Many of us are excited, when a Product Idea tops our mind. But an Idea in itself, is just not enough to go ahead and Create the Product. There are many other aspects, that are essential for a Succesful Product!
Here are some essentials to know and be clear about, before getting on with the Product Development.
Ask yourself the question – is there a Market for the Product or am I going to create one? If there is a well defined market, then things are easier. But it gets really tough when you have to create a market.
Without a market, the risks of your product not becoming successful is multi-fold. So make sure to:
- Find out if there is a market
- If not, clearly identify the ways you will create one
- If there is an existing market, how your Product will add value to its users
Once the Market Analysis is done, find about your Competition. This will essentially help you to:
- Benchmark your services or benefits with the Competition
- Differentiate your Product from others
- Pricing and Marketing competitively
- Opportunities for Collaboration
If the Competition is very less or non-existent, go back to Market Analysis if you still think it is a Viable Product
Understand the returns you expect from the Product. You should have at least a tentative idea on:
- What will be the returns? (Money, New Customers for existing Services, Reputation etc.)
- When will the returns start flowing?
- When will you break-even?
Though you may not have clear answers for everything, it is good to think about them early on!
Almost every product must be supported, once the customers start using them. Decide if your Product need to be supported and how will the Support Work. Typically, you should know, if you need to:
- Hire a Support Team
- Buy a Support Product
- Setup a Support Platform
- Support Period and Costs etc.
Never start working on a Product, before giving a thought on all these aspects.
What else do you think that a Seller must know before selling a Product? Let us know and we are more than happy to listen!
Photo Credit: courtneyBolton