It’s no secret that bringing a new product to market is risky.
In fact, according to CB Insights, 35% of startups fail because they’re unable to find a market for their product (“No Market Need”). Given the odds, it’s important that you do everything you can to increase your chances of success. Here are three questions to ask yourself before you can start building a successful product:
1. Are you solving a REAL problem?
Build products that people actually use.
2. New doesn’t mean better. What makes your product better?
Provide more value. Make it better. Fix issues that others didn’t. Help people.
3. Master all play fields. Are you aware that you (and your team) have to master ALL skills in the game?
Experience = Team – Design – UI/UX – Support – Engineering – Understanding & using behavioural Data – QA – build growth engines (Marketing). And many more.
Research, feedback and a focused solution
Where to start?
Start with customer research.
Before you even begin thinking about your product, it’s important that you understand your target market.
- Who are you trying to reach?
- What are their needs and pain points?
- What solutions are currently available to them?
- Once you have a good understanding of your target market, you can start thinking about how your product can address their needs in a unique and differentiated, better, smarter or cheaper way.
Get feedback early and often.
- As you start developing your product, it’s important to get feedback from potential customers at every stage of the process.
- This will help ensure that you’re on the right track and that your product is something that people actually want and need.
- There are a number of ways to get feedback, including online surveys, focus groups, and one-on-one interviews.
Simplify your solution.
- One of the biggest mistakes entrepreneurs make is trying to solve too many problems with their product.
- When you try to do too much, you end up with a complex and confusing solution that is hard to use and lacks focus.
- Instead, simplify your solution by focusing on solving one problem really well.
- This will make it more likely that people will actually use your product and recommend it to others.
Focus on the user experience.
- Last but not least, it’s important to focus on the user experience when designing your product.
- Make sure your product is easy to use and provides value at every step of the way.
- The better the experience, the more likely people are to use your product again and again.
- User experience extends beyond the initial design of your product—it also includes things like customer service and technical support.
Read more about the early dua.com story.
By answering these initial questions and following these tips — you can increase your chances of the initial success when bringing a new product to market. Remember, it takes more than just a great idea to build a successful product—you need to execute flawlessly as well if you want to achieve long-term success in today’s competitive market. Good Luck!
VA.
One example from dua is how the reason people came to us shaped the product’s focus.
Related reading and sources: specific feedback questions
