5 Keys To Creating A Product That Sells

One of the things that business leaders dread the most is bad inventory. Every manager's dream is to have a product that has a very short shelf time. A product that the customers delight in mopping out in exchange for their money. 

Creating a successful product is a lot of hard work.  It takes good market research, a strong unique selling proposition, and a great marketing strategy, to achieve 

Are you looking to build a best-seller product? Here are 5 keys to creating a product that sells. 

Identify customer needs

People don't buy products, they buy solutions.  They are willing to pay for products that will help them solve a problem, improve in certain key areas, or increase the money they make.  With this in mind, when creating a product, the first thing to do is to identify a critical need of your target customer and how your product is going to meet that specific need.  Identify also how other products in the market are already meeting the same needs and how you will competitively make a difference. 

Determine customer pain points

What is the customer experience with the current product in the sector you want to venture into? What do customers complain about the most in their experience with present products in the market?   Their complaints are an indication of where there is a big flaw that is yet to be fixed. A place where their deep-seated need is unmet yet. This is an area of need you could capitalize on to create a potential winning product that takes care of those complaints. By effectively doing that and armed with the right pricing,  you may have succeeded in creating a product or service that can draw a huge market share because the customers are already in dire need of what you are bringing to the table. 

Identify Market  gaps 

What problems are the existing products or services solving? What major problems are being omitted or are seemingly neglected by the competition? What different problems have unintentionally been created by the competitors while trying to solve a major need? These questions are a guide to identifying some market gaps you can exploit to create highly sought-after products.

Differentiate your value

One great way to create a high-impact product is to find ways to separate your product from the rest of the pack. Let your product offer the customer a value that is different and difficult to replicate. Your product or service will get lost in the crowd if it is a duplicate of the products that flood the market. The danger in it is that when all the products in the market are the same then price becomes the only means of getting ahead of the competition. It becomes a price war for every producer. This is a situation you don't want. In a price war, only the customer wins. Businesses become the casualties because prices fall to rock bottom, and customers smile home while the manufacturer suffers heavy losses. Often small brands get thrown under the bus by stronger brands. Distinguish your product, don't compete.

Create the right message

Getting the right word out is as important as creating the right product. Creating a strong USP ( unique selling proposition) and determining the best way to communicate it to your prospective customers will largely influence your market performance. Your target customers should be aware of the superior value you are bringing to them to enable them to see the sense in choosing you over others.

Finally, a best-seller product is every organization's dream. A dream that never happens by coincidence. It is achieved by a brilliant combination of diligent research, a strong relationship with customers, and raw guts. You should gather the relevant market information as outlined above and strive to meet them with a high level of excellence when building your products or service. Then curate the right message and determine the communication path best suited for the demography of your target customer. With those in place, you are likely to be on your way to creating a best-seller product or service.