When Your Product Makes People Feel Great, You Make Money!
"When Your Product Makes People Feel Great, You Make Money!"
You've read this before and you know the common wisdom: products that make people feel amazing are the money makers. So why is it then that so many companies fail to produce a product people love? It might be because they're trying too hard to create something unique, unique when in fact all they need to do is listen and respond. They might also be doing things at the wrong time. More often than not, it's usually because they're waiting for a brilliant idea or something that has never been done before.
Find a problem. Find a solution. Get that problem/solution out there for people to use. Congratulations you've just invented a new product which in turn will generate money. It's that simple and yes it doesn't require rocket science, but it does require listening to the market, understanding their needs and desires as well as demonstrating empathy for those needs and desires.
One of the most successful companies in history I know is Starbucks Coffee (NYSE:SBUX). Actually when I say 'successful', I mean popular, profitable and well loved – both by coffee drinkers and investors alike. Why don't you know about them? Because they didn't invent the idea of coffee shops, that had been around since the 17th Century. They also didn't invent the idea of artisan roasted coffee beans, that was already a thing too.
What Starbucks did do is create an environment where people could enjoy a quality cup of roasted coffee in a welcoming and friendly atmosphere. It's all about creating a good experience for their customers and it works so well that it has spread all over the world, with new stores popping up constantly. But here's something else you should know: Starbucks didn't have to re-invent the wheel to get that traction. They didn't have to dream up some strange new concept to make money, they only had to be better than the competition.
This is one of the reasons why Starbucks has been so successful. They created a coffee culture which tends to be slightly more expensive (although prices vary around the world). So they've achieved a high margin but their customers are willing to pay for it because they enjoy the experience and see it as value for money. That's not just a great business model, it also shows how businesses can create value for their customers as well as themselves. They do that by listening, paying attention to customer needs and responding in kind with appropriate products – products that customers love and continue doing business with because of that experience.
Some companies have managed to produce something that people love, but they didn't focus on providing great service or a great experience, they only focused on getting their product out there. They used advertising to get people's attention and then provide 'acceptable' customer service. The problem with this is it doesn't work in the long run because when you're not able to pay attention to details and get things wrong along the way, customers will eventually leave and go elsewhere.
Here are 16 companies that have succeeded in creating products people love and continue buying/using:
1) Apple (NASDAQ: AAPL): Innovation, Quality and Simplicity. If you haven't heard of them yet you will soon. They've just announced the release of their Apple Watch, the latest addition to their range of products and they're planning on opening at least 25 retail stores in China by mid 2015. Not only is it good to be able to buy an Apple product as you know you'll get quality, but if you're lucky enough to be able to afford one then you could end up owning one of the best selling luxury goods on the market today!
2) Zappos (NYSE:ZOO): An online shoe retailer that has gained a reputation for its outstanding service which has translated into rapid growth in recent years. They've also produced some fantastic shoes and I'm sure they'll continue to do so.
3) Jamba Juice (NYSE:JASO): Easy, quick healthy alternatives to the traditional fast food. They've received a great reception from customers and investors because of their innovative approach. Hopefully there'll be even more growth in the future.
4) Domino's Pizza (NYSE:DOM): It seems as though this company was built for the purpose of creating profit for its shareholders, but it's also become a success amongst customers because of the quality of the service and their pizza range. They've been around in one form or another since 1960, and it shows no signs of slowing down yet.
5) Lululemon (NASDAQ:LULU): An athletic wear manufacturer that focuses on yoga pants and clothing for other types of exercise. They've created a successful business from this start but they're also now expanding into other areas such as shoes, bags and other fashion accessories too.
6) Ralph Lauren (NYSE:RL): They've created a whole range of clothing for men and women. Their success isn't just about their clothing range but also the experience they provide for customers by way of their famous Polo line of products.
7) Red Mango (NASDAQ:RM): An online frozen yogurt retailer that has a great reputation amongst people interested in healthy foods and treats. The focus is on fresh ingredients, so wherever you may be in the world, you'll have an option to eat healthy when you want to.
8) Zappos.com (NASDAQ:ZPSH): I find it hard to believe that any business can provide the kind of customer service that this company does and still be able to turn a profit, but they've done it for over 10 years now and they are one of the leaders in the online shoe retail industry. They're also known for their amazing social media marketing strategy which has helped them garner so much attention.
9) Etsy Inc (NASDAQ:ETSY): A marketplace for handmade items that's one of the web's fastest growing companies. It offers sellers all kinds of things from craft supplies to clothing, jewellery and even furniture.
Conclusion
So now you know that it's more than possible to create a product that people love and continue buying/using. It doesn't matter what you're selling, all that matters is that your product/service needs to provide value for your customers and yourself. If you can provide something valuable for customers, then you'll have loyal customers who continue to buy. The only difficult part is finding out what those things are and making sure you focus on them. So once you've got the general idea, just listen to the suggestions of those around you – customers in particular – and implement those changes appropriately.