Whenever a business completes the process of creating an innovative product, what usually comes next? Usually, it’s gathering the materials, and maybe even looking into their warehouse facilities to properly accommodate the new product and materials. But what about after that? Well, usually it’s just creating this fantastic product to ensure that the product line is something that is going to sell. As a business owner, you most likely already know you need premium materials if you’re hoping to capture attention and build a loyal customer base.
Customers know when ingredients or even if something small has changed in a product they regularly consume. While it may be very tempting to look into short cutes, the process is quite delicate and it could potentially lead to your products being seen as less durable and less desirable.
There has to be this balancing act between making a profit, making customers happy, using good materials, and having the best product out there. Fortunately, with these tips, you’ll be able to add new materials to your product line while leaving your company’s reputation and the products optimal.
1. Find new materials from suppliers and other sources
Today, people have more access to new materials than ever before. The internet has made it easier for suppliers and other sources to come together and share their products. It’s also easier than ever for people to find the exact product that they need for their project. When it comes to sourcing materials, many businesses struggle with the best way to do it.
For example, it can be difficult to find the best vendors without a strategy or without spending a lot of time and energy. Whether you’re after fluoropolymer or essentially, anything else, just know that it can be obtainable. Be open to looking for new materials. But keep in mind when doing this, the goal should be to improve your products, not make them worse.
2. Develop new materials internally
This is something that isn’t too common, depending on the scale of your business, but developing your own materials in-house could be a potential option.
3. Acquire existing products and materials from competitors
There are many ways to acquire products and materials from competitors. For example, you can set up a “trade show” with your competitors and offer them the opportunity to sell their products or materials at your show. You could also have an “open house” with your competitor where they would have their product or materials on display and you would offer them an opportunity to sell their products on site.
While competitors are technically in competition, you can form partnerships with them. Sure, this can be a bit challenging, but depending on the industry you’re in, it just may work.
4. Develop new products from scratch
When it comes to adding materials to your product line, why not create an entirely new product? For instance, you can offer an alternate product to your best-selling one. There needs to be a reason why you’re doing this, of course, maybe something like “sustainable product development” could be proven to be a great option.
5. Re-brand existing products as a new ones
New products require new ideas, so how do you come up with a new idea for your product? One way is to re-brand your current product in a new form. This approach allows you to keep your old brand name and still create something completely new. Ideally, you’re going to want to do this with older products that have been discontinued. It’s a tactic that a lot of businesses use.
