One of the major reasons that a product fails is because whoever created it, didn’t fully understand what the product was really expected to do. By knowing what the most common mistakes made by product creators are, you’ll be prevented from falling into the same traps.
When creating products, always consider the lifetime value you are giving to generations of customers. Stay true to your brand by continuing to solve problems for your customers.
There are 8 cardinal rules to follow when creating or developing your products or services. (For the purposes of this article, terms ‘product’ and ’service’ will be used interchangeably).
Rule 1: Have the End Use In Mind Before Designing Your Product
A product should have a definite goal to achieve, a specific reason for its use. All components to reach this end or outcome must be in place before launching it.
Rule 2: Your Product Is a Promise
Successful products always provide a solution to a problem, they fulfill not only a need in the marketplace, but a buyer’s ‘want’. What benefit does your service give your customer? If you understand the underlying promise or emotion driving your product sales, you’ll have customers for generations.
Rule 3: Your Product is not a Solution Looking for a Problem
Don’t create a product and then search for a problem it can solve. Products solve existing problems. You want your product to be the most logical solution for a common, or not-so-common problem.
Rule 4: Recognize the Different, often Conflicting Emotions that Drive Sales
By limiting the concept of your product, you’ll fail to recognize other opportunities. For instance, pain relief can occur throughout your body, why restrict your product to one area?
Rule 5: Create Alternate Ways Your Product Can be Used
The greater number of uses, the greater your opportunity to sell. The more opportunities you present, the more usage occurs naturally increasing your sales.
Rule 6: Turn Your Product Weakness Into a Strength
Be aware of what the weakness is and redefine it as a strength. In his book, “Triggers”, Joe Sugarman mentions an air purifier he was asked to help market. He saw the same flaw as everyone else – an eyesore of something that looked like steel wool hanging from the top of the product which he redefined as ‘miracle fuzz’ that made the whole air purifier work. As a result, sales for this product were a great success.
Rule 7: Stick to Your Core Business
Don’t get distracted from your focus and direction. If you’ve done your market research correctly, remain focused on what you’re in business for. You’ll lose time, money and effort by going off in different directions like a headless chicken.
Rule 8: Keep an Open Mind for Other Opportunities
Don’t be so set on solving one problem that you ignore the fact they your product solves others along the way.
I'd love to have your input or questions ... as I'm sure many others would, so let's have your comments below.
QUOTE OF THE DAY ...
“Be a problem detective. Look for customer problems that your product or service can solve.”