Great Companies are Built on Great Products
One of the most important parts of a company is the product or the service they provide. Jeff Bezos once said if we build a great product or a service, then the product will speak for itself, but for it to do so, the product must be worth talking about. Some of the biggest companies in the world are known for their product first and then for their creators. We are in the business of creating lightweight mechanical hardware which is usually prioritized by innovators who are trying to build the products of the future and in most cases these teams are from Innovative young Startups. Our experience working with such teams has helped us learn a few lessons. If you want to make your product worthy and want to build a great product, then this is the right place. There are some key strategies that one misses out on when launching their product and that determine its future. By following the steps given below, you can make a good product great.
Know Your Customer:
To know your customers and for that, market research is essential. Market research includes everything from knowing what your consumer needs to what is the target audience for the product. A strong network of people who are willing to give you feedback is crucial. Early feedback and changes can put you in front of your competition. Your product should be something that solves a problem or caters to the needs of an undying consumer base. Market research also allows you to connect with the market and see what is best for your product. The internal and external factors vital to the product can be uncovered. Building a solid consumer profile is also part of market research. Capitalizing on the niche of an industry is a go-to move and getting the first movers' advantage can boost your product needs. With surveys, interviews, focus groups, and sheer observation, one can conduct market research studies and with the help of previously obtained statistics, the right decisions and strategies can be formulated for the product.
To launch your product, you have to be ahead of your competition. The key is to know why a product failed in the market. There is a single common factor between all the great products like iPhone, Windows, and Samsung, and that is success. All these products were able to soar in the market because of their strong foundation. We often forget about the 80% of new startups or products that failed in the market. They have to have a strong reason to fail and not work as planned. Reading about these products will give one the insight no successful product can give. The reason why it failed is a mistake you should avoid in the future.
Build A Prototype:
The next step is building a prototype. A popular way to get product feedback is through a prototype. A prototype is essentially the early sample of the original product, which is made to test the concept and the process of the product. With this, the company can get useful insights about the product. Is the product user-friendly? Is it doing what is meant to do? How far is the final product from the actual idea? What can be improved and what can be discarded? This is the kind of vital information a developer needs to make the product go from good to great. All product journeys begin from Prototypes before they become recognized/household names. We understand that innovators need flexible and supportive manufacturing partners for their prototypes, as the product is evolving and being perfected. We have helped numerous products and companies from their first prototype to serial production and understand the realities and criticality at such stages. By building a prototype, there is something that you can show future investors and get the additional funding that is required for the growth of the product. A prototype can be your unofficial entry to the market to see how the market reacts to your product. Can you beat your competitor? Is the product enough to cater to the needs of the consumer? All of these questions can be answered by building a prototype of your product.
Analyze and Change:
Once your product is live in the market in a few months, you can get tangible data that could mean something to the company. Analysis and repeat are steps some might want to skip but can give you insights that could completely change the game. At this point, the company will have so much data to work on that almost every aspect of the product-market relationship can be explored. Your numbers are your best friend now. Analyzing the data will help you make a decision better and, hence, shape the future of your product. Compromising these steps would mean no change in the current scenario and the continuation of the same patterns. Change is required and you must believe in your numbers.
There is a fine line between good and great. To make a product great, one must take the extra effort to make it great. There is no overnight success in this field. The strongest structures take the longest to build. Patience is a virtue and luck is underrated. Believe in your product, be one of your products and you will see the change. These were some of the key strategies that one must follow to make a product go from good to great.
We at Exclusive Magnesium design and manufacture parts using Magnesium Alloys & other Advanced Lightweight Materials for Mechanical Engineering teams who are obsessed with developing the next performance-leading product in their sector and category. We have been part of hundreds of product stories all over the world, ranging from Indian drone startups like IdeaForge to convertibles at Mercedes Benz.
We help mechanical teams understand how the use of such materials can unlock a new level of performance in their product to solve their end users’ problems better while saving time, effort, and money for their end users.
To contact us for more information, email us at email@example.com