Skip to content In my previous article, I stressed the fact that successful businesses are built around viable products. Your primary goal as an entrepreneur is to ensure that any offering – product or service you bring to the market aligns with customer desires. You can use the following attributes as a checklist to gauge if your offering meets the threshold for sales success.
1. Solves a Real-Life Problem
What problem is your product solving? Successful products address and alleviate real-world pain points. For customers to buy from you, ensure that your product is solving problems or meeting needs that customers are willing to pay for.
2. Good Quality
Quality matters. Products with the best quality will outperform others in the market. Quality in the simplest terms means the product is performing exactly as expected. It is user-friendly and delivers the kind of value users expect to get from it. It is difficult to qualify a product as good if the quality is poor. Your goal should not just be to develop or sell any product but a product with good quality. This means ensuring that your products are well-designed, functional, and reliable.
3. A Smooth User Experience
The easier it is for users to onboard on a product, the better they will respond to it and willingly patronise it. The best products are intuitive to onboard and use. Great user onboarding helps users understand and experience how your product benefits them. A smooth onboarding process contributes to overall success. Good products are easy to use and provide a positive user experience.
4. Unique Selling Propositions
Your product is not the only one in the market. There are thousands of other similar solutions, so why should customers patronise you and not your competitor? Why should customers choose your product over your competitors? Successful products have unique selling points (USP). Your USP highlights what makes your product different from others. It communicates how it offers value in ways other solutions available don’t or can’t. It describes where your product fits in the market landscape. Communicating this strong value proposition ensures that your product stands out and appeals to the right audience.
5. Rightly Priced
Products succeed when they are appropriately priced. A product may be good but if the price is too high or too low for the intended market, then it will struggle in that market. Successful products consider the price point that customers are willing to pay. For your products to succeed, you should conduct market research, evaluate competition, and production costs, and strategically set appropriate pricing to maximize profits.
6. Faster Time-to-Value
Successful products are those that users can quickly realize the benefits of using them. In other words, the products deliver immediate benefits within the shortest possible time. Not only do they deliver value, but they also do so faster, better, or even cheaper than other competitor solutions. Developing a successful product ensures you minimize the time it takes for users to experience value.
7. High Engagement and Retention
A successful product engages users consistently and retains their interest over time. Such kinds of products have low churn rates because customers keep using them for as long as necessary. They are not only durable but are also constantly evolving to meet consumers’ changing needs.
By aligning your product with these attributes, you increase its appeal and likelihood of success in the marketplace.
Thank you for stopping by. I’m Ayo Adebamowo. Author, Speaker and Tech Entrepreneur. I’m here to walk your success journey with you. Subscribe to my newsletter for regular nuggets or check out other empowering articles on my blog to help in that journey. My latest book is Make Money, a primer on launching and growing a profitable business.
Written by : Ayo Adebamowo
About the Facilitator – Ayo Adebamowo Ayo Adebamowo is an Author, Speaker and Tech Entrepreneur. He is the founder of MyMedicalBank, a health technology company promoting digital access to healthcare through creating innovative digital solutions.
A Nigerian-British national, Ayo has been named as one of the 70 Most Outstanding Healthcare Professionals in the United Kingdom.
Having started and run various businesses himself in healthcare, technology, agriculture and publishing, Ayo very much understands from a practical point of view the pains, struggles and mistakes aspiring and established business owners often make that delay their success. He therefore brings his wealth of experience coupled with years of experience and research to help other entrepreneurs succeed in their journey.
