Building a successful product in today’s world can feel like a mammoth task. Whilst innovation and belief in your product should be at the heart of what you do and why you do it, it’s also vital to ensure your product has certain qualities that will make it a must-have for its users. That doesn’t mean to say every single person in the world needs your product, but when you’ve niched down, it will improve the lives of those who it does help.
What is your product bringing to the table that no other in its market is? And is there a reason nobody else has come up with this solution? These are two questions you need to ask yourself when building your product. If you’ve conducted thorough market research, there should be no risk that you’re building the same product under a different name. The features need to make those who already purchase similar products sit up and take notice.
One Solution to One Problem
There is a reason I have continuously talked and written about the importance of one solution to one problem — ultimately, a product which it too broad could make or break your business. It’s important to note that having ‘one solution to one problem’ doesn’t mean there is no scalability in your product. We want your business to grow. But initially, you need to find the biggest problem for your target market and finding a solution to it. Even two or three problems/solutions can cause unnecessary chaos and a lack of focus within a business — stick to one and do it incredibly well, then you can take all of your learnings to that process and release new features and solve more problems in later releases.
As mentioned, just because you are currently focusing on one problem, it doesn’t mean your product should be a dead end to growth opportunity. The tech world is fast-paced and dynamic, so if you’re trying to penetrate that market, you need to keep up. This means your product should have the potential to scale and increase the potential market where possible in later stages.
I recently discussed how building an MVP could help your startup. This is one easy, affordable way to have results prior to launch, and also ensure that you’re investing your money in the right places. First-hand reviews are invaluable, potential customers are always going to respond better to real-life accounts. Whether your product speeds up a process, offers a new alternative approach or is a completely original concept, your customers should be seeing and discussing the intended result.