How to Create a Product People Line Up to Buy
How to Create a Product People Line Up to Buy
You may have a brilliant product idea for workflow automation software, but the harsh truth is, no one wakes up in the morning thinking, “I need workflow automation.”
Today, entrepreneurs have within their reach all the technological innovations and new business models that can help them design a product almost instantly.
But according to Harvard Business School professor Clayton Christensen, over 30,000 new products are introduced every year, and 95% fail.
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A product created for the sake of solving an interesting problem, which doesn’t take into account what your target market wants is bound to fail.
Unearthing Customer Pain Points
Unless you uncover your prospect’s real pain points, align with their insights and solve the core issues they’re facing, your product will mean little to them. The Startup Yard says, “A problem that doesn’t seem to have a solution isn’t a problem at all — it’s just an aggravation.”
Startup founders have to get in the trenches, listen to their prospects and unearth their core pain points, such as:
Refining the Product Development Process
Designing, developing and scaling a new product for successful adoption requires innovation as much as it does resources. The key steps to developing a new product are:
Positioning Your Product
How customers perceive a brand and its product determines sales, profit and success. Startups need to imprint their new product in the minds of their customers in a way that aligns with their goals. A product positioning strategy needs to include market and competitor analysis, competitor’s product positioning and defining the position of a new product in the market, and communicating the brand’s image. Some of the key steps to positioning a new product include:
While getting resources for a startup is a critical barrier for success, having an investable project that solves customer pain points, a clear idea of the product development process and product positioning will play critical roles in easing the path to funding.
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