Benefits of Upgrading your Product and Tips to get the most out of Product Enhancement Services

Last Updated on February 16, 2021

Product development is a tedious process, and there’s no doubt about it. It takes tremendous efforts of the development team to built software solutions. However, building a mobile app or a website is not the end of the journey.

No matter how effective is your developed web app, you would still require to keep track of recent market trends and if necessary, upgrade the existing product to map users need. The digital world is one such sector that undergoes modifications almost every day. What’s in today might not be fancied a week later, and if you base your product on a single technology, the odds are that the product would very soon turn outdated.

Consider, you run an online store, and have a mobile app that simply displays items, has a checkout page, and mandates you to pay through a debit card.

On the other hand, a newbie in the sector has deployed technology-rich software. Its web app has an attractive home page, AI-driven product feed, customer panel backed by Chatbots, payment methods with options of in-app payment, UPI payment, third party payment, etc.

Now, what do you think? Who is going to etch more sales?

No matter, you have years of experience, but the one who becomes successful is your competitor. That organization has devised an excellent product and integrates all that a present-day customer expects. If you want to create a difference, you too need to enhance your existing product.

Well, you might be wondering how but wait, this is no rocket science.

All you need to do is opt for Product Enhancement Services. Nearly all enterprises deem product enhancement to be the key to their long term market existence. For instance, Netflix witnessed a tremendous upsurge in user traffic after integrating product enhancement strategies.

Why Should You Upgrade?

With rising competition and advancing technology, upgrading existing solutions turn to be more of a necessity. As the digital industry ages, technology takes a clean sweep in the market, necessitating the need to transform and reconfigure existing solutions. So every time, when there occurs an innovation, it becomes desirable to integrate product enhancement services to retain your position in the market.

Several experts still debate the need or importance of product enhancement strategies. So, to clear the clutter, we draft top benefits of product upgradation so that next time, you would not have to give a second thought on the need to upgrade a website or web app.

• Improved Security

The fact that your current product has been in the market for long and intruders have likely had their chance to hack in your existing software solutions degrading its efficiency. It’s time that you recognize such glitches and seamlessly integrates product enhancement services. The new release, instead of the updated release, is rich in terms of technology and secured from past vulnerabilities.

• Enhances The Product Capabilities

With innovative solutions comes an array of new features and functionalities that effectively improve the overall, efficiency of the product. Integrating optimized features is the best way to attract users and further leverages your business capabilities.

• Boost The Overall Productivity

Consider a mobile app having the turnaround time of 10 seconds, and after it’s an enhancement, the time, reduces to 4.7 seconds. Excellent, right? Yes, it is. And this is what we mean by boosting the productivity of the products. Product enhancement services are capable of driving the best. The services use modern technologies, layer it on your existing products, and then refine the same to render better solutions.

• Optimize Cost

Outdated products might lose its value in the long run, but as the product matures, it incurs huge maintenance cost, which is nothing but overhead for your business. With every raised ticket, additional cost has to be paid. But not if you update and modify your product. It is proven they newer software version lowers the cost of operation and maintenance.

How to Drive Maximum Benefit from Product Enhancement Services?

• Perform in-depth research of market trends

Before you add in any feature, conduct extensive research on the persisting market trends. Scan through all the significant technologies, and then assess your existing product. Analyze which technology would prove to be beneficial for your business and then integrate the same in your product.

• Emphasize On Strategies That Lay Excessive Value

Now that you realize the benefits of product enhancement services, it becomes imperative that you scan through all the features and functionality, sort them based on the value provided and then go with the one that has the maximum value. Prioritize technologies based on its pros and cons and seek the one that would lay the highest benefit to your product and business on the whole. Add features that would benefit your customers too. Any feature that enhances your product but fails to attract customers is of no use. So, focus on the methods that optimize your business.

• Follow A Regimented Approach

No doubt, product enhancement uncovers a range of benefits but only when done effectively. Adding features without even knowing its aftermath does no good, neither to your business nor to the customers. And so, to gain the maximum advantage of product enhancement services, it is essential that you plan, assesses, measure, and then apply the same.

Also, simply by upgrading your product would not lure users. It is your job to take your product to the market again. Let people know what the current updates are. Have a pre-launch engagement program planned to introduce your enhanced product to the potential users. Do not focus on what but why. Draft ways by which the new product would benefit them and increase business value.

• Innovate and Re-engineer

Sometimes, your product is too old to upgrade. It still is viable and essential for its customers but cannot deliver the same value as it was delivering a decade back. The reason could be its degraded performance, its compatibility with new devices & browsers, its user interface, or anything similar. What will you do then?

You may think that people still need it and are, thus, going to use it anyway. But, it is not a smart thought. That’s how you are inviting new businesses to come up with a similar product and capture your whole market in no time. Therefore, go for product enhancement and re-engineering.

In the process, you may upgrade product architecture, produce technology stack, product design, product user interface, and whatever which appears outdated. This will add enormous value to your product and will eventually get you new customers or users in a significant number. At the same time, you will be stay assured that you’ve closed the ways for other businesses to end your monopoly in the market. So, it may look tidy and risky in the beginning, but enhancing and upgrading the product will benefit you in the end.

Closure

According to a survey by Siriusdecisions, majority of the SaaS companies spend considerable time in enhancing their existing products. This, in a way, boosts the product scalability while fuelling your business growth. So, plan and procure. Induce product enhancement services and add value to your existing products seamlessly.

Chandresh Patel View all post

Chandresh Patel is a founder & CEO at Bacancy Technology. He is a founder of vision and mission of Bacancy Technology and constructed work ethics @bacancytech to achieve that vision and mission. He oversees Business development, day to day execution of strategic planning and also looks after customer service & delivery. He's an avid blogger and writes on the publications like Dzone, e27.co , Marketo, Smart Insights and featured in Insightssuccess.