8 Signs You Need To Refresh Your Product Line

What do you think of when you hear the word “product”? Depending on what industry you’re in, it probably has a different meaning for you. If you’re in the farming or agricultural industry, you’ll probably think of dairy products or organic products; if you’re in the fashion industry, you’ll probably think of a-line dresses or pumps. Whatever examples you associate with it, it always points to the same definition: items that your company produces or sells. Not only is having a solid line of products important for your small business, it is also necessary to keep it fresh with new products. How do you know when your product line is going sour? Check out these eight symptoms of a product line that needs some resuscitation:

1. You’re experiencing slow or no growth. This, of course, can point to many things. So, start narrowing it down by process of elimination. If you can rule out a bad economy, external forces beyond your control, a big move from a competitor, confidence in your employees and no major problems with suppliers or distributors – examine your product line.

2. You’re top customers are giving you less business. If your customers’ business is growing but your business with them isn’t, product may be the perpetrator.

3. You’re competing with companies you’ve never heard of. If a new player comes into the market, they have most likely found a new, innovative use of a product or service that you haven’t thought of.

4. You’re under pressure to lower your prices. If a customer is unable to tell the difference between your products and that of your competitors’, there’s nothing left to do but start a pricing war. But, if your product was clearly more superior and offered greater value than the same or even lower-priced competitor’s product, you wouldn’t have to.

5. You’re experiencing high turnover with your employees. Unless you’ve drastically changed your payment policies or hired a manager with a bad attitude, your product line may be the problem. Salespeople, in particular, want to win customers so they can win more money from their employer. If they know they have trouble competing with the rest of the noise out there, morale will drop because they know there isn’t much else they can do.

6. You’re getting fewer inquiries from prospective customers. If you aren’t seeing as many positive results as you once were, something may be wrong with the way your company looks to customers. Think of it this way – an outdated product line makes you an outdated company.

7. Customers are asking for product changes. This not-so-subtle inquiry is a sign that your product or service is no longer meeting customers’ needs. There will be times where you do receive unrealistic requests, but if a customer is coming to you and saying “I would like your product this way, like it is at [insert competitor here],” that should tell you something. It’s like a race – when your competitors have gotten ahead of you, you are forced to catch up and in some cases even leap ahead, or else you’ll be left behind.

8. Some of your competitors are leaving. At first, this is great – your competitors drop out and you pick up their customers. But take caution because this is a classic sign of a declining market – nobody walks away from a flourishing market.

If you decide to move forward with developing a new product, you’re in good company. According to the SBA, small businesses contribute to at least half of the major industrial innovations occurring in the U.S. What are your thoughts? Let us know in the comments below, sending us a message on Facebook or tweeting @123Print.