#ProductImprovement #BusinessStrategy #Competition
Hey there, fellow entrepreneurs! 💼💡
So, I’ve got a dilemma on my hands and I could really use your insight. My product is already bringing in money, which is great, but I can’t shake this feeling that there’s always room for improvement. Should I keep striving for perfection or just coast along until something goes wrong? What do you think? 🤔
Here are a few points to consider:
– Continuously improving your product can help stay ahead of the competition and prevent others from copying your success.
– Customer feedback is essential for growth, so keep tweaking and refining based on their suggestions.
– Investing in product development shows dedication to your brand and can lead to long-term success.
Personally, I’m leaning towards continuing to improve my product to ensure its longevity in the market. What would you do in this situation? Let’s start a discussion and help each other out! 🚀💬 #EntrepreneurLife #ProductDevelopment
Yes.
Well, there’s more to this question I think than you are considering. What exactly are you trying to do? Maximize your financial growth? Stay relevant? Scale your business to other markets? Have you already conferred with an accounting professional to make sure you taking advantage of the best business structure for you and the business? Are you taking advantage of tax benefits, or optimizing the contributions for your investment and retirement accounts? There’s many directions you could be going with this. There might already be a lot of financial growth you can take advantage of simply by taking stock now that you are in a good place to make sure that you are not missing out on any financial benefits you might already be able to work towards.
Of course! Regular optimization helps you stay as a player in the market!
“I have pain, should I see a doctor?”
Well that depends on a whole lot of clarifying details, just like your post…
Where do you want to put your time right now?
Do you have bigger financial goals?
Do you see a future with this product beyond its current capability?
Are you ambitious? Or do you prefer a simpler life?
So so so many questions do begin to diagnose your “problem”
Until it crashes and burns??
If you sell something, you have to stand by it FOR THE REST OF YOUR LIFE. Expect lawsuits that will either bankrupt you or put you in prison if you make a product that hurts someone financially and, God forbid, physically.
It depends on what your goals are for this product and your company. Every product has a life cycle. Have you considered what your goal is with this product? Are you trying to establish yourself as a brand with this product? Is it easy to copy? How do the improvements impact your profit margins? There is a point of diminishing returns when the improvements you make on a product are not important to the customer.
Internally, yes when you have time. But, just because you have a better design ready to go, it doesn’t mean you have to release it to the public. You have the luxury of time at the moment. Time to work out the bugs, production, marketing, logistics, etc. and be ready to pull the trigger to slap the competition or introduce to the market at the righ time. Do it when the time is right, not just random when you finish it.
Also, new products take effort/resource. Documentation, marketing, support, logistics, etc.
you can leave it as is until it crashes and burns, or you can make sure it never crashes and burns, and probably gives you more money. What would you do?
Good question. This is the wantrepreneur fixation on figuring out the absolute least to do, and then seeing what less they can get away with. I’ve debated this recently.
Popular advice is you launch something so bad it’s embarrassing, the shittier the better. The advice is silent as to what you are supposed to do after launch. Apparently, that is causing a little confusion.
Crash and burn is the way now. Ramen level success is the highest ambition. And by the way — fuck what the customers think you should be doing. Caveat emptor. If you ignored the market and customer all the way to launch …why start now, right.
Accidental minor success. This is the way.
Success attracts competitors. You should have your next upgrade ready to launch when your competitors introduce their first version.
You discount your version 1 and sell your version 2 for the same price.
Yes. Remember Kaizen. Continious improvement in every stage. Start talking to customer. Identify what they are missing, what they expect, what they are facing issues with. Those are you lines of action. This is a rookie mistake that entrepreneurs make – if something makes money today, it does not mean it will keep making money for the years to come. You never know who will come in the market and sweep you off your feet. This is currently what most large companies are facing. They are so huge, that product development takes months if not years, but in the same time a smaller company comes with a similar product, at a cheaper price, with better support and sweeps them off their feet.
I am a consultant to many startups and some large companies. I have seen how companies had to face red alert meetings thanks to lethargy. The world is moving very fast, and companies aren’t
Listen or read the book ‘The Lean Startup’
It discussed what you should measure. Kodan ignored the signs whilst money was coming in and it didn’t work out for them.