The stories of almost all the successful businesses are often familiar, though the industry that they operate in may differ, and even the size may differ. There is an undercurrent of development and ultimately decline paths that they share and also the business trends that run common.
As a business manager or an owner of a business, you must have heard about the term ‘product death cycle.’ After peaking in your business, the demand for your products slows down, and you take feedback from your existing customers to make it more appealing till the market dies down completely.
The crucial question is: “Can asking customers to provide feedback about what features they would like to have in your product actually save your product?”
The answer is ‘no’.
You will end up spending your precious time and resources on creating or infusing new features in your product but there would be hardly any upward change in the demand.
What can be done?
The situation demands to go back to your start point. What did you do ab initio to make your business successful? What was the factor that set you apart from your competition? What did you offer to your customers that they could not stop buying your product?
Draw those strategies and methods on a paper and compare them to what you are missing in the current scenario.
Don’t focus too much on the current set of your customers—think what you can do to capture new customers. Maybe, think it as a new life cycle for the product.
Always be ready to adopt innovation and change. If you are not ready to adopt change, you are staring point-blank at the disaster. A few patches here and there and some cosmetic fixes might not do the trick for you. Think afresh and start with the same zeal that made you successful at the beginning of your business.