What does it take to make a product truly successful?
Don’t Chase the “Flashy New Thing”
So many times, people get swept up in the glamor of the newest fad. It’s not hard to think back on a product that exploded onto the marketplace, made headlines, and then tanked. Hard. Fidget spinners, pop sockets in all the colors of the rainbow, Beanie Babies. All those products grabbed attention and surely powered some initial sales, but none really had staying power. Why? Because they ignored the chief considerations you need to make for every new product.
Successful Products Are Guided by Strategy
Every new product should start out with a strategy for success. That strategy should be anchored in a deep understanding of what your target consumer needs and does not have. The very best, most successful products all actively make a (hopefully positive) difference in consumer’s lives. At the extreme, the most successful products are ones that cause seismic shifts in culture—like smartphones—not momentary blips like the pop sockets on the back of them.
Three Essentials of Successful Strategy
Pricing. Customer shopping habits. Competition and repeatability. Successful products are built on a successful strategy that takes all of these into account.
Pricing—A cheap product doesn’t guarantee success. Every successful product has to balance costs vs. market cap considerations to develop a balance that allows for profit and innovation without hindering the ability of the consumer to actively engage the product.
Customer Shopping Habits—It can be difficult to break into the marketplace and make a product truly successful. Especially in times of strained household budgets. Any successful product must be put forward at the right time and in the right places to gain market traction.
Competition and Repeatability—Knowing your competition and their capabilities is critical to successful product introductions. If you can bring a great new product forward for $20 and your competitor can copy it for $10, you lose. Have your intellectual property on lock, know your product, and know your competition and you win.
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