As a new bootstrapped company with limited budget, every product that comes out has to be a success to generate enough cashflow to create the next product in order for the business to grow. How do we make that choice of what product the brand should invest in? How can we increase our chances of that product being a success?
To really create a successful product we have to innovate around the needs of the consumers and not on the features of the products. What do i mean? If Henry Ford tried innovate around features he would have thought of how to make a faster horse, a better saddle, feeding it more to give it more energy. All these are correct in a sense that it does make you able to travel faster on your horse. But now if you think about innovating from the need of the customer, which is simply to get from one place to another, then you would have broadened your horizon for innovation by so much. This perspective will allow you to think of motorised wheeled vehicles for faster transport. Only when you think from a macro perspective you are able to come up with innovations that would have a disruptive effect on the market.
These are the 3 questions that I always ask myself when we create a new product to increase our chances of success and adoption by the market.
- What are the needs of my customers? What are the current problems that my customers are facing?
- Does our product solve a valuable problem for our customer?
- Does our product solve such a valuable problem for the customer that they are willing to convert to your new solution?
- What is the current competitive landscape and how easy is it for a competitor to replicate your solution?
If you are able to answer these questions with confidence, you have a high chance of having a successful product.