Product Development

“People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.” - Thomas Levitt

One of the biggest trap that we see entrepreneurs (and Fortune 500 companies, alike) often stumble into is falling in love with their own product.  Anytime you have ever seen a website or an ad campaign that just focuses on gallery shots of a product, you have found a company that doesn't understand product development. And yes, I am talking about Apple too, the worst offender of the bunch. 

Product development is not about creating a beautiful thing. It's about solving a problem. Some firms can successfully create something beautiful and then create the problem right along with it. Think of Amazon's Echo devices. I didn't have a problem setting timers or turning on my lights, but now it seems I do and I have to have one. 

However, most small companies don't have the budget to create products and convince people of problems that they don't have. We have to be laser-focused on solving real pain points in the consumer journey, while also creating a sense of urgency around solving them. Both are equally important.