Create a customer BUZZ!

5 Reasons why you should focus on product development

Creating a customer buzz is all about creating NEW products. Most companies take an existing product, change the shape, size and colour, make it more stylish, and then attempt to sell it to their clients as a new product.

Differentiation is a key-factor in various aspects of marketing. If you want to be different from your competitors you should focus on the development of products that will get your customers excited. Avoid the mistake of becoming a company that starts with one idea and finishes with the same idea everyone else has.

You have to master the art of creating and developing new products, and here are 5 reasons why you should:

1. It keeps your customers excited

Customers get excited when a steady stream of new products find its way to the market. Nothing gets customers in a better buying mood than the excitement of a whole new product range.

What can I do to get customers excited if I don't have the ability or resources to invent new products?

The main ingredient required is a little creativity. There are many businesses who spend a lot of time, money, and energy in finding new clients. It is in my opinion just as important to retain clients as it will be to find new clients. It is proven that it is more expensive (approxamately 5 times more expensive) to gain a new client than to retain a client.

Sometimes an improvement in the quality of client service will get clients just as excited as a new product or service. So, if you can't afford developing new products and services it might be a good idea to find areas in your business where you can improve and get your clients excited.

2. It gives your clients a reason to stick around

The slightest hint or promise of the newest, latest and greatest creates a customer buzz. Your clients will stick around in anticipation, waiting to see what you offer next.

Communicating with your clients on a regular basis is an important aspect of this exercise. Communicate with your clients in person, in letters, in faxes, in emails, through your website, with brief newsletters, etc.
As long as your communications are solicited you don't have to worry, you can’t over-communicate with your customers.

I always encourage my sales executives to make sure that they never contact a client unless they have something worth wile to share with the clients. The purpose of your contact should be to add value each time you interact with your client.

It is important to have your clients stick around, because real profits come from repeat business. You want a constant stream of sales, repeat business, clients who stick around.

3. They will buy from you as long as you have what they want

It is a well known fact that people's needs change over time. As long as you can succeed in providing products and services (new ones) that satisfy their needs they will stick around.
The main requirement for you would be to keep a pulse on what is going on around you, the latest local and international market trends, and advances in technology that could give you the leading edge.

Always keep in mind that the customer is the boss, and if the boss is not happy you are fired.
In fact, if the customer is not happy everyone in your company is fired. If your customer can't find what he wants he will spend his money elsewhere. Give the customer what he wants and you will have a long relationship and employment. The only people who will benefit from your unhappy clients are your competitors.

If you don't know how your customers are feeling about the quality of your products and services, ask them. Send a survey to your clients once in while and take action to rectify any serious problems.

4. It creates customer loyalty

There will always be clients who want to be the first to try, and those who want to be the first to follow. Your constant introduction of new products creates an expectation that has a compounding effect on customer behaviour. So, retain your customers' interest with a steady stream of new and innovative products and services.

An important factor that influences customer loyalty is whether or not your customers receive exactly what they paid for. Don't develop products and services simply to get your customers to enter your door. The disappointment of a client who didn't get what he expected and paid for will do great dammage to your business's reputation.

5. It sends a message to your competitors

By introducing new products you will be sending a clear message across to your competitors.
Yes, it won't be long before they take your products and service, change the shape and size, and sell it to their clients as a new product. It will also not be long before you are recognised as a market leader, and your competitors recognise you as a trend setter.
Your competitors will receive a clear message that you are here to stay and that you mean business.