7 Pillars Of a Successful Product
Launching a product-led business is never easy.
70% of start-ups fail within the first 5 years.
These percentages are consistent across all industries.
There is a lot you can do when planning and developing a product.
You need a unique idea, relatively small competition, great branding, and much more.
Let’s look into all 6 components of a successful product:
#1 Unique branding and design
Your product needs to be magnetic.
Magnetism or distinctive personality is achievable through branding and design.
Your brand needs to communicate your values visually and textually.
Branding is not just a logo and a colour palette, but also:
* Who you are & what you believe in
* Your vision & mission
* The tone of voice – what & how you communicate your messages
* Your associations – who do you associate yourselves with (could be partners, influencers, etc)
One straightforward way to stand out is to use the latest technology to create an interactive experience for your customers. If you are selling glassware or bottle packaging, screen printing on glass bottles can help you to create a unique style that will attract customers.
#2 Reliable product
Having a high-quality product is given. Your product also needs to be reliable.
You need to create a product that gives people predictable results over a longer period of time (think seamless upgrades and compatibilities with other software)
Imagine you buy an iPod that isn’t compatible with an Apple desktop. Useless, right? No matter how well made the iPod is, it won’t be useful for you if you can’t use it the way you like.
Your product needs to be stable, usable & predictable.
Good marketing won’t save a bad product.
Also – keeping the standards high while creating your products (like quality control protocols etc) builds an image of an esteemed brand that can help you establish excellent relationships with your customers.
#3 Good pricing strategy
Your pricing will depend on your target market. In other words, your customers must afford your product.
NB! This doesn’t mean you need to price low. It means it needs to be priced appropriately for the market it is supposed to serve.
If you are selling high-end luxury items, then a higher price is justified as you know your customers can afford it. If you sell to the masses, then you need to find a good middle ground between your competitors.
For example, if iPhone is priced too low, it will lose its premium appeal but if priced too high, it may not become a widely used as it is now.
So price your product appropriately within an affordable range of your prospective customers.
Many brands use seasonal discounts strategy to bring customers back for more. Setting prices lower temporarily on some products may encourage consumers to buy more even if these items are more expensive.
#4 Hire the right customer-focused team
People are the most overlooked pillar in building a successful product.
The software engineers, UI designers, project managers – all make or break your business.
These people need to be capable of getting the work done well, and they need to be available to build the product on time.
There is no way for a product to have sustained success if your team isn’t keeping the customers in focus.
Customer focus should be an essential activity throughout the development and launch of a product (and not just something your team does at the beginning of their research).
Asking for customer feedback at every step allows the manager to identify needs and create the most appropriate solution.
Customers buy a solution to their needs, and only by maintaining the focus on their needs, can you build the right product.
#5 Good product packaging
Consumers are drawn to packages when they shop.
Packaging is your opportunity to grab attention & spark curiosity.
If you thinking of starting an online business and will be shipping your products regularly, be mindful of the design and quality of your packaging as well as its protective properties. If you are selling beauty products, you may also include a little sample of a complimentary product inside your shipping carton this will help entice your customer to buy more.
In shops, position your products in a way that allows customers to see them from all angles.
#6 Target a growing market (not just a big market)
It’s better to target a medium-size market that is on the rise (as opposed to a big market that is on the decline or plateaued).
For instance, if you are selling fashion items, you should choose a clothing line that covers all sizes, so you’ll sell more.
Also, choosing a product with multiple uses helps as well since this increases the number of people who can benefit from using it.
#7 Suitable marketing strategy
Suitable products most likely fall in the category of being the right fit for the job.
But even the most incredible products are nothing without suitable marketing. You need to cover all stages of marketing – from awareness, consideration, and action stages.
Also – if you focus on building a useful high-quality product first and foremost, you will spend less money on marketing because happy customers will do it for you 😉
In order for a company to have long-term, sustained success, a good product is not enough. You also need to hire the right team, think of internal company culture, the right pricing, and utilize data-centric cutting edge marketing techniques.
There will be challenges where you may have to pivot, change direction, or make hard decisions. But in the end, if the structure is built on a strong foundation, you will have a better chance of succeeding.
We strongly believe that organisations that don’t follow these 7 pillars and do not use them to build their products will rarely succeed in the long run.
On the contrary, organisations that build their products on a strong foundation, will deliver the product promise and command a respect among their customers.
We hope that these 7 pillars above will help you make the right choices when it comes to developing new products.