Making a quality product, and making a product that sells, are two different needs. There are many reasons why a quality product might not sell well. Maybe there is little demand for it, maybe it is outdated or maybe the company that is selling it fails to turn its features into benefits for potential customers. This is where product development comes in handy. It is the process of transforming a good product into a best selling product. However, most small and medium sized companies are completely unprepared for putting together a product development strategy, and this is where third parties come in handy. Outsourcing is always a questionable strategy, but in most cases, it is a wise decision. In what happens, we will discuss 5 major reasons of outsourcing product development, which translate into 5 major benefits for your business.
1. Time considerations
Putting together a product development team will take a lot of time. The recruiting process alone will be very time consuming, not mention the training period. Moreover, be prepared for a new team to experiment and make mistakes. This part of the process is necessary for defining and refining the product development strategy.
2. Cost considerations
Adding a new team to your company will cost you a lot of money. First of all, there are the salary and the taxes that you have to consider. Secondly, there are the recruiting and the training costs. Moreover, we already talked about the time that you will waste on this process, which brings us to our third and most important cost consideration: each day that your product doesn’t sell, is a day in which you are wasting money.
3. Expert infrastructure and resources
As we already mentioned, a new team will have to experiment a lot in order to get to know the market and come up with the best strategy. However, if you hire an agency, you will have at your disposal a team of experts that already know the market, who have already dealt with similar products and services and who already have processing procedures and automation tools that help them analyze the results of their efforts. We advise you to choose a well known company like Maarca Brands who already has a diverse portfolio that speaks of their results. Maarca is a great marketing agency that can handle many of your marketing projects, from product development to branding and advertising.
4. Guaranteed results
Most agencies nowadays will offer you some sort of guaranteed results. This is because they have a lot of tools which allow them to measure the results of each of their actions. Usually the expected results are negotiated at the beginning of this collaboration.
5. Maintain Confidentiality
If you are worried that outsourcing your product development processes will cause information leaks, you should know that confidentiality can easily be protected through non-disclosure agreements. Moreover, it is in an agency’s best interest for you to be satisfied with their results, as most agencies market themselves through the results that they deliver for their clients. Therefore, they will protect your company’s secrets and they will deliver quality services.