Why Should Your Business Take Product Quality Seriously?

We often see that companies start off their business operations by providing high-quality products and services but over time as they start to get customers, they start to compromise on product quality due to which they have to face consequences in the form of loss of revenue and loss of customers.

The competition in today’s market is at its peak and businesses must do everything that they can to keep up with their competitors and be top contenders in the market. Providing top-quality products without any compromise on quality is paramount for businesses to stay in the industry. Consumers are very conscious about products and they won’t prefer a company or brand that is producing low-quality products. 

Having a product quality management team and system ensures that your business is producing quality products. In the long run, this will build your company's reputation and allow you to become a top contender in the market. Since you are not compromising on product quality, you will be able to gain a stronger position in your market. It will also help to protect your business against certain risks associated with quality compromise, boost profits, and increase business growth efficiency. All of this while making customers happier. 

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We often see that companies start off their business operations by providing high-quality products and services but over time as they start to get customers, they start to compromise on product quality due to which they have to face consequences in the form of loss of revenue and loss of customers. For this reason, we have discussed below several reasons why your business should take product quality seriously:

Better Profitability

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Higher-quality products are linked with better profitability and a high return on investment. If you are producing products that have fewer defects or no defects at all and are performing optimally as they should be, they would be able to bring huge profits. 

When a product or company holds a reputation for being reliable, consumers prefer to buy products from such a company because they know that the product they will be buying will perform exactly as advertised and they won’t face any field failures. Different brands in various industries like Apple, TP-Link, Nike, etc have established a reputation for themselves and these brands are able to increase their sales every year because they don’t compromise on product quality.

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Better Customer Satisfaction

In the competitive market of today, consumers are more demanding than ever and their biggest demand is high-quality products. Consumers don’t like getting average-quality products and since they have thousands of brands and millions of stores to choose from, they won’t be sticking to a brand if they are providing low-quality products. 

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If you are providing average or low-quality products and services & fail to meet the expectations of your customers then you should forget about building a loyal customer base. In fact, if your products and services fail to satisfy customers, your brand image, reputation, and revenue will see a huge dip.

Customers want their hard-earned to be spent on something that is worth buying and not something that is of poor quality. By managing your products' quality, you can turn prospects into loyal customers of your brand. If you want to build a loyal customer base, have satisfied customers, meet the expectations of customers, your business to stand out, and comply with quality standards then you must take product quality very seriously. “Quality is remembered long after the price is forgotten.”

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Helps To Meet Industry Standards

It has also become a requirement for brands and companies to adhere to industry standards to comply with specific legislations and also deal with certain consumers. If your company belongs to an accredited market such as tech, food, or healthcare, you will have to comply with certain health and safety guidelines to protect consumers. 

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Similarly, for some industries like wireless routers, it is the industry standard for router manufacturers to have a dedicated mobile app like Tplinkwifi to facilitate customers and these are also considered under the umbrella of quality. By taking product quality seriously and not compromising on product quality, you will be able to get accreditation which will help you win over new customers and also enter new markets.

Reduces Risks And Financial Losses

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Companies also have to consider certain risks once products leave their warehouses. One of the biggest risks is a fault in the product that can lead to recall which can cause huge financial losses, and affect customer experience and the company’s reputation. One of the ways to protect the company from financial risks is to have an LLC. One can form an LLC in Texas, Georgia, California, Delaware, and another state or country that is not on the list of OFAC-restricted countries is acceptable.

One such example of a recall that incurred huge financial losses and affected both company’s reputation and customer experience was back in 2016 when Samsung’s flagship phone, Samsung Galaxy Note 7 suffered the problem of exploding battery. Although it was because of a technical problem and Samsung is a brand that is not known for producing average quality products, it caused the company huge financial losses, which could have been avoided if there wasn’t negligence in quality management.

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If such events can happen with a brand like Samsung, it can happen with any brand but if you take product quality management seriously and you assess every aspect of the product before sending it into the market then you will be able to substantially reduce the risk, protect your brand, and avoid financial losses.
 

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