Product development is likely never far from your mind. Deciding if you should expand your product lines is a question many Middle Market executives have to answer frequently. Striking the balance between cost and profit is a key part of the process. But there is another balancing act you might not be thinking of. Where does what clients want meet up with what none of your competition is focused on? And, at a middle of the road pricing structure?
Keying into the Goldilocks of products, could lead to you becoming a disruptor in your industry. Therefore, figuring out the sweet spot products could add dollars to your bottom line. Instead of developing a slightly better version of something, what if you turned everything on its head?
Thinking Outside The Proverbial Box
Certainly, you want to develop products better than your competition. Ideally, you’d do it for less money and time. Then, your potential clients and customers would be head over heels in love with it. Those are lofty goals indeed. Which can’t be achieved by simply changing the color or small tweaks to what exists in the market already.
To disrupt your competitors and gain rabid fans, your Middle Market firm will need to work out how to give exactly what customers want – even if they aren’t able to articulate it themselves yet. You’ll need to identify what shortcomings currently exist in the marketplace and look at how you can provide an out of the box solution few will see coming.
Hugging The Middle Of The Road – Successfully
In a recent Middle Market Growth article, Madison Reed’s disruptive approach to haircare highlights a focus few companies latch onto – the middle of the road. In this case, Madison Reed was able to identify a problem in their industry, develop an innovative, improved product and target it perfectly to a dissatisfied, middle of the market customer segment. You can see the full article to kick-start your Middle Market companies’ own disruptive planning.
Take the lesson to heart; somewhere within your industry exists a very large segment of customers who have a few high-end and low-end product choices, which aren’t satisfying their needs and are ripe for a disruptor.
Figuring out how your company can revolutionize a product which offers the quality of high-end, with a price-tag closer to the lower end and solving issues that exist with each, is key to disruptive development.
Looking at what exists in your market, what issues exist with the top of the line products and services? Possibly:
Think about the same things at the bottom of the market. Potentially you’ll find:
Taking what you know and putting it together, you could potentially offer a product that is high-end in feel, lower in price and better in many ways, that will connect with a large swath of customers. Hugging the middle of the road might not seem like a worthwhile process until you consider the industry disruptors who have gambled on it and reaped tremendous rewards.
So what’s in the Mighty Middle Market for me? — get it right now at www.Go4ROI.com.