Products can be digital or physical. The production of either is a multi-step process. I personally know only how to create digital products, having worked with the internet for well over a decade. But whether you work in the digital world or the physical one, developing products that please your customers is an absolute must. Here’s a thought I had a while ago on making something that people want.
A business is an entity that produces something which other people or businesses are willing to pay for. Knowing this, when you start creating a business, you must ask yourself “What is the value proposition of my company?” and “Which customer segment is interested in my value proposition?”
Your value proposition should describe how your offering makes a consumer’s life easier or a business more efficient. Your customer segment could be the mass market, or, alternatively, a very small part of the population. However you define your firm’s value proposition – and however large your customer segment is – a focused value proposition that satisfies a need or a want for a specific customer segment has a better chance at succeeding than one that doesn’t.
I’m not saying that an unfocused product meant for the masses is going to be impossible to sell. I am saying, however, that the product better be amazing or you better have a ton of money to market it. It is easier to sell one solution that solves a problem for specific group of 100 people than it is to sell five solutions to 500 people.
What it is your business delivers, and whom you do it for, are the things you must figure out before anything else.