Do You Have a Great Product?

In the world of business, the success of a product or service hinges on one essential element: quality. The quality of a product is a customer's perception of it, it’s how effectively the product meets their needs and expectations. As I often tell entrepreneurs: "If your product isn’t a great success, test it again and make changes."

Quality can be broadly defined as the group of characteristics that make a product satisfy a specific need. In business, this translates into how well your product solves your customer’s problem. To ensure a product meets the highest standards, companies need to implement a quality management system. This system provides the structure to continuously monitor, evaluate, and improve products while minimizing errors.

To determine the effectiveness of your product, quality indicators help measure performance, competitiveness, and customer satisfaction. Your quality plan should be comprehensive and aligned with your business objectives.

Key elements include:

• Defining processes and systems to minimize errors.
• Identifying the characteristics required to guarantee quality.
• Assigning a skilled team to oversee inspections.
• Establishing a method for data collection to drive continuous improvement.
• Providing necessary training for workers.
• Running tests to ensure the product meets customer expectations.

Don't forget the verification process. Make sure to inspect materials during entry, monitor quality during production and evaluate the finished product before it reaches the customer. Each step will ensure that your product aligns with customer expectations and maintains consistency.

Keep in mind, effective quality control relies on things like daily inventory updates to track product indicators as well as calibration plans to compare product performance against standards. Don't forget equipment maintenance schedules so you can prevent failures and ensure regular evaluations.

Once your quality processes are in place, monitor these indicators to gauge your product’s success:

1. Market Coverage: Measure how well your product meets market demand. A high coverage rate indicates strong alignment with customer needs.
2. Product Effectiveness: Determine whether the product has solved the customer’s problem. Surveys and customer feedback are crucial.
3. Sales Levels: Sales are a straightforward way to measure product quality. After all, customers buy what they value.
4. Customer Satisfaction: This is the ultimate indicator of success. The best business owners do their homework and analyze customer needs. Feedback and surveys will help you refine your approach to ensure satisfaction.

Great products are made through iteration, testing, and refinement. As an entrepreneur, never settle for “good enough.” Take the time to measure quality, analyze customer feedback, and perfect your offering. The path to success is paved with continuous improvement. Whether you’re at the idea stage or taking your business to the next level, always ask yourself: "Does my product solve a real problem better than anything else in the market?" If the answer isn’t a resounding “yes” then it’s time to go back to the drawing board.

Best,

Kevin Harrington

Co-Founder of Big Brand Ventures