It all starts with an idea to create a product; then making the product. Below are characteristics which your product or brand has to have if it is to be profitable.
*Please note: a product refers to any business solution/offering, either a physical product, soft product or a service.
1. It has to serve an identifiable purpose(s) or deliver value to consumers
Consumers buy products for absolute purposes that the products will serve. Be it even that the product brings joy to them, or tickles their fancy. The point being, the product brings a certain satisfaction or use to them. And the satisfaction or use is brought about by acquiring your product.
2. It has to be of better value from your competition, in the eye of consumers
It could be the price, feature or design difference. A cheaper product may be the reason for consumers to buy your product and not the competition’s. There are many reasons which could make consumers choose your product over your competitor’s. Always chase that reason and imbed it in your product.
3. Appeal to a need or want. It could be an old need/want, or a new need/want that which you created yourself
A new need is a need that consumers weren’t absolutely aware that they had, but because of your product they now realise that need, and your product becomes the solution.
Your product has to add a difference to people’s lives. Consumers must be willing to pay money to have that difference.
4. Deliver efficiency
Your clientèle has to be better off with your product. They must be glad they possess your product. It should make a better difference in their lives somehow.
5. Easily defined products and product features
It’s about describing what your product can do for consumers. When products/services are easily described and their use is easily understood, they become easier to sell. It also becomes easier for you to relate what the product will do for the consumer, and easier for consumers to understand what the product will do for them. This helps consumers readily identify what your product will do for them.
It is also a quick way to close a sale. This is your product’s hook.
6. Good quality, good after sales service and maintenance
This is how you protect your product’s use, in that it’s always in use and serving its purpose. This is also how you maximise the value of your business brand, which then makes your brand the trusted among plenty.
7. Well branded product
Branding is the layer that covers your product or a layer which stands for your product.
You need a logo. A logo is a sharp and distinctive mark which says “I made this product, this product of such stature”.
Your product’s packaging is crucial; it should communicate a psychology that captures consumers. It should also explicitly communicate your business’s name. When people think of a good product, your brand should come up.
8. Don’t take forever building your product
We all are in chase of perfection, to better our products. Do not take forever perfecting your product. Things change, people change, relevance changes; who knows; someone might come up with an idea similar to yours.
Don’t overload your product, the best way to test its viability is to release it in the market, and improve it along the way.