How can you design affordable products for different income groups?
1.Understand your target market
The first step to design affordable products is to understand who your target market is and what they value. You need to conduct market research to identify the income levels, demographics, behaviors, and pain points of your potential customers. You also need to understand the competitive landscape and the existing products and solutions that your target market uses or aspires to use. This will help you define your value proposition and your unique selling point.
2.Optimize your cost structure
The second step to design affordable products is to optimize your cost structure. You need to find ways to reduce the cost of production, distribution, and maintenance of your products without compromising on quality or functionality. You can do this by using lean methods, such as eliminating waste, simplifying processes, and outsourcing non-core activities. You can also use frugal methods, such as using local materials, recycling resources, and leveraging existing assets and networks.