Every company that exists to sell durable goods has employees focused on product development. Products are AirPro’s chief revenue stream. Without products, we’d be like the Milwaukee Bucks with no players. If we fail to create products at profitable price points that our customers need, our business will fail. So many of us in business grapple with this reality every day.
Product creation always precedes sales because until we develop something that the air movement industry considers valuable, we have nothing to sell. We must create something that delivers value and then persuade potential customers that exchanging their money for our product will benefit them. The prosperity of our company hinges on this, making product development at once challenging and enjoyable.
As a fan guy, product development captivates me. I have a restless mind and naturally gravitate to how to create products people want, or how to make certain products better—which creates value. Having spent years in this discipline, I’ve had ample opportunity for reflection, failing far more than succeeding.
Throughout my professional journey in the fan business, I’ve identified several key principles to help determine which products will launch successfully, how to make these crucial decisions, and what differentiates products that fail or succeed. These principles apply to existing product development in an established marketplace where the business operation finances the work.
Limit Risk. Products with proven market interest carry less risk. Educating consumers about unfamiliar concepts requires considerable time and expense, but building on successful products from other markets reduces the risk of failure. We owe a debt of gratitude to the trailblazers who pioneered our industries because their ideas have saved us time and money and have allowed us to prioritize our research and development without having to reinvent the wheel (pun intended).
Diversify ingenuity. Avoid spending too much time or energy on a solitary product idea. More than likely, most businesses will flourish or decline based on the core elements that already work well. Any innovative idea will likely take time to mature into something significant to the company’s bottom line, so nourish those innovative ideas like a spring sapling—slow and steady. Like investments, product portfolios work best with diversification.
Get the price right. Optimal pricing represents one of the most challenging aspects of product development. After creating a valuable product with a sensible production process, decide whether to price it competitively to drive volume, position it in the mid-market for balanced returns, or establish premium pricing to signal exceptional value. Whatever the strategy, implement it with conviction and consistency.
Send the product to market. Every product needs customers; a product without customers has no value. Identify early product champions who genuinely appreciate the product and convince them to purchase it. This will lend credibility to the company and win over skeptics, enabling further product expansion in the marketplace.
Embrace failures and celebrate successes. Idea people always fail more than they succeed; however, that reality should only drive the desire to channel resources toward successful efforts. As Kenny Rogers sang, “Know when to hold ‘em, know when to fold ‘em.” Leave the failures behind and run with the wins.
Consider product development both an art and a science—requiring creativity, market insight, and disciplined execution. By adhering to these principles, I’ve enhanced my ability to develop products that resonate with customers and contribute meaningfully to business success.
Our application engineers have extensive experience with a wide range of industrial applications. Contact our team today to discuss your project. We can help you select the best fan for your application.