How strong product design can be the heart of your business success
In this article, we’ll deep dive into the key factors that contribute to a well-designed product and explore ways in which design can help your company solve business problems, gain a competitive advantage and reduce costs.
Design has long been recognized as a crucial aspect of any successful product. According to a McKinsey report, design-led companies have outperformed the S&P Index by 228% over the last ten years. But what exactly makes product design valuable, and why is it so critical to business success?
Driving growth through empathy
Design thinking is a problem-solving approach that focuses on empathy, experimentation and iteration. It’s an excellent tool for generating new ideas and finding solutions to complex business problems.
By putting the needs and desires of customers front and center, design thinking enables organizations to create products and experiences that truly meet the needs of the humans, they are designed for. This approach can lead to increased customer satisfaction, higher levels of engagement and greater customer trust. According to this report, 86% percent of customers are willing to pay more for a better experience.
Another key benefit of design thinking is that it encourages experimentation and iteration. Although it may seem costly and time-consuming at first, this approach can bring a lot of value to your product. Put simply, you don’t have to get everything right on the first try. Instead, it encourages people to test their ideas, learn from their mistakes and iterate on their designs until they arrive at a solution that truly works. This iterative approach can help businesses find better ways of serving their customers and avoid the risk associated with large-scale change.
Differentiating your business through design
In today’s highly competitive market, a well-designed product can be the difference between success and failure. Reports say, that companies that prioritise design see a 32% increase in revenue and a 56% increase in total returns to shareholders compared to their peers.
By leveraging the power of design, businesses can differentiate themselves from their competitors and deliver memorable product experiences that are not only functional, but also emotionally resonant. A product that meets the needs of its users in a unique and intuitive way can help a company stand out from the crowd and capture the attention of potential customers.
It is important to remember that the product experience extends well beyond the moment a customer first uses your app, and continues long after. In an ideal scenario, a business should aim to address the entire customer journey, ensuring that their goals and desires are met at every touchpoint.
Designing for efficiency and cost reduction
Product design can play a crucial role in streamlining business operations, reducing costs, and increasing efficiency.
Well-designed products can make it easier for people to do their jobs. A product that is easy to use can help reduce the time and effort required to complete tasks, freeing up employees to focus on higher-priority issues. This can result in increased efficiency and productivity, helping businesses get more done in less time.
Product design can also help businesses scale operations. A product that is well-designed can be easily scaled up as demand increases, reducing the time required to bring new solutions to the market. As this report states, good product design can save up to 55% in development time. This can help businesses serve their customers more quickly and effectively, while also reducing the costs of scaling up.
At GoodRequest, we were presented with the opportunity to create a cutting-edge feedback platform for Kia Slovakia. This universal tool was designed specifically to help their HR department create, manage and evaluate anonymous questionnaires in a way that is fast and efficient. Our team placed a strong emphasis on meeting the needs of users, providing maximum comfort and ease of use.
As a result, the platform not only drastically reduces the time required to complete questionnaires, but also enhances the overall quality of the feedback received. By prioritising design, organizations like Kia Slovakia can better understand their employees’ needs, leading to more effective decision-making.
There are multiple ways besides growth, recognition and cost savings, in which product design can help businesses succeed. If you are interested in learning more about how it can positively impact your business, feel free to reach out to us at GoodRequest. We’ll be happy to help you!