decisions about relevant...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Engineer-Designing-Improvements-For-Products.jpghttps://quickbooks.intuit.com/ca/resources/staying-competitive/iterating-better-products/Keep Iterating Products to Make Them Better

Keep Iterating Products to Make Them Better

1 min read

Practice makes perfect. The same goes for products. As difficult as it may be to ask for criticism, it can take your product to the next level. Successful business owners learn to cherish feedback, good or bad. Just one change can make all the difference in the world. The good news is that the process of updating products has been refined down to three easy steps. They are measuring, learning, and updating. The loop continues over and over until the product is perfected. This is the iterative process.

Measuring is the first step in the iterative process. You need to measure the right data to learn what needs to be updated. For example, customer satisfaction surveys are a great way to collect and measure data.

Now you can take the feedback and organize it into actionable data. In general, you need a few tactics for capturing and documenting feedback from three groups. These groups are non-customers, leads (hot prospects), and customers. You may even want to add a fourth category for lost customers. To do this well, it’s best to master the art of follow-up communication. The good news is that you can set up automated surveys for each category.

After measuring and learning, it’s time to make updates. Product updates focus on total product performance. Successful business owners are good at tracking both customer satisfaction and profitability. The holy grail is an update that improves product quality while reducing costs.

After you make updates, launch the update and start the process all over again. Product updates are an iterative process that may hurt at first, but the pain turns into joy as product sales begin to rise.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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