Have you ever had a new business idea YOU wanted to bring to life?
As entrepreneurs, it’s always interesting how much we want our customers to buy what we think they need.
The problem with forcing product that doesn’t have a demand lies in wasted time, money, and energy.
So if I shouldn’t come up with new product ideas, what should I do?
The solution to new products is to reverse engineer the equation. Instead of thinking of a product YOU are exciting to create and sell to a customer, think directly about the customers.
Once determining what they may want, go to work building.
For example, if I wanted to get a new product to market, the first thing I need to think of is my customer; demographics and psychographics.
What do they want?
Who are they and how can I serve?
What has sold really well in the past?
What new offering would add onto something they already love?
What feedback have I gotten on recent problems and what product/service would solve that?
Let’s be customer centric as everything revolves around them.
With these questions in mind, you can create a product that the customer would want, as opposed a product you want the customer to want.
Customer first, product second.