How can you design products that increase revenue and profitability?

Designing products that boost revenue and profitability starts with a deep understanding of your customers. It's like being a detective, uncovering what they truly need and value. Dive into their world – conduct surveys, and interviews and observe their behaviour. Innovation is key. Think about how your product can solve problems in unique ways. It's not just about what it does, but how it makes life easier or more enjoyable for your customers. Focus on quality. A well-made product earns trust and encourages repeat purchases and referrals, which are gold in business. Price smartly. It's not just about being competitive; it's about perceived value. Ensure your pricing reflects the quality and benefits of your product.

Firstly, listen to your potential clients (their needs/concerns/problems and built your customer personas, which will equipped you with the necessary tools to move forward with the idea/project. Then, do a proper market research (market reports and researches, talk to experts, understand the figures) to get the market drivers.

From my journey as a digital health strategist and registered pharmacist, I've learned that understanding the intricacies of the healthcare market is pivotal. It's not just about meeting needs but anticipating them. In the dynamic realm of digital health, staying attuned to evolving patient expectations and industry trends is key. Leverage data insights and engage with your audience – it's the heartbeat of product development.

One thing I have found helpful in designing products that increase revenue and profitability is to focus on customer needs and market demand. This involves conducting thorough market research to understand what your customers truly want and need. For example, I've seen a company redesign an existing product based on customer feedback, which not only enhanced user satisfaction but also led to increased sales and market share. By aligning product design with customer preferences and market trends, you can create products that are both appealing and profitable

All good comments - but a lot of successful products have come shooting from the hip, based on intuition. I think there are times when these very common sense analytical approaches stiffle product development.

Embarking on product development requires a clear vision. Having navigated the intersection of technology and healthcare for the past 5 years, I've found that aligning your vision with the broader goals of improving patient outcomes and accessibility is transformative. Your strategy must resonate with the ethos of personalized healthcare, leveraging technology to empower individuals in managing their well-being proactively.

Digital health is a collaborative venture, not just in expertise but in understanding the end-users. Drawing from my experience in digital marketing and strategic partnerships, I've witnessed the power of incorporating diverse perspectives. Actively seek and value customer feedback throughout the design phase, ensuring that your product not only meets but exceeds their expectations.

In the product world, I have always been a fan of adopting an agile approach to product development, allowing for iterative and flexible adjustments. It allows you to respond quickly to market changes, integrate new tech with ease, and stay ahead of competitors. The goal is to regularly revisit your product strategy and iterate based on real-time feedback, ensuring your offerings remain dynamic and aligned with customer demands.

Revolutionizing healthcare demands more than just product launches; it's a commitment to managing the lifecycle of digital health solutions. Having navigated strategic partnerships and regulatory affairs, I've learned that success lies in continual evolution. Beyond compliance, it's about proactive adaptation and innovation. This lifecycle management isn't merely sustaining; it's about amplifying positive impacts. Each addition to the product portfolio must align with personalized healthcare, ensuring accessibility and empowering proactive well-being. It's a strategic imperative to continually enhance and evolve, ensuring every product propels the collective mission of transforming healthcare forward.

Alternatively, scrap all the above and launch a passive or scalable idea to the right audience. 1. Design a solution that solves one problem for one market but make it a product that can be created once but sold time and time again. 2. Pre-sell the concept to qualify the offer. Use an incentive to buy, like a discount on the launch price or a bonus. 3. Build it. 4. Deliver it to your existing customers who have already bought it. 5. Market it and sell more. 6. Create operations and automations that generate sales with minimal management. 7. Drop mic