You have established a new product. You marketed it very well to an extent that its sales have increased drastically and you’ve earned a huge Return on Investment (ROI). At a later stage, someone comes and tells you to add new features to the very same product that has made huge returns. You might be thinking…Is this person crazy?
I’m not mad at you for thinking that way, but let me give you 3 reasons why you should rejuvenate your product, then the choice will be yours.
- Customers like trying new things
Just like kids, customers get bored by one thing all the time when there is an alternative. No matter how strong the relationship you have with your customers, the minute they see new product features with better performance, they are likely to switch to that product. So it’s best if you get to be the one making a change before your competitors do.
2. New competition is coming against your product
Someone, somewhere has seen your product. He analysed it and tried to figure out how they can make it better. When the answer to that has been found, they copy what you have done and add new features that are better than the ones you’ve added to your existing product. As mentioned previously, customers will easily switch to an advanced product without hesitation.
Another thing, people are always looking for ways to make money. Once they see an opportunity in a product similar to yours, they quickly jump to it. Some are likely to monetize their passion and your product might be matching with it.
3. The Marketplace is constantly evolving
Given the new technology, business and app developers are always coming up with new trends that match with the current times. If you want your 10year old business to continue existing, you better adapt to new trends in your industry. All of that involves adjusting your product and try to make it look new all the time.
The moment you see your sales decreasing drastically, opt for product rejuvenation. Make your product better, quicker and up-to-date.