Building a successful product is an evolving process even for the insanely smart entrepreneurs but there must be a framework that can help the ‘not-so-experienced’ entrepreneurs enhance the chances of success. Here, I attempt to put a 3P framework and 8 Rules that may be useful for many across the world building a product or honing their existing ones.
A successful product changes the fortune for sure.
A good product s centered around great performance. This is the core of the product which proves the ‘Effectiveness’ of the product to the target audience thereby empowering your product to challenge the status-quo of the leading product.
Next, build a perceived value around the product is important. A perceived value defines the ‘starting point’ in the minds of the prospective buyers that works in your favor. This is important to build ‘Eminence’ around your product.
The third P is preview. You must have come across great products awaiting its due recognition. Its because the preview is missing. Enabling a preview does not mean a pdf or explainer document. A preview means letting the users try your product with its ‘full features’ that you may allow for a limited period of time. A full feature trial is far more powerful that limited feature one. It helps your buyers assemble the right ‘Experience’ that eventually can become your reason-of-sale.
Having said this, you may follow the below 8 Rules while building the product.
Tenderloin corned beef tail brisket, meatball fatback cow prosciutto pastrami ground round venison pig ball tip chicken. Salami t-bone pork cupim pork chop. Corned beef filet mignon ham bresaola. Boudin pork pork loin ribeye bresaola andouille rump pancetta meatloaf t-bone jerky venison tenderloin.
Rule # 1 : FUTURISM
If you are in 2021, build the product for 2025. If you can launch It earlier you will gain that much.
Rule # 2 : MINIMALISM
Never wait to launch a perfected product. There is nothing called a perfected product. Launch the MVP but make sure the version is a truly a MVP.
Rule # 3 : REALISM
Don’t just solve a problem, ensure your product is delivering a wish too. A wish is the most realistic reason-for-purchase in the minds of the buyers.
Rule # 4 : APPEALISM
Build your product such which has mass appeal to a segment who is ‘never’ likely to buy your product. Yes, you read that right!
Rule # 5 : EVOLVISM
Establish high clarity on how would your product evolve ‘after’ you launch the MVP.
Rule # 6 : AFFORDISM
Price your product at the level of affordability matching to the ‘bottom’ of the pyramid of your core target segment, not at top or average value.
Rule # 7 : SINGULARISM
Identify & Improvise your product for the single most demanding client even if the revenue from others is 100%!
Rule # 8 : DEFINITISM
Have a definite vision for your ‘buyers’ that was aimed to fulfill when you started with the idea. This rule will keep you motivated to success eventually.
I hope this article will be useful in your journey and I wish you the best. You may download the full PDF here in case you wish to read more.