Building Product On Assumption – A Catastrophic Mistake!

Did you know you could get your marketing and management right, have great pool of talents full of enthusiasms, and sufficient fund but still fail in your business? Yes, you read that right. Your business is still at risk if one of the most crucial factor, the product is overlooked. This is the cold hard truth that led many businesses to fail. No, we are not trying to discourage you but point out these hard truths to help you work smarter for your business to succeed.

So what makes the product clicked? Let us share with you these simple but extremely critical ideas to build your product please your customers.

Market Knowledge

Are you aware of what the your customer needs? Good knowledge of what your customer really needs is crucial to let you create the right product. On the contrary, if you create product based on your own assumption, it is likely to fail when it reaches customers.

We have seen enough startups who wrongly assumed that their product would succeed on the first try, but failed miserably in the market. So, be wise and avoid building a product by assuming what your customers want, rather get what they need and build your product based on those requirements.

Adopt 3-Life Cycle Plan

There is nothing wrong in being enthusiastic about building a product. In fact, you should be excited about your product, after all it is your product. To build a successful product though, we strongly suggest you follow the 3 life cycle plan that addresses many of the caveats we mentioned before.

In the first cycle, you collect the customer requirements, build a product based on these. Once the product is delivered to the customers, it goes through the real litmus test and your customers will now give their feedback.

From these feedback you received from the first cycle, you can now start building the product based on what they really want. This is the second life cycle.

The third cycle is where a truly efficient and matured product is delivered to the customer.

This three life-cycle approach eliminates chances of failure as enough time and resources are given to build the product that meets what the customers require.

Careful Budgeting

Last but not the least, to ensure the success of this 3 life-cycle plan, make sure you have careful budgeting to last the 3 cycles.

Now, you have tips to build a matured product. Roll your sleeves up and start building for your customers’ sake.

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