It is a truth universally acknowledged that a bad product will lead to poor sales. Yet, releasing a bad product is a mistake often made by businesses. The fact remains that customers want good products. In developing a product, you need to ask: what i s a good product? To be able to effectively answer this question, you need to consider three things when developing a product.
1. The customer
When developing a product, the starting point should always be the customer. What problems or challenges are people facing, and can you develop a product that solves the problem or challenge you have identified? By adopting this approach, you will create a product that people actually want or need. However, it is not enough to solve a problem; you have to ensure that the product you create is better than the one that currently exists in the market. You need to give people a reason to choose your product over the product they currently use or what exists in the market. If you create a product with no differentiating factor, the customer will stick to what he or she already has.
2. Design
Design is a driver of sales. It makes sense to pay attention to design—the functional and aesthetic dimensions of a product. It is true that some people want pure functionality, and to some extent, that can determine the price point. However, good design integrates functionality and aesthetics. It is important to determine who your target audience is and where they fall in terms of price. This is because the price sometimes determines features—what to remove or what to add. A customer who wants pure functionality may be unwilling to pay more for features they deem extra or unnecessary.
3. Testing and feedback
Testing is a crucial aspect of the product design process. Through testing, you will be able to identify issues with the product and develop solutions. Third-party testing should also be adopted. Quite often, we are unable to see problems that others will identify. Invite potential customers to test the product and listen to their feedback. It is important that you select people who will actually use your product once it is available. There is no point in asking a 14-year-old to test your self-driving car. Establish a feedback loop and constantly iterate until you reach a version of the product you are happy to deliver to the market.
To learn more about why a good product is crucial for business success, contact Alder Consulting at brief@alder-consulting.com .
Insightful write up!