6 Impacts of Product quality on Small Businesses
Whether it’s a Small business or a large business, it requires the similar planning methodology, but the difference lies in the constraints of manpower and the money, which directly or indirectly bring constraints in almost all of the stages of the product life cycle. The small businesses also have the challenge to penetrate into the market of the big competitors, besides the lesser man power & the money. This demands a smartest cost effective planning, which is obviously not so easy to be carried out. One or the other mistakes is more likely to happen. But, the entrepreneurs can make sure to be on the right direction by analyzing planning steps and it’s impact according to the current market scenario.
Impact of Product Quality on Small Businesses
One of the cost effective planning is the planning of the product quality. The product quality is contributed by the UI (User Interface) and the UX (User Experience), which is one of the major key factors, deciding the success of any product. A great product quality might require a little more of the investment in getting the right talent on board, but at the same time it saves a lot of money in the later stages of the product development life cycle. A great product quality can help in the following ways:
- Meeting up the customer’s expectations
- Building up the trust level of the customers
- Meeting the Standards or sometimes even building up a new standard
- Building & keeping up the repo of the brand
- Saving the rework time & cost of the product
- Saving the product maintenance cost
Apart from the above facts, a great product quality can also help in saving the marketing cost and can also help the promotion of the product by the users and their reviews about the product. The quality of a product can be carried out in such a way, to leave a part of the marketing burden on the shoulders of the users by will. Designing a great UI/UX doesn’t require much of the man power and the money, but absolutely requires investing the right amount of money on the right talent, and utilising the right skills.
The above mentioned outcomes are not just for the small or the large businesses, but for any kind of businesses. But, the impact on the small businesses may be unbearable or hard to tackle. So, we'll discuss on how it impacts the small businesses.
Which point do you think most importantly impacted by the product quality for the small businesses?
1. Meeting up the customer’s expectations
Every customer has it’s own expectations before using a product. And, the product maker has to understand that expectation of the customer and meet the same. Before using a product, a customer has the following requirements in common :
- Whether the product fulfil my needs or not
- Whether the product is Safe/Secure or not
- Whether the product is easy to use or not
- Whether the product is user friendly or not
- Whether the product look great or not
All the above mentioned points are a part of the product quality, playing the major role in meeting the customer’s expectations. And, these are the basic expectations of the customers which must be fulfilled and should never be compromised at any cost, if the business has to be seen in the long run. Even a single point missed out, and you never know when the product will be kicked out by the customer, as it’s probability to be kicked out of the market crosses 90% bar and becomes high.
2. Building up the trust level of the customers
Building a trust level for your product in customer’s mind is totally dependent on the quality of the product that use.
Until the customer’s expectations are met, we can’t even think of gaining the customer’s trust. But, once their expectations are met, the customers must be engaged in using the product and fulfilling their needs in a great way with a great ease. The more they do so, the more they get used to your product, and develop a trust for the product leading to the trust for the brand.
Ultimately, better the product quality is, more the customers engage in the product. And, more the customers engage with the product, more they develop the trust for the product. And, this is the trust which is a lot important for a small business in the initial stage or even the later stages.
Building the trust is even easier than maintaining the same in the long run. So, the product maker must never be satisfied by the customer’s trust at any point of time. A single mistake, and you can loose the trust and again ultimately losing the business in the hands of the big giants of the market.
3. Meeting the Standards or sometimes even building up a new standard
There are a certain standards already defined to measure the different aspects of a product.
Even for the product quality, there are certain standards already defined. And, these standards must be met strictly while building a product. It’s great to create a benchmark and build your own standards but keeping the existing standards in mind, is always appreciating. Meeting the standards ensure different basic aspects of the product which it must have before reaching to the users.
Ensuring the quality of the product helps in meeting these standards and avoids later stage blockers. For small businesses, the lesser the blockers are, the easy and effective the execution is. So, let’s maintain the quality to meet the standards.
4. Building & keeping up the repo of the brand
Until a product meets the customer’s expectations, meets the standards and builds up a trust among the customers, it can’t help the brand building a repo in market.
And, the repo of a brand is nothing but what a user thinks about the products of a brand. Any opinion a user makes, is according to the quality of the product. So, may it be any kind of business, the quality of the product always helps in building or maintaining the repo of the business, which is a key factor in the success of any business in a long run.
For a small business with a small investement, say a small start up, while struggling to get the right product into the market, among the big competitors already established, it’s really important to gain the trust level of the users by providing them the right product in a right manner. The initial repo of a newly started small business makes a lot sense in the success of the business.
And for the old established small business having a good repo in the market, can loose the business in the hands of the big giants, all of a sudden by loosing the user trust if the quality is not taken care properly every time.
So, maintaining the product quality can help in even regaining the lost businesses at any point of time in a shorter period of time.
5. Saving the rework time & cost of the product
For the small businesses, the time and the money are the only two most important constraints which differentiate them from the large businesses.
So, the small businesses need always to be alert in terms of saving their time and cost. By maintaining the product quality, they can ensure to save a lot of their time and cost by avoiding the rework on the product at any stage of the execution. This can be made possible only by ensuring the following things :
- An extensive research & analysis
- A great product planning
- A great working team
- A great review team
So, the research & Analysis, the product planning, a working team and the review team is something which ensures the quality of your product. And, once these are ensured, you indirectly save your cost and time for the rework.
To be clear, a team quality is never judged by the number of the members in the team, but by the capability of the team. Even a lesser number of people can be able to execute a large number of tasks, and that is what constraints to a team quality, and should be there in a small business to save the time and the cost.
6. Saving the product maintenance cost
It is a very straight forward outcome of maintaining the product quality. The great product quality means the least maintenance cost. As it ensures the product to be least prone to any kind of damages/error while in operation.
So, let’s maintain a great product quality for our business and ensure the customer’s expectations are always met, the product standards are always met, the customers trust level is maintained, the brand repo is maintained & the time & cost of the business is saved by saving the rework and the maintenance of the product.