4 Common Mistakes to Avoid in New Product Development

The successful operation of a business depends on the uniqueness of its products and innovations. Now, successful new product development might be the key to a healthy manufacturing business, but only about 30% of products that hit the market actually deliver the returns that were expected of them. So, what seems to be the cause of this misfortune?

Well, many businesses often miss out on a few important factors of the product development process that eventually leads to the destruction of the entire project. Therefore, they often end up overspending and missing the intended launch date only to introduce a product which isn’t exactly the best. So, what can businesses do to avoid this? Well, they should avoid these 4 common mistakes:

1. No Market Research

One of the biggest mistakes businesses or new product managers make is failure to carry out thorough market analysis and research before ‘screening the idea’.

Failure to research directly leads to the annihilation of the entire project, as you have no information regarding what consumers actually want, how you can meet their demands, and address basic issues and problems.

While it is understandable that every business has deadlines to meet, make it a habit to always carry out thorough market research before moving on with the product development process. This way, you can avoid any possible mistakes and create a strategic plan that will lead the way for future product developments.

2. No Future Planning

New product development is all about creating new innovations for the future. Designers and engineers spend significant time in working out solutions that will not only give a good ROI in the present, but also in the future. Failure of future planning will directly result in poor product development and jeopardize the way for future product developments as well.

Therefore, to avoid this from happening, make sure to fine tune your product for the future. This way, you can avoid creating products that are superior in terms of ‘features’ and instead focus on ‘simplicity’, which is the key for successful new product development. So, when you have a good idea, make sure to analyze how it will perform and function in the future with the rise of new technological advancements.

3. Focusing on Benefits, Not on Product

Many businesses believe a successful product should provide numerous benefits to consumers. While this is a good approach to new product development, it may actually raise many issues and problems in circumstances where the product cannot provide what was quoted. Keep in mind, the focus of the development team should be on the product itself rather than the benefits provided. Ultimately, the customer will buy the product for its benefits, but unless you do not focus on the limits of the product, the end result would be a great product that perhaps no one would want to spend money on.

4. Pricing It Too High or Low

Every business wants to gain maximum ROI on the new product they have brought into the market. However, the customer would not buy the product because it is too costly and you will not be able to earn profits if the price is too low. Therefore, the pricing of the product has to be consistent with the benefits it provides and the purchasing power of your target market.

Keep in mind, if the price is too high, the customer is likely to ignore the new product and it will remain on the shelves, thus resulting in a huge loss. Therefore, make sure to price your products based on the price competitors’ charge.

Commercial Loans – Take All Aspects In Consideration

As the saying goes, taking a loan is easier than surviving with it. A shrewd businessman is one who borrow but with an eye to repay it as soon as possible. Sometimes, business requirements arise because you get a new business order hat is hard to manage within your own business funds. You obviously cannot afford to lose big business opportunity only because the funds are not there.

These and other similar situations force you to take help of external sources of financing. These sources may be temporary or permanent, depending on the nature of funding. Large body corporate often have huge financial needs, and therefore, they resort to public financing by inviting deposits or going for a ‘rights issue’ meant for the existing shareholders. On the other hand, a new business concern or sole proprietorship undertaking would obviously not be able to take benefit of that sort – neither are these meant for them.

Before applying for commercial loans, first of all decide the type of debt financing that your business firm will be comfortably able to get. If you do not own any property in the name of firm, secured commercial business loans are out of question. You will have to rely on loans that do not require any security. These loans will offer you a limited amount – upto £25,000. The interest rate is likely to be little more than what you can get by pledging some property. The amount of loan that you can qualify for can be increased by involving some property in the loan transaction.

How Outsourcing Your Contact Management Process Saves Time & Money

Results-oriented call center managers have plenty of issues to handle on a daily basis. From staffing concerns to customer service to call center platform performance, there’s no shortage of concerns to address – and to ensure their call centers run like clockwork.

It’s no surprise that all these performance metrics and KPIs are inwardly-focused…after all, these are things any call center can control.

But for many companies, the key to improving contact platform management processes is actually found OUTSIDE their organization. In other words, outsourcing offers plenty of benefits for any call center concerned about saving time and money – all while ensuring top-notch client communication and customer service.

Expert, Outsourced Customer Service = Optimal Productivity
Regardless of the industry or business sector, call centers devote a large chunk of time to customer service. But what if your contact center had a reliable, ready-to-deploy customer service structure to handle all the tasks associated with delivering exceptional customer service?

For one thing, your inbound call centers could focus more on building critical front-end relationships with your clients, from products & services to things like reservations and more.

Deciding to outsource customer service is a big step for any call center. The main goal of customer service is 100% client satisfaction, and relinquishing ownership of this function comes with its share of challenges.

But with a trusted partner like TeleDirect in your corner, we ensure your customer service metrics exceed expectations, thanks to our customized, turnkey communication solutions. It’s all about aligning your primary goals with your outsourcing provider. TeleDirect’s proven business process outsourcing (BPO) services, including customer service, deliver each and every time. To cite just one example, our client retention platform keeps long-term customers, all while helping you prospect for promising – and eventually profitable – business relationships.

Reduced Business Expenses and a Boost to Your Bottom Line: Why Outsourcing Your Call Center Customer Service Makes Sense
An effective, intuitive outsourced call center program inevitably improves revenue streams. One company recently made the decision to outsource their customer service management and enjoyed a tenfold increase in sales, not to mention exponential improvements in sales leads and lead cost structure.

Aside from the pure productivity aspect, outsourcing your call center management process has the added advantage of minimal expense to your business or non-profit.

How does your call center save money by outsourcing?

No need for employee workstations. Computers, office equipment, and associated support services for on-site agents… all negatively impact your expense margins. With call center management outsourced, customer service is affordable – and efficient!
Streamlined services. Don’t overlook the “hit the ground running” factor in a professional, reliable outsourced call center. When you have well-trained agents at your disposal – one of the core offerings of TeleDirect’s contact center platform – you can still manage all of your customer communication needs.
Reduce average handle time. Another big benefit of outsourced customer service is improved call handle time. For your clients, the front-line of your customer satisfaction KPIs starts with professional, on-point agents to answer questions, provide information, set appointments, and more. When your average handling time is too long, you’re missing out on profits simply because your call center has to dedicate unnecessary time to customer service instead of other profit-dependent tasks. Your customers know when you don’t have a game plan in place to handle calls and other customer service tasks. With reduced average handle time, your customer service metrics immediately improve!
Timely, actionable intelligence. Wouldn’t it be great to build market research into your call center customer service architecture? With TeleDirect, we’re able to give you up-to-date, valuable industry & sector data, enabling your enterprise to make the best possible decisions moving forward.
Discover the Time-Saving, Cost-Reducing Benefits of Outsourced Customer Service: Contact TeleDirect Today!

TeleDirect’s outsourced call center management service gives you flexibility and powerful, customized applications to take back control of your client communication requirements – all while reducing average call handling time in the process.

To get your contact center back on track, or if you need a start-from-scratch solution today, fill out our customer contact form, and our customer service consultants will get back to you ASAP. You can also reach us directly by calling (800) 776-1081. Thanks for considering TeleDirect for your outsourced call center management!