Good vs. Great Products
Businesses run on fulfilling customer needs and providing their clients with the best products and services. Every company aims to develop a product that solves a customer grievance or makes tasks easier for its target market. It invests a colossal capital in researching the product, the benefits it promises, its drawbacks, and more. This market research helps them foresee how the product will be received in the market once launched.
Companies often plan to create products that can benefit a large target market and appeal to a large number of people; however, a specialized product or service for a specific customer base differentiates a Good product from a Great product.
The concept of Good vs. Great products is basic but essential in Product Development. It is a significant step in researching the target market and executing the development of the product in mind.
What are Good and Great Products?
A significant part of target market research is identifying Good and Great Products. A ‘Good’ product refers to a product/service that offers general solutions to its customers without targetting to solve any specific problems they may be facing. Whereas a ‘Great’ product provides particular solutions to only a distinct target market that can benefit highly from it. In other words, great products are developed to cater to only a specific niche of customers, fulfilling their requirements and needs.
While it is believed that products that serve a large market bring in more sales and have more promising outcomes, it is not always true. Products targeted at a specific set of customers often provide better results than the products made to cater to the general public. This is so because one particular target market can open up profoundly about its needs to the research department and help them discover various problems they can focus on while developing their product. Focusing on the issues of a small but specific customer base helps businesses create high-quality and somewhat customized products and provide useful features that are beneficial for their users.
That said, it's not as if a Good product does not provide useful functions and is unfit to satisfy customers. Just like Great products, the development process of a Good product also includes deep market research, accumulating customer requirements, and interacting with the target market. However, Good products cannot provide specific features and functions that can satisfy the individual needs of different customers since the sample size of the target audience is comparatively large.
On the other hand, Great Products offer functions that completely satisfy the users and provide them with a seamless and incredible experience. Their product experience is such that they become loyal paying customers of the product, as well as the spokesperson and influencer for the same while sharing their experience and product knowledge with similar people and urging them to invest in the product. This brings about a chain of loyal, long-term clients who are enthusiastic about the product, willing to promote it to others, and want to use it for a long time.
How do you build Great Products?
Building a Great Product can often be difficult since it requires a thorough understanding of the market, a knack for comprehending the needs of the client, and a skillset to develop exactly what the customer demands. In order to create a Great Product, it is vital to first become a Great Product Person.
While there are no particular guidelines to create a Great Product that is bound to be 100% successful with the target customers, there are some basic principles that can be followed during the research and development phase to get a better outcome at the time of product launch.
1. Data is vital: While intuition is fairly crucial for planning for a new product, without exact facts and figures, it is impossible to understand customer needs, preferences, competitors, and other factors that constitute research.
2. Understanding the product’s value proposition: Every product that sells must have a USP (Unique Selling Point) that differentiates it from other existing products. Additionally, before finalizing on the development of the product, be sure to think about alternatives, timing, and utility for its users.
3. Launching an MVP: While in the second phase of research for the product's target market, companies often create an MVP (Minimum Value Product) that has the basic features and is good enough for the users to test and give feedback on. For more information on how to plan a successful MVP launch, click here.
4. A Compelling Story: It is a popular fact that customers never engage with a product’s functions and features at first glance. They engage with the story and the reasoning behind its creation before considering purchasing the product. Creating a straightforward, simple, relatable account that highlights their grievances and offers them a solution through the product is a great way to ensure product sales at launch.
5. Too many features spoil the product: Businesses might believe that in order to boost sales, a product should cater to as many customers as possible through its ample features and functionalities. However, too many features in a product can ruin the user experience and drop sales by a large percentage at the very beginning. Customers often appreciate the product's simplicity, speed, and ease, which does not confuse them and makes them feel as if using the product is too much work.
A product market fit is an essential component of product development that helps businesses decipher between developing a good or a great product.
At CognitiveClouds, our team of senior engineers is equipped to create customized Good as well as Great Products as per your requirements. Reach out to us here to collaborate with us for your next product development today!