This is how you can tell if your product or service isn’t working for your customers

When your company introduces a new product or service, you and your team hope it will be effective and meet the needs of your customer base. Unfortunately, there are times when that product or service just isn’t working as intended for your buyers — and it’s up to you as a leader to determine if that’s the case.

To help you make that decision and understand your next steps, a panel of leaders from the Young Entrepreneur Council (YEC) answered the following question:

“How can you determine if a product or service is not as effective or necessary as you thought, and what should be your next steps once you have made that determination? Why?”

Here’s what they recommend you do to get started.

1. Track rage clicks

“Anger clicks occur when a user repeatedly clicks or taps on the same thing, which usually indicates frustration. Anger click tracking can help business owners identify buttons that aren’t working properly, broken elements, confusing content, or slow-loading pages. You can easily track anger clicks with behavioral analytics or during in-person usability testing.” ~ Shusaito, SpiroPure

2. Talk to your customers

“A constant flow of communication with your customers and clients not only provides you with the data and feedback that allows you to properly assess the effectiveness of your business, but also allows you to ask your customers for their own ideas or solutions to their unique problems. These ideas can give you new and profitable directions for your business.” ~ Kyle Michaud, carolina dozer

3. Check your metrics

“Look at analytics that matter to your business. If customer retention or consistent usage is driving your business growth, you need to review these metrics and see if they match your projections. If they don’t match the predictions, the product probably isn’t as effective as you thought. Fixing this requires collecting feedback and tweaking where necessary, re-checking, flushing and redoing your metrics. ”~ Jared Weitz, United Capital Source Inc.

4. Conduct product tests or surveys

“Product testing is a great way to determine if a product isn’t as effective or necessary as you thought it would be. Polls can also help analyze social feedback. With these insights into customer intent, quality, and value, you can update your product or service, or create a new offering that better aligns with customer needs.” ~ Brian David Crane, Share great ideas

5. Consider the costs and benefits of your product

“The decision for or against a product or service is often a question of cost and benefit. The cost is significant as it reflects the financial outlay required to purchase the product or service. Utility, on the other hand, is essential as it reflects the potential benefit that can be gained from using the product or service. It’s the most scientific way to make a decision.” ~ Kelly Richardson, info brand

6. Determine the feasibility of the product

“You can tell whether a product is right by its feasibility. This consists of asking yourself if it is physically possible to manufacture the product, if you have the resources to manufacture it, and if there is a market for it. If the answer to any of these questions is no, the product may not be as workable as you think and you should discard it.” ~ Syed Balchi, WPBeginner

7. Look for leaks of value

“The most telltale sign that a product or service isn’t doing what it should is if you have to constantly remind the customer to use the product. This usually means that the product is not the focus and there is a loss of value somewhere in the customer journey. Find the leak! Start by collecting real feedback on what is misaligned and then iterate from there to close those gaps.” ~ Daniel Voskin, Goals Aesthetics and Plastic Surgery

8. Ask if the product fits your “universe”.

“The simplest way to determine if a product is needed is to see if it belongs in your ‘universe’ – that is, your industry, your audience, and your products. Some products are so out of the ordinary that you probably don’t have the expertise or resources to make them work. If a product or service doesn’t seem to fit into your universe, it may not be as effective or necessary as you thought.” ~ Blair Williams, MemberPress

Image: Envato Elements

Best Executive or Club Lounges in Chicago Hotels – Tips – Blog – Luxury Travel Journal

Will Ethereum’s Shanghai Upgrade Dump ETH Prices? (Analysis)