To gain momentum and achieve growth in business you will have to make a mental shift from “making people want things” to “making things that people want”.
Things people want are the things they are already looking for and spending money on.
What should you do to make things that people want?
- Find a better way to get them what they want.
- Find a better product or service that delivers on their desired outcome.
The key is to remember; who you are doing this for, them.
How do we make things people want?
- Focus on what they are trying to get done.
- Observe why they are failing or why their workarounds are still leaving them unsatisfied.
- Find out what tradeoffs they are willing to make.
- Ask what parts of the solution are most important to them, and use pricing to validate this ranking of importance.
- Be sure to address their functional, social, and emotional needs, as well as their overall desired outcome.
What should you think through to make sure we build the right product or service?
- Why will customers fire their current solutions and employ your solution?
- How your solution will do the job better, faster, more efficiently, or more cost-effectively?
- Identify where they encounter obstacles and build a solution that will remove or reduce their friction.
Not all struggles are equal, so you must find the most painful struggle that your potential customer is experiencing.
How do we reduce the likelihood of failure once we have identified what business we want to build?
- Can you execute, build or deliver the solution? (Feasibility)
- Does anybody want this solution? Can you test if they really want it with a commitment like pre-orders? (Desirability)
- Will it be a profitable solution to pursue as a venture? (Viability)
Before you begin building your venture, determine who you exist to serve and serve them in a sustainably profitable way.
