5 Tell-Tale Signs It's Time to Reinvent Your Product

5 Tell-Tale Signs It's Time to Reinvent Your Product
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Don't wait until the very last minute to make improvements to your product. Look out for these tell-tale signs so you can keep your brand name at the top of customer's minds before it's too late.

A. There's a Steady Decline Across the Board

If you look at the last few years or so of sales data, you can see a steady decline. Customer feedback says your product isn't right, sales numbers show your target market isn't optimal, and projections indicate that your current business approach isn't sustainable. Evaluate the situation and do your homework so you can decide which steps you need to follow. - Jessica Baker, Aligned Signs

A. No One Cares About Your Brand

A marketer I worked with in the past told me that it's better to have people hate your brand than it is for them to be apathetic about it. If someone despises a company, they're still talking about it - the brand is still generating controversy, and the name is still out there. It's a lot easier to mitigate and address hatred than it is to overcome indifference. -Steven Buchwald, The E2 Visa Lawyer

A. You're Not Gaining Traction

While declining revenues are a red flag for established companies, startups have a limited amount of time to get the necessary market traction to survive. Using lean methodology, clearly defined traction metrics allow a team to use pivot-or-persevere milestones. This way, most "reinventions" get to be subtle, and you never have to wait for your CFO to say you're out of runway. - Tony Banta, Live Mercury, Inc.

A. Your Revenue Is Dropping

Due to technological changes in the healthcare industry, our company was forced to reinvent. We had to diversify our service lines in order to stay open. Along with medical transcription services, we began offering transcription services for different industries, including legal, law enforcement and finance. It's what you have to do in order to stay alive. - Ben Walker, Transcription Outsourcing, LLC

A. Your User Base Is Evolving

Your users will almost always evolve with the times and move on to products that best fulfill their needs. Study your existing user base and simplify your product based on their new expectations. This will extend your product line and give you an understanding of what appeals to a new user segment. - Robert Gerov, Vokseo

These answers are provided by members of FounderSociety, an invitation-only organization comprised of ambitious startup founders and business owners.

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