Tags: 5 product creation lessons from top companies

5 Product Creation Lessons From Top Companies

5 Product Creation Lessons From Top Companies
© Iqoncept | Dreamstime.com

By    |   Friday, 02 March 2018 05:47 AM

A lot goes behind the scenes in product creation. With thousands of startups springing up, one needs to master the art of product creation. As a startup, the business environment is full of competition. Statistics reveal that 9 out of 10 businesses fail and entrepreneurs are constantly on their toes to make sure that their businesses will not fall into that bracket.

One of the ways to prevent any mishap is to learn from the failures and successes of other startup entrepreneurs. This will give you a head start when you’re creating your products and service delivery. The giants in the industry went through a series of challenges and each challenge gave birth to a valuable lesson.

If you’re a startup entrepreneur working on creating your first product like beverages, table water, restaurants, mobile slots, cosmetics etc., here are 5 product creation lessons that will help you thrive in your industry.

Lesson #1: Research on your Target Market

Many times startup entrepreneurs come up with an idea and immediately dive into creating the product. Oftentimes products are created without properly understanding their potential customers. Your product may be what people need but the truth is that people do not go after products they need, they go after products they want.

Top companies invest a lot into researching their target market before they create their products so that they can discover what exactly they want. For example, Dean Kamen came up with the clever idea of creating what was called the Segway.

Unfortunately, only 24,000 Segways sold within five years, which was extremely poor for something so innovative. However, assuming proper research was made about the target customers; such a problem would have been averted.

Lesson #2: Don’t be Afraid to follow your Gut

As scary as this may sound, following your gut could lead you to major success. Many entrepreneurs swear to the efficacy of listening to their gut and there’s indeed a hidden power in trusting your gut instincts.

Bob Lutz of Chrysler had the idea that Chrysler cars should build flagship sports models using the powerful truck engine the company developed. His audacious project scared their middle-class workers who were their target market at the time. It turned out that Lutz’s hunch was what resulted in the success of the company.

Dooma Wendschuh started Sekretagent Productions in the mist of gigantic content and game development competitors. It doesn’t really matter how tight it looks when you begin. Following one’s gut is what great company does. Sekretagent soon went on to do advert development of great works such as Prince of Persia video game (2004), Assassin's Creed II (2009) irrespective of the competition.

You don’t need to be afraid of the competition, your competitors are also afraid of you. You can achieve results believing in your products and giving your all to it.

Lesson #3: Don’t Aim for Perfection

It’s tempting to create the perfect product before officially launching it to the public for sale. More often than not, startup entrepreneurs fall victim to this temptation. This can lead to wastage and heartbreaks.

In the words of Zubi O’ Peters ‘whatever is worth doing, is what doing poorly at first’. Apple launched the first iPhone when it didn’t have basic functions like copy and paste, yet thousands lined up to buy it. In essence, this doesn’t mean that your product should not be good, but it should be good enough to start from and then grow from there.

Lesson #4: People don’t buy Products; they buy Experiences and Culture

What is it about Apple that has people in long queues in various the Apple stores every time they launch a new product? As sleek and innovative as the Apple products are, they represent something much more than a high-tech phone or tablet. They represent the future. Anyone who has an Apple product is associated with one who belongs to the new era. It represents a young and vibrant culture.

In other words, people are attracted to products not only because of their functionality but also because of what they represent and the type of experience they offer users.

What message do you pass across to your target market through your product? What do you want them to feel? Asking questions like this throughout the stages of planning, production and promotion are important to ensure you are sending the right message consistently.

Lesson #5: Whatever you do, don't Give Up

When you’re creating a product, you’re likely to face a lot of obstacles along the way. Your target market may not respond to your product the way you hoped they would. Perhaps your product has to go through more tests than you imagined was necessary. Or your team members or investors gave up on you on the last minute.

What kept top companies going was their tenacity against all odds, no matter what product or service they created or offered. SpaceX CEO and founder Elon Musk experienced more crashes than he ever imagined yet he kept launching those rockets and refused to believe that failure was an option.

In the same way, you need to back your product with the same tenacity in order to guarantee its success. Things may not go according to plan, but you must hold on no matter what.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
RichardAgu
A lot goes behind the scenes in product creation. With thousands of startups springing up, one needs to master the art of product creation. As a startup, the business environment is full of competition.
5 product creation lessons from top companies
921
2018-47-02
Friday, 02 March 2018 05:47 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved