What Makes A Product Successful?
Aug 22, 2022
Because of the internet, the barrier to entry into certain markets has never been lower. As a result of this, there have been a slew of new companies selling their products and services online. Some go on to become a huge success and others fail miserably.
So, what sets successful products apart from those that aren’t? In order to answer this, it helps to look at some successful products to see what they have in common. We need to dissect them and identify the principles that made them so popular.
Hopefully, by applying those same principles to our own products, we’re able to increase our chances of achieving success.
- Branding and marketing
A brand is much more than a logo or a name. Simply put, it’s the overall identity of your company. From advertising and custom labels to social media and website design, everything needs to reflect your brand and values.
Depending on the strength of your brand, it can have a negative or positive impact on consumer behaviour. In today’s competitive marketplace, an effective brand strategy is essential for any business that wants to sell their products or services.
Building an effective branding strategy begins with understanding the customer’s needs and desires. Once these have been identified, your business needs to create a unique value proposition that clearly sets your product or service apart from the competition.
For example, an Uber driver essentially offers the exact same service as a taxi driver. However, Uber offers a additional value proposition: convenience. You can get an Uber to pick you up from anywhere, you can book it on your smartphone, and the transaction is completely cashless. These seemingly minor improvements are what propelled Uber into success.
When users interact with a product, they want to understand how it works. They need to know what it is, what it does, and how it can help them. If they’re not able to understand how a product functions, they’re unlikely to purchase it.
Unfortunately, many products are complex and use proprietary technologies that can make them difficult to explain. This can be a problem for companies who need to provide customer support or troubleshoot issues.
Improving the ‘explainability’ of a product can help to address these problems. There are several ways to do this. The easiest thing to do is to make a step-by-step guide that uses simple language and visuals that are easy to follow. In addition, you can also demonstrate how to use your products via an online video. In fact, plenty of tech products nowadays provide instructions to the user as soon as you boot up the device. You see this in smartphones, gaming consoles and VR headsets.
In a world of ever-changing technology, it can be easy to get caught up in the latest and greatest gadgets. However, sometimes the simplest products are the most effective. Consumer-grade products should be easy to understand and use. They shouldn’t require a lot of specialised knowledge or equipment.
One of the best examples of this are mobile games. In the past, video games were seen as too complex and confusing for people outside the niche. However, with the advent of mobile games, the hobby finally became accessible to everyone. The in-game goals were simpler, the controls were easier to manage, and the games were readily accessible. Suddenly, what was once a hobby for the younger generation suddenly became a hobby for everyone. Candy Crush and Pokémon Go are just a couple of examples of how a simple product can become extremely successful.
Functionality goes beyond whether or not a product works under normal circumstances. You also need to think about how the product will work under different conditions and the performance of the product after a few years of use.
In addition, it’s important to think about the possible faults of your product. In some cases, a faulty product can cause serious injuries or even death. That’s why it’s so important for manufacturers to ensure that their products are safe and effective before they hit the market.
By taking the time to test your products and weed out any defects, you can help protect consumers from harm and ensure them that they’re getting what they paid for.
There are a number of ways to reduce the cost of your products. The first way is to take a close look at your manufacturing process and see if there are any areas where you can cut costs. You can switch to cheaper materials or streamline your production process.
Second, think about ways to reduce waste. This could involve using packaging that uses less material or designing your product so that it generates less waste in the first place.
Finally, think about ways to increase efficiency. To do this, you might need to automate your manufacturing process or invest in new technologies that help you produce more products with less effort.
By taking these steps, you can make your product more cost-effective, lower consumer prices and improve your bottom line. Keep in mind that the best approach will vary depending on your specific product and situation.
Successful products come in all shapes and sizes. When it comes down to it, making a product is all about finding the right balance between everything that we’ve discussed above.