Just as any mother may believe her child is truly special, creators may adamantly believe their product is the best. But when it comes down to it, it’s not the creator, but the customer who decides.
“You may have superior technology or a great feature set, but if your product doesn’t create value for the customer, its chance of success is slim,” write Karl Stark and Bill Stewart, Managing Directors and co-founders of Avondale. In a guest post for Inc. they argue that “Better products win when the total value — that is, the benefits minus the cost — is clear and measurable to the customer and creates more value than comparable offerings.” Sadly, that’s not always the case. Customers may not care about “superior features” that don’t address their top need, and they may not be willing to pay more for them if there is a cheaper alternative.
Instead of innovating for the sake of it, Stark and Stewart suggest that entrepreneurs focus on building only the features they’ve determined their customers want and are willing to buy. For more on why it’s not always the better product that sells, read their full post here.
Related Content from OpenView:
Before you get too enamored with your brilliant new business idea, make sure you run it by a few prospective customers first. As Jeremy Horn, author of “The Product Guy” blog advises in this OpenView post, that will allow you to gain critical knowledge about what the market wants, and whether your product is actually fulfilling customer need. And check out this post from the OpenView Blog for more on why choosing the right product management leader might mean success or failure for your startup.
Photo by: Susanne Nilsson