Want To Build A Great Product?
Questions to ask yourself -
What problem am I trying to solve?
What problem are you trying to solve and what is currently out there? How does your product provide a better solution than what’s available? Your product should solve some sort of need in the market as this determines the value and how sought after it will be.
Who are my competitors in the market?
understand who your competitors are, their strengths and weaknesses, as well as how and where they are marketing to their target users. Learn from their past failures and successes so you don’t repeat the same mistakes.
Who is my target demographic?
know who your users are by conducting research. Learn where and how they are spending their time, money, and what influences their decisions. Understanding why they choose one product over another will help you to understand how to position your business.
What is my secret sauce?
Think about why your users will want to use your product over your competitors. What makes your product special and better than what’s available out there? Once you figure it out, leverage that in your marketing materials.
How will I test and validate my product idea?
Have a clear idea of what you need to test against in order to validate there is a market fit for your product.
Test your assumptions/hypotheses by asking why, interviewing users, and iterating on your product over a period of time.
Do I have the time, money, and commitment to this?
Figuring out whether you have the time, money, and commitment to see your product through is important.
If you are not able to meet one of the 3 criteria, you are lowering your chances of making a successful product.
What is my timeframe for this product to launch?
Give yourself enough time to properly plan, execute, and iterate through the product cycle. Plan for the future with a features roadmap and define milestones.
Add extra buffer time to account for unpredictable scenarios.
Do I have the necessary skills to build out this product?
Figure out the roles and responsibilities required for building your product. If you are unable to do certain tasks, look to hiring an agency or freelancer to help execute things, or hire full-time (if you have the means to).
Feel free to reach out to me if you need help with what is right for you, using this link.