By Daniel Lee | 15th December 2015
We are flooded with new inventions and products claiming to better our lives on a daily basis. Millions of dollars are spent yearly on developing, launching and bringing these new products into the market. Aspiring entrepreneurs spend countless hours refining their products and coming up with the best marketing plan to launch their product. However, the cold, hard fact is that only 1 in 10 products will ever prove to be successful, with even fewer that will enjoy a long shelf life.
So how do you stay in the game and enjoy long-term success? If you have ever wondered what makes a good product, here are 8 qualities that will greatly increase your chance of creating a successful long-lasting brand:
1. Can you easily explain how it works?
Your product may be awe-inspiring and packed with features that will blow consumers’ minds away, but are you able to explain how your product works easily and quickly? The best products out there are both functionally powerful and a breeze to use. Consumers love a product that is hassle-free without having to read through pages and pages of manual before knowing how to use the product efficiently. Research shows that you only have a couple of seconds to leave an impression. Are you able to grab your consumers’ attention successfully within this time?
2. Does it solve a problem?
Many if not all consumer products are created as a solution to an existing problem. If your product does not solve a problem, then you might have a problem. One way to invent a product that works is to look around your house, the mall or places that you go regularly to see if there’s a problem and if your product is the solution for that problem.
3. Are there proven results?
Your product’s features and effectiveness might look amazing on paper, but has there been proven results? For example, a detergent company can say their product gets rid of every stain known to man due to a new proprietary enzyme that they have discovered which is included in the product, but unless there are visible, proven results, consumers will not take their word for it. Be ready to back up your product with third-party clinical studies, reviews from product-testing labs and customer testimonials.
4. Is it multi-functional?
If you come up with a product that serves only one function, it might damage your product’s competitive advantage when similar competing products can offer multiple functions. In this case, you would have to think like your competitor. What function(s) would they offer in their product that will lower the value proposition of yours?
5. Is your offer appealing with a feasible cost of goods?
The key here is great value at great prices – a time-tested combo. If consumers look at your product and determine that it does not deliver value that is equal to or more than your price, it will deter them from making a purchase. Even if your product offers a wonderful solution to their problem, customers will go online or shop around for similar products that will provide better value for their prices.
6. Does your product have mass appeal?
You may have a wonderful product idea, but does it cater to the masses? Does your product appeal to the mother of two in the same it does to a college student? If your answer is yes, you might have a winner there. Unless you are developing a product that targets a niche market and proven to sell to those target audiences, you should always ensure that your product has mass appeal.