In a digital age, how can you create successful products?

  • by
Wingix

The great majority of products fail in the early stages of development or shortly after introduction. Either they fail to provide real user value, individuals do not use them frequently, or the number of users does not expand at a rate that is appropriate. Only a few goods will meet the market’s needs: Meaningful items that capture the attention of the general public, as well as novel solutions that no one had thought of before, are driving a shift in people’s behaviour. These are the products that we are all familiar with, admire, and remember. These are the types of items we’d want to create.

What does it take to create outstanding products?

To create effective products, we must concentrate on the following factors:

The issue-solution fit, the product-market fit, and the distribution-conversion fit are all based on a real problem that people have and that are considered worth solving. We want to create product improvements that are both commercially and technically practical.

Recognizing the opportunity

Business possibilities are frequently the source of brand new products.

The basic criteria must first be addressed in order to identify and fully comprehend the opportunity:

“Can you tell me why we’re doing this?”

 “How is the situation now?”

“How do we plan to improve things?”

“What impact do we anticipate?” 

“What limits do we need to think about?”

Identifying a worthwhile challenge to solve

Finding a problem that this client group faces and that is widely regarded as worth solving is critical to the discovery’s success. We learn about their current experiences, pains, gains, needs, wants, desires, and jobs they’re trying to do by converting user feedback and observations into insights. In other words, an issue can be discovered this way.

If we come into a challenge we weren’t expecting, we must embrace and cherish it as an insight, with the goal of turning it into a disruptive product innovation that has a real influence on people’s lives and, as a result, on the project’s outcome.

The question “why do we construct this product?” is answered by outlining the problem the product will solve.The product vision is defined by the answer.

As it addresses actual user demands, it provides the business opportunity meaning. We need to test the user problem with an appropriate solution to see if we are indeed tackling the relevant problem for the target clients.

The problem-solution fit can be qualitatively validated in this way.

Finding the Right Product for the Right Market

We’ve decided what to construct, but now we need to see if the product is something customers actually desire and use on a regular basis.

The product-market fit goal is to release a basic version of the solution, iterate, experiment, and develop it until it quantitatively establishes both user value and economic feasibility. We must determine whether we are developing the correct product for the correct market. A good product-market fit ensures that the solution has a market that can be monetised.

The product’s core experience must be extended and enhanced from the very first edition till the entire user experience is amazing.

We assess if our targeted business goals can be reached or not while measuring if the delivered product version can impact key KPIs.

We’re searching for proof that the product changes consumers’ behaviour, encourages them to return and utilise it, and makes them eager to pay for it.

After all, we must ensure that our business model is long-term viable.

It’s time to expand the user base outside of the company now that the product has quantifiable evidence of market demand.

Fitting Distribution and Conversion

We need to work on distribution-conversion fit once we’ve found product-market fit. As a result, the primary goal is to properly scale the product in order to achieve long-term growth — we don’t simply want more people, we want engaged people who are prepared to pay.

We need to acquire a big number of new people, keep them engaged, and turn them into paying customers and dedicated followers.

The mass market is something we’re interested in and aiming towards.

We need to focus on distribution, onboarding, conversion, and sales to attract new people:

— “How can we attract these people?”

— “How can we persuade these individuals to use the product?”

— “How can we turn these new users into ardent supporters?”

— and last but not least, “How do we sell the product?”

We want to create a logical path from people’s initial attraction to frequent use of the product.

We want to grow quickly, thus offering new and useful features for a broader user base is the most efficient way to do it. As other user segments’ feature needs develop, the most original features, designed for our early adopters, get less and less use as they become overrun in both user numbers and income. We must either revamp or eliminate the original features after a period of time. The once-specialized product has now become a mainstream item.

Conclusion

It’s difficult to create successful items. The vast majority of them will fail.

There’s no such thing as a guarantee of success, but if we focus on problem-solution fit, product-market fit, and distribution-conversion fit, we can greatly lower the risk of developing something no one wants, producing something for the wrong market, or not growing at all. A well-thought-out product research and design process that prioritises the user can make all the difference. It may be difficult, but it is not impossible to create the next huge mainstream product that we all desire.