What is a Winning Product?
A product that's intuitive to use and extremely simple to understand is a market winner. Is there a greater validation for a product than its users? That’s why, to build a winning product you require much more than engineering excellence.
Areas of Excellence
There are 4 key 'areas of excellence' that contribute to the success of your product.
- Market sense
- User experience
- Technology sophistication
- Customer success
Each of these areas of excellence comprises of certain characteristics that help you identify a product as a market winning product.
Characteristics Under Areas of Excellence
Competitor Conversion/Faster Sales
- Market Sense: High conversion rates indicate that your product offers a good value proposition and has found its product-market fit.
- User Experience: Products that tempt users to experience the product are easy to sell as they make a great impression in demos, etc.
- Customer Success: Existing customers who recognize the value, offer more genuine recommendations and referrals
Customer Loyalty and Locking
- User Experience: Delighted users, take customer loyalty to the next level with increased usage and frequency
- Market Sense: Smart locking of customers can be achieved through regulatory requirements, partnerships, integrations, etc.
- Technology Excellence: Robustness, accessibility, performance etc. improves customer loyalty significantly
- Customer Success: Business success brought through the product assures management buy-in and loyalty
- Market Sense: Smart market positioning (market segment and value proposition) returns a high price point for the product
- Technology Excellence: Right technology can lower the development/maintenance costs to reduce the break-even time and to maximize profit
- Customer Success: An increase in up-sales and referrals speed up financial growth
Future Fit of the Product
- Market sense: Business model and value proposition selection must be valid for the future and be flexible enough to stay trendy in an ever-changing market
- Technology Excellence: Technology architecture/platform selection must be agile for future needs and scalable for potential growth
- User Experience: User journeys that are validated and flexible, require minimal changes, reducing the rework expenses
- Technology Excellence: Stable technology selection, pragmatic/not-so-complex architecture that’s upgradable in a modular form