The Product Opportunities You’re Probably Missing

Engaged in the manufacturing of industrial equipment, and as a company owner who gets involved in fundamentally all processes from development to sales and support within our business funnel, my perception of a “product” has evolved into something different from the conventional understanding. Typically, a product is seen as something as tangible as a machine or contained software with a series of integrated functions.

Actually, a product can be as negligible as a button on a machine’s interface, or sometimes, a product can simply be a procedural improvement made for a better customer experience during the order process.

A product can even be a log that lists key events during your conversion funnel for internal review; although customers may not be granted access to it, it eventually benefits them during their customer journey.

Everything and every procedure that happens, is offered, serviced or integrated into the customer journey can be designed and developed as a product.

A product is not just a product.

An excellent product is all about the customer, not the product itself

At the outset of ÉLITER Packaging Machinery‘s foundation in 2021 as a new brand of my family-owned business, our vision was coupled with being positioned in the high-end market by building machines as advanced as those of European brands.

For years since then, I had been holding onto stereotypes regarding what a high-end machine is. I believed that it stood for something of high quality, built with the best materials and an advanced finish, and integrated with advanced electrical and control systems. Such a “high-end machine” as our product is thus naturally priced high — we are entitled to do so since it is a “good product” in all aspects.

I was wrong.

I remember a customer meeting in our conference room where it struck me that nobody asked about the quality or price of the machine. Of course, they had already seen it running firsthand at the facility.

Here is a summary of some of their top priorities:

• An HMI-based preventive maintenance system that flags components reaching their maintenance intervals.

• All component numbers must match the machine’s BOM. The part ordering sequence must be supported by an integrated ERP interface.

• Line-wide, real-time OEE calculation on the HMI via integrated data collection from all upstream and downstream equipment.

That was the moment when I realized that my perception of a product had been wrong. Building a good product goes far beyond selling a product in the form of a commodity.

• Customers look beyond the product itself — there are more “products” to be developed to enhance the core product.

• The value perceived by the customer is never just about the product itself. It is the additional products developed to enhance usability and customer success that attach true value to the core product.

• A product built merely to fulfill its application, rather than to thoroughly streamline it, fails to deliver the full value of the product.

When companies treat their products as simple commodities, they miss out on crucial opportunities for customer success and business growth.

Develop products for customer success throughout the business funnel and customer journey

Every step and stage of your customer journey and conversion funnel potentially requires a product for improvement. At its core, business growth is about customer success and creating real value at every touchpoint.

Take a close look at your business scenarios, from the initial conversion to the very end of the customer lifecycle. Highlight the gaps, find the opportunities, build solutions, and develop products accordingly that help your customers win.

Everything on your official website is potentially a product

Your website is usually the front door of your marketing efforts — where customers first discover your brand, your services and your offerings. A button designed simply for attracting clicks can even function as a product, as long as it contributes to the customer experience.

Think of a customer who is looking for solutions or offerings but is not necessarily familiar with your portfolio. Develop an interactive tool or interface on your website that guides customers from their specific application to the corresponding options in your portfolio, instead of leaving them to explore the site on their own.

Develop an interactive website interface where customers can calculate their total landed cost — including the product price, transport fees and customs duties. Integrate country-specific H.S. code and tax rate retrieval systems for accurate, official information tracking.

You don’t need to follow my suggestions exactly, as these are just examples for your reference and inspiration.

Develop your product beyond a commodity, and integrate interactive functions

A product that serves exclusively for a single application is just a commodity. How effectively that application is supported is what brings a product to another level.

Imagine a packaging machine that collects data from both upstream and downstream equipment to perform real-time calculations of the previously mentioned metrics, OEE and Process Capability Index.

The machine hence functions as more than just a piece of equipment; it becomes a control hub for monitoring your production effectiveness, generating production reports, conducting quantitative analysis and subsequently scaling up your production management capabilities.

If you run a digital service business, focus on procedural improvements and functional flexibility, so your service seamlessly integrates into your users’ existing tools and workflows. Build your product to be an essential part of their daily routine, rather than a standalone service.

Service is a product: Keep customer success in mind during post-sales stages

How you support customers after the sale is a vital piece of their overall journey and the perfect space to design products that elevate customer success.

Creating an after-sales product — like a regional service network with local teams, instant resources and highly flexible delivery — adds immense value to that experience.

Even in the case of an after-sales dispute and a refund request, or perhaps something as simple as a sign-out process, the approach to retaining customers can be categorized as a product.

Build products for customer success, not for selling commodities

Business success is based on customer success, and business results are inherently product-driven. A product that fails to align with customer value is merely a commodity.

When designing and developing products, break down your business funnel and conversion process into distinct stages of the customer journey. Build targeted solutions by identifying potential improvements and opportunities for customer success.

Ultimately, you must shift your perspective from being the one offering the product to the one receiving it.

Engaged in the manufacturing of industrial equipment, and as a company owner who gets involved in fundamentally all processes from development to sales and support within our business funnel, my perception of a “product” has evolved into something different from the conventional understanding. Typically, a product is seen as something as tangible as a machine or contained software with a series of integrated functions.

Actually, a product can be as negligible as a button on a machine’s interface, or sometimes, a product can simply be a procedural improvement made for a better customer experience during the order process.

A product can even be a log that lists key events during your conversion funnel for internal review; although customers may not be granted access to it, it eventually benefits them during their customer journey.