Business owners are urged to be critical in exploring which matters most to them – quality or quantity – as this decision will have marked impact on virtually every aspect of your operations.
For Adina Jacobs of personal technology accessories maker STM Goods, opting to produce quality markets rather than being the first to market with a new range has become one of their key differentiators.
“You can get cheap product out there very, very quickly, and you can get some decent product out there very quickly as well. But in order to really understand how the device works, you need to have a little bit of time with it,” Adina says while speaking on the My Business Podcast.
“It is a race to the market. It's absolutely true that the people who have been there early are the ones who get the very first sales. Often their products work well, but they don't have any special features in them.
“Then you see later on other products come out where they have more features because they've had more time with the device. We do the same thing.”
While taking some time to refine your product before taking it to market can mean you will miss out on those early sales, Adina says that doing so has enabled her brand to become known for quality and thoughtfulness.
“We do a lot of work looking at how people use their products and then how we can enhance the use of their devices through our products,” she says.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.