Why do startups fail? If we go by recent surveys, it is the failure to develop a product that people really need. What most of us don't realise is that creating a product that is loved by everyone is as important as selling it to generate revenues. People will only buy your product if you can make them fall for it, not once, but over and over again.
As an entrepreneur, you first need to find an idea that has the potential to become essential for your target audience. It shouldn’t just do the right things, but must also make people feel good about themselves. For example, GlaxoSmithKline came up with a weight-loss product named Alli. This product puts emphasis on the fact that subsequent weight loss requires effort. Thus, it was designed in a way that makes your efforts more productive. So, say you lost two pounds in a week. One-third of it would be because of Alli. Perhaps, people who chose Alli felt that they have a partner who helps them achieve their ultimate goal by contributing to their efforts. This feeling of belonging and reliability was engendered by the product itself.
An in-depth analysis implies that functionality and emotion are two dimensions that ensure successful innovation. The key to the ultimate success of any business lies in knowing your customer, providing catered solutions that fix their problems. The final product should be a perfect mix of your vision and market demand.
Today, consumers are becoming increasingly curious and conscious of their needs. But they are also getting smarter and often evaluate every aspect of the purchase before making a final decision. Some key influences that drive their buying decisions include: cost, quality, convenience , savings, usage and security .
Start by aligning your product to meet your customer’s needs. Here are some tips for creating a stand-out product:
Create a user-friendly and visually appealing product. If you are selling online, your interface should also follow the same norms.
Your product should not look or feel complex. Make sure you provide 24*7 technical support if your product requires assembling.
It could be the design, usability or even extended warranty. Make sure you provide at least one WOW element with your product.
Competition is tight, and you need to work out ways to can cut down the manufacturing cost and deliver the best experience to your customers without charging exorbitant prices.
This is the era of customisation and personalisation. Offering such an option instantly makes your product popular among your target audience.
Incorporate live chats across all social media platforms, easy return policies and flexible terms of purchase to ease the buyer experience. Make your product convenient to purchase across all platforms, whether it is the offline store or on your website.
If you are selling something that doesn't already exist in the market, make it a point to educate your customers by sharing relevant information through blogs, video marketing and other sources. Keep them engaged with interesting facts about your product. Create visual stories that attract your target customers.
Your advertisements should leave people feeling good about their purchase. Creating sad and antipathetic campaigns will only backfire and negatively impact the credibility of your business.
Putting up behind-the-scenes videos, introducing your staff and sharing real testaments are great ways to make people fall in love with your brand.
Contribute to social causes. The ‘Buy One, Give One’ idea initiated by TOMS Shoes is a great philanthropy model that any business can adopt.
As the old adage goes, “The demand for a solution is only as great as the need it addresses”. Find a niche that has less competition and create solutions that cater to the needs of the masses. Being different in your approach is the only way to divert the attention of your customers. Even if you are tapping into a segment that is already developed, identify loopholes that have been overlooked by your competitors and leverage them.
Amazon, for instance, introduced Kindle in what was a revolutionary move by the company and instantly put a new spin to the readers’ market. With time, the company came up with iterations in the design and interface, such as adding PDF support, touch screen, e-ink, inbuilt dictionary and much more that kept enhancing the product.
Starting a business is easy, but running it successfully is a continuous effort. Understanding your space in the market and going beyond the preset framework lets you add value to your products. Test potential customers and take the time for market research. If you follow this approach, you’ll definitely be able to capture the growth in no time.