There is no right or wrong way, but just the most suitable way within the bounds of the situation for the company when they want to develop a product. The following are the key things that you must do to have a successful product:
- Identify your primary user. A lot of startups don’t know who the primary user is for them.
- Identify the customer. The customer is the one who is going to pay for the product. He may not necessarily be your primary user.
- Identify the need and user problems. You will create the user value by satisfying these needs or by solving these problems.
- MVP: Develop your solution that precisely addresses the problem. There is no need for any superfluous or extra functionality.
- User feedback: Let your users use your MVP and get their open and honest feedback.
- Iterate: Keep iterating until you have solved enough user problems or satisfied enough user needs, for your customer to pay for it.
- Release to a larger audience and establish your sales channel.
- Establish a easy feedback channel so you can gather feedback from a large number of users, get new ideas and create incremental value.
- Measure KPIs to celebrate success and identify further improvements.
- Protect your product and your business from competition and imitation.
- And always remember: Revenue is vanity, profit is sanity but cash is the reality!
Innovify can help you realise your dreams by working along with you at each stage, be it startup, scale-up or maturity or decline. You can also write to us in order to arrange a short meeting to discuss the problem you are solving and what value it adds to your user and customers.