MISTAKE #2: Your product isn't actually addressing an unmet need
So what is the story behind how your product came to be?
Regardless of the particular path it took, odds are the idea was born while experiencing or observing how existing products fell short of delivering their promised benefit. Maybe it was the process of getting to that benefit that felt overly cumbersome, taxing, or painful. This is the same place where billion-dollar ideas start:
Pay-at-the-pump – That was thought up when observing customers run through the rain to get to the gas station cashier.
5-Hour Energy – The simple question was asked, “if I am tired, am I also thirsty?” Was an 8- to 16-ounce drink a necessary delivery mechanism for energy?
Crest Whitestrips – Thanks for helping me become aware of a problem I didn’t even realize I had.
Spray-on sunscreen – I’ll be the first to admit it has been a long time since I’ve been in a situation where getting my hands dirty applying sunscreen was actually fun.
WHY DOES YOUR PRODUCT EXIST?
In one sentence, what problem does your product solve? If you have never written it down, stop reading and do that right now. This is an unbelievably important and useful exercise.
Products that do not begin with a clear understanding of why they exist will quickly become distracted and stand for nothing.
Your product should not exist just because it can. Your product needs to return a value that exceeds the ‘cost’ to acquire and use it.
Does your product offer a practical, tangible, or functional benefit?
Is the benefit more emotional or intangible?
Are you offering a better benefit or a completely new one that does not exist today?
Is the benefit an immediate or delayed experience?
FIND YOUR PROBLEM AND FIX IT
Successful products have a very clear understanding of exactly what they do and why they exist. If you can’t clearly articulate this, how do you expect shoppers to care about or see the need to buy your product?
Remember that there is no shortage of marketing messages trying to capture shoppers’ attention today. And the amount and quality of those messages will likely continue to increase.
Shoppers develop techniques to quickly sift through or tune out all the useless noise as they zero in on the information that actually helps them make a purchase decision.
IT HELPS TO BE BROKEN
Assuming you can articulate a clear benefit statement (also called a value proposition) that people actually care about, what evidence do you have that the need is unmet?
There are too many me-too products that companies attempt to bring to market that offer another solution to a problem that has already been solved six ways from Sunday.
They offer a marginal incremental improvement over existing items. They are offering a new or slightly better way to solve a problem that has already been solved…and either trying to justify a premium price compared to existing items or undercut existing retails while bringing little or no incremental volume to the category.
They are meeting a met need.
A few years ago, I consulted with a European company wanting to launch a brand of portable battery chargers in the U.S. They had a great presentation explaining the superior technology used in their product compared to competitors. The product and packaging looked great (for a portable battery). And there was a good profit margin for the retailer.
There was just one problem…
A quick amazon.com search revealed a long list of similar products with the best sellers having 4 ½ stars and solid customer reviews. And many were priced 50% less than what this company expected for their retail pricing.
So the company might have a great product, but there were immediate red flags that it lacked a population of dissatisfied shoppers wanting a better option than what was currently available*.
They would have to invest heavily and fight hard just to get noticed. And they would have to seriously reconsider their pricing strategy.
IS YOUR NEED REALLY UNMET?
Is there any chance that a similar situation applies to your product and you just don’t realize it? Or you’re willfully ignoring the facts.
Never forget that you have far more perfect knowledge about your product. You’ve got PowerPoint Presentations and spreadsheets and selling presentations with information that your shopper will never see.
You are surrounded by people (both employees and friends) that want to show support. They want to encourage you. They like the product because they like you.
But what does the marketplace say? Take an hour to be the devil’s advocate. Invite the 10th man to the table.
What evidence is there of true dissatisfaction in your category?
What exactly is the articulated dissatisfaction?
Is there an unarticulated or underlying factor driving that dissatisfaction?
Is your product really addressing that need?
Are there other (better) ways to address that need?
You’d be surprised how many products quickly stray from their reason for being. And how many products never really have a good reason to be.
Please don’t be one of them. Identifying and really understanding dissatisfaction is one of the first steps to success.
*Yes. I realize there are still opportunities to disrupt an established category that appears to have satisfied customers. I realize customer reviews tend to reflect a short-term consumption experience and products like batteries are particularly prone to having a diminished performance over time. However, it is a fundamentally different challenge that requires a different investment to convince people that your product is better compared to other options than it is to attract attention from shoppers that are already searching for a better solution.