How To Build Successful Products
Giving advice on how to build successful products is a very difficult. 95% of all products fail, and often for a multitude of reasons.
However there are steps we can take to mitigate this risk. Here I will share 9 key steps you can take to increase your chances of building a successful product.
1. Be clever
It’s one thing to develop features that make sense and solve problems. The innovation class comes in when you’re able to develop a feature that makes your product stand out from the competition.
The last half century was a fountain of product innovation. Innovation in product design is not only about adding new features, but it is also about eliminating features or streamlining processes.
Apple’s iPod is a great example of this. Apple did not invent the digital music player, but they did add features that made it unique and easy to use. The best innovations solve a problem that has frustrated users for years.
Think about 1–800-Flowers’ development of an online flower delivery service. Consumers wanted this service for years and were frustrated that it was not available. They could get it now, and it was easy to use. In addition to identifying real problems, it is equally important to identify pain points. Great product designers look for the pain points and work to eliminate those pains.
2. Work the numbers
Knowing the market size, the demographics and the competition is critical to developing a product. This is not a theoretical exercise. To develop a product that is viable on the market requires spending a lot of time in the marketplace.
Marketing experts typically use a matrix to determine whether a product is viable. The goals are to determine if the market is big enough, if there is a demand for the product, if there is a sustainable competitive advantage, if there is a business model to make money and if it is legal.
3. Make the product useful
You’ve solved a problem, identified a pain point and developed a product that is a viable solution. Now it’s time to make sure it does what it’s supposed to do.
What do customers, the media and your competition say about your product? If it’s just a fancy gizmo that doesn’t do what it’s supposed to do, why would you expect someone to buy it? If it does exactly what it’s supposed to do, it will meet a need, and it will be appreciated.
4. Create a unique experience
Products are bought because of the experience associated with them. Marketers have long understood the power of this approach. Consider Apple’s iPod or Harley Davidson’s motorcycle product lines. It is not enough to have a good product, it must have a unique experience.
The experience must differentiate your product from the competition. The experience includes the packaging, the delivery, the warranty, the customer care, the advertising and all the other things that happen between product purchase and product adoption.
It’s not enough to have a great product, it must also be sold in a way that is memorable or compelling. Think of purchasing something online. What is memorable about the experience? It’s the storytelling on the site, the packaging when the product arrives, and the follow-up.
5. Launch with a bang
The launch of a product is one of the most important events for the life of a product. It is critical that the launch is well planned, well executed and well documented. This is the process of introducing the product to the market. A successful launch requires a combination of methods.
The first step is a strategy that involves the company’s public relations, customer service, sales and marketing departments. This team defines the key messages and the media plan that will be used to communicate with customers and key audiences.
The next step is the product launch, including a combination of methods including advertising, traditional media, direct marketing campaigns, public relations and online media.
The final step is the post-launch evaluation of the product. For physical products this includes a combination of market research, customer support calls and sales.
6. Pay attention to detail
For some brilliant products, the difference between success and failure is a few measly dollars. To launch a product, you must think through each part of the plan.
The product must be tested, packaged and shipped in a way that demands customer attention. For the product to be successful, it must be manufactured in a way that gets the attention of your competition and media when it’s released.
Think about Apple’s new iPhone. The iPhone has been a huge success even though it is priced higher than the competition. Part of the reason for the success is the attention to detail not only in the design of the product but also with the packaging. The iPhone comes in a beautiful box that almost demands to be opened. The iPhone is also brought to the customer, right to their door.
7. Packaging is everything
Marketing experts say that consumers make up their minds about a product in 90 seconds. They decide whether they like it, whether they would buy it and whether they are even interested in it. What a great product needs is packaging designed to get the consumer’s immediate attention. The package must get the attention of the media, the competition and consumers.
Consider Starbucks coffee. It is not the coffee that has made Starbucks successful. Most coffee drinkers do not even think about the quality of the coffee when they drink it. The experience and the packaging are what make Starbucks the success that it is.
8. Customer care is a must
Developing a product is not enough to make a product a sustainable success. The product must also be supported with a strong customer care program. A customer care strategy must support the product from the moment of sale through every phase of its life, including a warranty and customer care programs.
9. Be prepared to fail
Almost all new products fail. The most successful companies fail faster and move on. Those that succeed in new product concepts must be prepared to fail. They must recognize that their product may not be successful. It is important to know when to kill a product and move on to the next idea.
I hope this guide helps you in your journey. Good luck!
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