Do you need a better value proposition? Are you building a product? Have you built a product and you just aren’t getting enough customers? Is growth slower then you expected?
It’s very well building an awesome product, but the old method of building it and they will come, can be time-consuming and expensive, especially if you miss the mark and build something customers don’t really want.
Below are three questions you should ask yourself about your product or service, if you are in market and not getting enough traction, you should pay attention closely.
Do you understand why your customers buy your product?
It seems like a basic question, but have you ever sat down with a customer and found out why they chose your product? What is the core job your product satisfies, what pains does it solve and how does it make your customers lives better? If you can’t figure this out, it’s not your fault.
Many businesses in Melbourne have a similar issue, they have an awesome product, but can’t explain it in a simple to digest manner. One of the primary issues is, understanding your value and what you need to say to your customers in a simple manner.
Are you selling the features or are you selling the solution?
This problem is all too common in IT and service orientated companies in Melbourne. Often this arises because there is are many technical leaders in the company who focus on the product, but don’t really understand the business need of the customer or how to showcase the value proposition correctly.
Have you ever heard someone talk about how their product can solve a number of issues with a particular set of features? Your customers are looking for something that solves their problem, but most businesses focus on the technology first and forget about the buyer’s journey.
Going head first into solution mode is never ideal, especially when the customer’s needs haven’t been identified first.
Do you have product to market fit?
It doesn’t matter how awesome your idea is or how great the technology is, does anyone need it?
Is anyone willing to pay for it? It does not take a lot of time to realise that you don’t have a product to market fit. How does the value proposition match what the market needs?
Often the reason the product doesn’t fit the market is that businesses haven’t asked the right questions. A lot of people are afraid of co-creating the product with their customers, or they are just really bad at explaining what they do.
Melbourne is a great hub for innovation and creating products, but one thing we lack is product marketers who really understand how their product suits the market.