How Product Design Promotes Profit
What do Nike, Target, and Walt Disney have in common?
They’re the nimble ninjas of product design, and their streamlined branding concepts have helped position them as universally-recognizable icons. A new decade-long study by Motiv Strategies strongly suggests that investing in design could be the single most profitable thing you do this year.
The study found that the stocks of design-centric companies grew 299% from 2003 to 2013. Those companies who paid less attention to product design grew only 75%. This shows that an investment in great design can reap long term profit.
So from consumer packaging to software functionality, well-designed products can teach us how to save money, conserve resources, and boost customer satisfaction. Here are three concrete examples of how design helps businesses succeed.
Packaging Promotes Sales
Theres no doubt that a juice craze has swept the world (it’s a five billion dollar industry.) But here’s a secret: from an ingredients perspective, there’s little difference from one juice to the next. So what’s a juice got to do to stand out? Major brands like Juice Served Here and Suja Juice both offer organic cleanses–but it’s their crisp, straight-forward bottles and labels which help evoke the freshness and simplicity of the product and set them above competitors.
Great Design Conserves Cash
Companies who don’t invest resources into creating innovative packaging design could be dishing out more cash longterm than their design-savvy counterparts. For example, the Eco Flavor Bowl by Sunset Tomatoes is a unique recyclable package which keeps produce fresh and uses 20% less plastic than traditional clamshell containers. By using less materials in the production process, the company conserves water, energy and capital.
Consumer Problems, Solved
User-friendly design can help solve problems even in unexpected ways. Just look at SnapTax, the TurboTax mobile application which relies on functional design to revamp a universally unpleasant process. The application has easily navigable buttons which ask users to take a photo of their W-9 and answer a few questions. The information is then auto-filled into the correct forms and, voila! Tax filing becomes a ten-minute breeze.
Want To Learn More About Product Design?
Get more inspiration from these five top-notch branding and design blogs which are consistently updated with the most stunning product designs in the world.