When you own a business, you have to make difficult choices. The best way to keep your company profitable and remain competitive is by identifying your strengths and weaknesses and then adjusting your product mix accordingly. For example, if your company specializes in high-end products with a high price tag, but the market for these items is shrinking, you may need to re-evaluate your product mix and focus on products that are more affordable. This may involve stopping production of certain products altogether or shifting resources from one product line to another.For companies with a presence in multiple markets, it can be difficult to determine which products are underperforming and which ones need more attention. This is especially true for e-commerce businesses that don’t have the luxury of visiting their retail stores on a regular basis to gauge customer interest in specific products. However, identifying the company’s least popular products is an important step in improving overall customer experience and boosting sales in other areas.

Ask your customers

If you have an active customer base, then you already have a head start when it comes to identifying the products your customers like and dislike. You can conduct a poll on social media or send out a survey asking your customers about their preferences and expectations. You can also use this data to create a buyer persona for each of your target audiences, which will help you identify where your products are falling short and what needs to be improved.If you don’t have an active customer base, you can still ask your current customers for feedback. Just be sure to follow up with a phone call or survey to get more in-depth responses. You can also ask your current customers if they would be willing to refer their friends to your business in exchange for a reward or discount. This will help you identify the products that are underperforming and give you an idea of what needs to be improved.

Hold a focus group

If you have a smaller customer base and can’t afford to conduct a poll, you can try holding a focus group to identify your products’ weakest points. Focus groups are usually held in a meeting room or another location that is out of sight of customers. You can also use a virtual meeting platform like Zoom or Google Hangouts to make it easier to conduct multiple sessions in the same room at the same time.The focus group leader should be someone who understands the business and can ask questions that get to the heart of the matter. This may involve asking customers to rank their level of satisfaction with each product or service, or asking them to explain their level of satisfaction with each product or service. You can also ask customers to give examples of when they were dissatisfied with a product or service and what they would have liked to see in place of the product or service they received.

Hold a brainstorming session

Another option is to hold a brainstorming session where employees can come up with ideas for improving the products that are underperforming. This can be especially useful if you have a team of employees who specialize in different areas. For example, an e-commerce business that sells electronics products can hold a brainstorming session to discuss how they can improve the customer experience with their headphones, computer cases, or other audio/visual products.The brainstorming session leader should have a general understanding of the business and its products. This will make it easier to ask questions that lead to relevant insights and help the employees generate more ideas.

Review your product development process

If you have a team that is tasked with designing new products for your business, you can use the product development process to identify the products that are underperforming. This process will help you determine which products are underperforming and why, which will allow you to make adjustments to improve the quality of your products.The product development process is a series of steps that businesses use to develop new products. It includes the following steps:- Product definition - What is the product’s purpose? How will it be used? How much will it cost?- Product design - How will the product be constructed? What materials will be used? What features will be included?- Product testing - How will the product be used in real-world conditions to determine if it meets the requirements set out in the product definition?

Conclusion

Underperforming products can have a negative impact on your company’s bottom line. If you can identify the products that are underperforming, you can make adjustments to improve them and boost sales in other areas. If you don’t have an active customer base, you can ask your current customers for feedback to identify the products that are underperforming and give you an idea of what needs to be improved.

Frequently Asked Question

The average hourly rate for a janitorial cleaning services company in Sydney, Australia, is about $25 per hour, with rates increasing depending on the size and complexity of the cleaning services requested.

The most common services that a janitorial cleaning services company will provide include general cleaning, window cleaning, carpet cleaning, and pressure washing.

Some tips for finding a reputable janitorial cleaning services company in Sydney, Australia, include: checking online reviews, asking for recommendations from friends or family, and doing a bit of research on the company itself.

The average hourly rate for a janitorial cleaning services company in Sydney, Australia, is about $25 per hour, with rates increasing depending on the size and complexity of the cleaning services requested.

The most common services that a janitorial cleaning services company will provide include general cleaning, window cleaning, carpet cleaning, and pressure washing.

Some tips for finding a reputable janitorial cleaning services company in Sydney, Australia, include: checking online reviews, asking for recommendations from friends or family, and doing a bit of research on the company itself.