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Is your product really needed in the market?

How do you identify if your product is a must – have?

To start with, HP has created a must – have product for me i.e my laptop without which my days don’t move forward. If you Have developed your dream product here are some points to focus on to identify if it is a must-have

  1. Does it really solves the customer problem or add any core value to them?
  2. What is the aha moment of your product?
  3. Measuring Retention
  1. Does it really solves the customer problem or add any core value to them?

Simply developing a product with advanced technology and exciting features alone doesn’t make it a worthy product in the market. Do the features in it really solve any real-life problems faced by the customers or add any core value to them is what matters. To make it simple, Google glass was introduced with so many exciting features but it couldn’t make it a place in the market because it wasn’t user friendly.

People purchase a product either for their need or for desire. First you must identify the core value, your product gives to your customers. If your product is really worth, no matter what it will attain a sustainable growth even by word of mouth or virality. You cannot make people love a substandard product even with huge effort of advertising and marketing. In order to make the people love your product they must experience the ‘aha’ moment.

  1. What is the ‘Aha’ moment?

Aha moment is when your product rally impresses its users and make them realize the core value and the benefits they receive from it. Your product should be built in such a way to give  a promising delivery of an Aha experience that the customers find it irresistible and fill a meaningful need. A product/ app/ service may give the ‘Aha’ moment either with a specialized feature or on continuous usage. To understand clearly, aha moment for Facebook is when you can find your old friends and able to connect with them, for Ola / Uber is to have a cab in front of just by few taps and the ability to track them. To identify that moment can be tricky but the following measures can help you out.

Must – have survey

A simple survey can let you know whether your product is loved by the customers or not. Let’s have a look at it.

How much will you be disappointed if —- product no longer existed?

  1. Very disappointed
  2. Somewhat disappointed
  3. Not disappointed
  4. I don’t use it

If someone tells me Google will stop working from tomorrow, I can’t even imagine how can I digest it because I merely can’t live without it.

Have you recommended this product to anyone?

Yes/No

Whom do you think would benefit more from this product?

Answers for these questions will help you decide your product’s impact on the customers. If this survey gives you a positive result, then you should move ahead with a survey requesting which features of your product excites the customers and areas to be improved else you should step back and concentrate on your product design.

  1. Measuring Retention

Once your product have passed the must have phase then next step is to measure the customer retention rate which is the number of users who continuously use your product. Having n number of features in your product may at times be confusing and cumbersome to use but at times removing or limiting certain features may result in effective usage. To know deep about how customers feel about your product you should find the right community to survey with right questions.

If the customers acquired initially doesn’t last long, the reason why they had left should be found.  If the existing users are not aware of the new versions/ features of your product there are chances that they may stop using it. The way you communicate the value and benefits to the existing users may convert them to potential customers which eventually will increase the retention rate. More the pleasure of using your product, more the retention rate.

                                                                                                            Srisakthi.K

                                                                                                                Cultiv8

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