Building a product is the first step in the entrepreneurial journey.
Before revenue starts coming in, a product must be planned, created, and distributed. However, learning, and executing, how to build a product is one of the hardest parts of the entrepreneurial journey. There are issues with self-motivation and resources. Also, there is a problem with credibility and trust.
Building a product is difficult from start to finish. However, here are 3 steps to ease your process.
1. Your Product must be the Best in the Market
An excellent product builds tension among your customers.
Building tension is crucial for the buyer’s journey. The feeling of something new, and better, will draw the market to your product.
Create a game-changer product. Think about an iPhone. They are cell phones that receive calls and texts, but they do so much more than that. When iPhone and Blackberry were competing for sales, iPhones won because they were faster and easier to use. Even though they were more expensive than Blackberry.
Build a product that changes the market. Then, promote it effectively.
Tension will build among your future customers.
2. Compare all Competitors in the Market. Take what is Interesting. Leave what is Obsolete.
Every new product comes from a variety of old products. Creating a product from ground zero is difficult. Not only for your finances, but for your customers to adapt as well.
Build around the market and expand outside of it. Let us go back to Apple. The iPhone is just another phone. For customers to adapt, they needed to build around customers’ comfort. Then, they expanded to different technologies and features never seen before. Acquiring customers involves creating around their comfort zone. To keep them, build features that no one else has.
To create a product, it is crucial to understand what your customers are buying in the first place. Without a basic understanding, your product will never connect with the market.
Build around old products to expand beyond the market.
3. Spend Time with the Right Prospects.
Find your ideal customer and be their best friend.
Creating a connection with a customer is not enough. You need to understand how and why they chose your product.
Your ideal customer will expand your product for you. For example, think about Apple’s development team. They experiment with all sorts of features across different sectors. However, every time they release a product, they create betas for their ideal customers to test. From there, they use data to decide which features go or stay behind.
Follow Apple’s system to make educated decisions. Talk to your ideal customers and understand how they think.
Then, create, or adjust, a product around their feedback.