What are the key ways to evaluate a product's potential success during development?

Product development and success depends on clear identification of target customers needs. The success depends on how well the product satisfies customer needs. The product and the product support need to be clearly stated.

5 pontos essenciais para avaliar um produto: 1. Pesquisa de Mercado: Conhecer seu público-alvo é essencial. Entenda as necessidades e desejos deles. Venda o que seus clientes querem comprar! 2. Testes de Usabilidade: Garanta que seu produto seja intuitivo e ofere?a uma experiência incrível. Crie um MVP e teste com usuários reais para detectar melhorias e obje??es. 3. Diferencia??o: Analise a concorrência. Inove! Ofere?a algo único e valioso que fa?a seu produto brilhar no mercado. 4. Viabilidade Financeira: Avalie custos de produ??o, pre?os e proje??es de venda. Seu produto precisa ser viável e lucrativo. 5. Feedback dos Clientes:Escute seus clientes. Adaptar-se às demandas é crucial. Inove e tenha um diferencial competitivo claro!

Be very certain that you understand the problem you’re solving. Focus on that. Have you actually solved the problem? Is the solution elegant and easy for the customer to use? Will they derive direct value when they implement it? Is that a cost savings (assume they will want to keep ~60% of the value)? Or is it a revenue driver for your customer (much more valuable and much harder to value!$

There are several key ways to evaluate a product's potential success during development: 1. Market Research: Conduct thorough market research to understand the target audience, their needs, and preferences. This helps in identifying opportunities and validating the demand for your product. 2. User Testing and Feedback: Regularly involve potential users in the development process through prototypes or beta versions. Gather their feedback and iterate on the product based on their insights to ensure it aligns with their expectations. 3. Competitive Analysis: Analyze the competition to identify their strengths, weaknesses, and unique selling points. This helps you understand how your product stands out and what improvements can be made.

Ensure your product solves a real problem or fulfills a need in the market. The clearer the problem your product addresses, the higher its chances of success. This can be done through market research - Speaking to prospective customers and analyzing the potential competition to understand how your product compares to existing solutions. Identify your unique selling propositions (USPs) and ensure that your product offers a competitive advantage.

One of the easiest mistakes early stage founders make in conducting market research, especially when using surveys, is using closed ended questions. Questions that the answer can only be yes or no. More often than not, these surveys are unconsciously designed to confirm the founders bias towards the idea. What should be done instead, is to use open ended questions. Eg How do you currently solve such and such problem? What you will get is lots of contextual stories from which you can extract the real insights you need for your product development.

Market research constituted a pivotal step in the refrigerator project. We conducted surveys and interviews with potential customers to gain insights into their preferences and pain points. Our findings revealed a growing trend among environmentally conscious consumers who prioritized energy efficiency and actively sought products with strong Energy Star ratings. This information guided our decision to prioritize energy-saving features and the use of eco-friendly materials, aligning our product with market demand.

I cannot overstate the importance of mystery shopping as a one of the methods to conduct market research or marketing research to be specific. Yous boss or naysayer may undermine your approach, but you are walking as a consumer, understanding the processes of a product/service touch points. Not only it gives you competitor's perspective, but you also gain the understanding of prototyping. Let me tell you something, there is nothing called copycat in the market, if you just do it right according to your organization's perspective and do it well you are a successful product developer. Follow the leader.

For most people, building an MVP means shipping a subpar first version of the product which is totally wrong. While for others, it takes longer to go to market because they keep building a finished product as an MVP. I read somewhere that the road to market should be swift (with minimal resources) as it ensures that the product gets into the hands of your actual users whose valuable feedback will go a long way in ensuring continuous iteration and ensuring customer satisfaction. - ensure that you collect feedback at different touchpoint - incorporate in-app engagement - engage your customers via push notifications and emails. And if the product fails then you learn from it and try again!

If you are operating a tech enabled business, chances are that you can use existing tools to drive early revenue. If your business is core tech, that is, there's no way to show the customer the solution without first building something, then it's best to operate with the mindset of "what's the shortest route to sales" This means we have to decide what the most critical features are that can represent a viable solution. Once these critical features have been built, it's time to show the product to as many customers as possible. That way, you let the customers decide the next set of features to build.

As an entrepreneur who has developed and launched multiple new food products to the market. The only approach we took was to sell the first products with simple packaging and so many limitations, the best way to validate and get feedback is when people vote with their wallets. Succeeding in selling your first prototype will grant you a shortcut to the initial stages of your startup such as market research, validation, initial funding and customer acquisition.

Throughout the development process, we created a minimum viable product for the refrigerator. Our MVP included essential features such as adjustable shelving, digital temperature controls, and energy-efficient LED lighting, all contributing to the refrigerator's impressive Energy Star ratings. We released this MVP to a select group of consumers and gathered valuable feedback. This iterative approach allowed us to fine-tune the product, resulting in a more user-friendly and cost-effective design, while maintaining its Energy Star qualifications.

Building a MVP is about building something tangible and measurable. Without a product, you cannot make hollow statements about building the best in class product with the learnings that are being gathered. Building a MVP is critical, gathering measurements and identifying certain key metrics is equally crucial. These indicators will help you learn early on if the product is working vs not working. This approach will help build a test and learn framework which will gather early data and likely a good case for gathering some early insights into product adoption. Without something tangible and measurable, it is meaningless to even have a company. And key part is to fail fast, learn faster. Achieving early product market fit is crucial.

To ensure optimal usability, we conducted extensive usability testing for our refrigerator. Real users participated in testing (Field Level) during which they interacted with the product. Their feedback uncovered that the touch-sensitive control panel posed confusion for some users. Subsequently, we made adjustments based on this feedback, simplifying the interface and enhancing the overall user experience, further enhancing the appliance's overall Energy Star performance.

In my experience define the kpi’s to track while creating a story is key success of product development. This will also help the development team understand the requirements clearly and build the data events to track the kpi.

Metrics played a pivotal role in the evaluation of the refrigerator's success. We defined key performance indicators, including energy consumption, customer satisfaction, and sales figures, all while ensuring that our Energy Star ratings were consistently high. By consistently collecting and analyzing these metrics, we could assess the product's performance and make data-driven decisions. For instance, we observed a reduction in energy consumption over time, demonstrating the effectiveness of our energy-saving features and the positive impact on our Energy Star qualifications.

My sense is consumer is always looking for Positive Surprise ! While designing and developing product , it is important to ask our self , how will I create positive surprise to potential consumer More we do this more consumer look up and chances of repeat buying will improve !

One thing to also consider is to make it easy for your consumers to give you feedback and leave reviews. Consumers tend not to like extensive feedback forms, so a few things to consider: — what are the critical questions you need answered? — what is the easiest way to get that answer? — could you incentivize consumers to give you feedback? If it’s a new product, focus groups are also very helpful in getting more detailed feedback.

Don't ask your family, friends, or favorite customers. They'll always be too nice and you won't get much meaningful feedback. Ask complete strangers and face the harsh reality!

Years ago, I built a $700M business and launched 3 platform products. If I were to do it today, I would leverage AI. There is an intersection between AI and product development that can help with the success of the product before, during and after development. AI can help refine the product-market fit during the market research process. Secondly, AI can help accelerate the development of the product. Lastly, after the launch of the product, AI can help get insights from customer feedback.