Henry Ford was among the best and successful people of America. He made possible the buying of cars for the commons or poor people. Thus, he brought the industrial revolution in the automobile industry. As per his own words, ‘if I had asked people what they wanted, they would have said Faster Horses’ and no one would ask for cars.
In other words, customers do not know what they want in their life or what they are searching for. They do not understand which type of product would help them in easing their lives. When there was no Facebook, no one had demanded it, which was the same as Aeroplanes.
Finding customers intend
Customers do not know what they need in making their life easy and moderate. It is the work and sole responsibility of the entrepreneurs. They need to identify the customer’s interest and accomplish them.
Perhaps, the question is how to identify the needs of the customers when even they are unfamiliar with them. The world abounds with the number of ideas, which leads to the number of inventions daily. New businesses are launching every single day.
The factual hitch is, suppose you have a brilliant idea. You think that it can bring the biggest reforms in the world. You believe that your idea will change the thinking of the people and thus change all over the world.
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Exemplary comments
You make the team, convince the investors, and do intense work for two years to launch a product. When your product launched, no one buys it. This was the case that happened with Eric Ries when he was working in IMUV.
This is a social network where you can create your ‘Avatar’, make new things and sell them off in the virtual market.
In other words, this is a virtual world where we see a market similar to the real world. Having Avatars and you can meet the people. Here we have one problem. What if we had been working on a single idea for two years but failed to produce our launched product in the market.
The author Eric Ries tells of a formula called MVP means Minimum Viable Product. This formula suggests that instead of putting a lot of features in your product and design launch it with very few features. You then need to analyse how the market responds to your product.
When we take the example of IMUV, there was a feature of creating Avatars and chatting during its launching programme. Those avatars could not move and stand firmly. The website contained many bugs and fewer features. These were the major drawbacks of the application software.
Brought some changes
He then re-launched that website by adding some limited features. He was selling his useless product in exchange for money. Then, he was tracking the response of the market. People were telling him that his product is useless, and there is a need to modify it.
He then started taking interviews with the customers and rechecking the implementation of his ideas in the market. Further, he regarded some modifications in his product one by one. He tended to add a new feature and see how his customer reacts to his product.
He made a feedback loop called Measure, Learn and build. First, he built a feature and updated his website according to it. Then, he measured the progress rate by how per cent the customers are showing interest in his product. He learnt from these changes.
He got to know many behavioural aspects of the customers. He launched the features with these Build, Measure and Learn. He then updated his website 20 times a day.
You have to make several hypotheses. Let us take the example of an iPod. At the time of its launching. The hypothesis behind making it was the people would enjoy it when standing in public places. The people will pay for the songs they will listen to. It was truly successful.
Perhaps, it cannot be said that it will work for all. You have to make assumptions and then make them confirmed to create a unique and attention catcher. If you are thinking of launching a unique product, then you have to follow this content. It is because you are still not confirmed with your hypothesis.
The final loggings
Do not make a perfect product at the time of launching. It is because it gains no recognition from the customer’s end. It will seem a total waste of money and time. You need to make a basic model at the time of launch in the market and then see how the customers respond to it. See their feedbacks.
