Skip to content At the core of every successful business are viable products. Businesses that thrive in the marketplace succeed because they offer viable products which in turn do well in the market due to certain common characteristics that attract customers to them.
The old business model encapsulated by the phrase “build it and they will come” no longer works. Instead, understanding what customers want is crucial because they will only buy what they desire provided it is available. This of course won’t happen by chance, emotion, or gut feeling. Rather, it involves conceptualizing an idea, conducting market research, building an offering, measuring user reactions, learning from the results, and iterating until you achieve product-market fit.
Building viable products requires pivoting from ‘product development‘ to ‘customer development‘. Instead of solely focusing on developing what you believe would be a great product, you should prioritize reaching out to potential customers to understand their needs. You should then use these findings to develop a product or service tailored to their preferences and pricing expectations.
The underlying principle is this: do not finalize a product until you have spoken with potential customers. You can do this by starting with a proof of concept, prototype, sample, demo, taster, or implementing a pre-order sales strategy before going ahead to develop a full product.
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.
