Anybody who aspires to become the next big entrepreneur dreams of creating the perfect product that can take the market by storm. You are likely to lose countless hours of sleep over imagining what this product could do, what it would look like and what customers could expect from it!
But, in the end, it all boils down to one simple question: What is a successful product?
If you’re in the position of many new entrepreneurs – aka still trying to define your business and figure out your strengths and weaknesses – you’ve probably read through the biographies of the most successful business people of this century and the previous ones.
Steve Jobs. Bill Gates. Mark Zuckerberg. Walt Disney. Colonel Sanders from KFC, and many others. Their products are very different. But they, nevertheless, share common values.
It fulfills a demand
First and foremost, the key quality of a successful product is that your audience buys it. Indeed, a product that manages to address the needs and desires of your target audience is likely to be a rapid success on the market.
However, it takes more than just luck to define the right product and address the demand. You can’t invent it; you need to research it.
Without data about your audience, you can’t understand what your potential customers need and want. Therefore, you need to collect data about your demographic target.
It does what it is expected to do
Have you ever bought a product that didn’t perform as you had hoped? Defect products are unfortunately common in the market.
Aside from being frustrating, they are also proven extremely dangerous. An electrical product that explodes – such as it’s been the case with previous Samsung smartphone models – can be harmful.
As a company, you don’t want to face professional lawyers determining product liability as it can mean the end of your small company. Indeed, the compensation costs associated with the negative brand reputation can drag your business to bankruptcy.
It brings something new to the market
Nowadays everybody owns a smartphone. At the time when the first iPhone was released onto the market in 2007, the idea of a computer that holds in your hand was utterly new.
While the technology wasn’t innovative per se – touchscreen, camera, and mobile connectivity were no novelty. But nobody has ever thought of combining these features to create a new product until the iPhone.
The iPhone revolutionized the market world and built a new customer’s mindset, therefore creating a brand new market to explore.
It respects essential values
Last, but not least, your product acts as an extension of your company’s values. The reason why more and more customers are avoiding popular brands lies in the values the product conveys. For instance, a brand that puts animal species at risks through its production lacks integrity and ethics and fails to appeal to the audience.
A product that undermines human beings based on their gender, ethnicity, race or belief can also suffer from a market backlash.
In conclusion, your product introduces your brand to the market. It meets a real demand, brings an innovative solution to a known issue and showcases your brand values. More importantly, if you want people to believe in it, you need to ensure that your product is reliable too.
What have you found to make a product successful?