From Idea To Product – 3 rules to follow

By April 28, 2017 Agile
From Idea To Product

New products are launching in their masses each month. Yet many of which fail quickly or don’t quite get the attention they deserve because the process of going from idea to product can stumble even the most smartest of minds.

There are of course the successful kind that generate the traction, such as; Snapchat, Uber, AirBnB… Citymapper. These products are successful because they’ve constructed a product from a very, very well crafted idea. But how do we get from idea to product? It’s a question many product managers have, and those successful ones would have gone through the three rules i’ve outlined below – so let’s cover them.

From Idea To Product

1. Find a problem that needs a solution

The best products are formed when they solve a problem. Why? Problems by definition are matters that are unwelcome and need to be dealt with and overcome. Solution, by definition is the means of solving a problem. Bingo! We have a reason to build something.

Take a look at some of these products that solve problems.

Citymapper – before Citymapper launched, we could never dream of getting from A to B on public transport. We’d be using the good old printed map and leaving the house with 2 hours extra time just in case we run late. Now, we’re leaving at a set time because Citymapper tell us too. Kaching.

Uber – gone are the days where we’d use the Yellow Pages to find a number for our local taxi company. Instead now we simply request a cab at the press of a button and pay conveniently in the app, leaving us to quickly jump out of the vehicle. Job done.

Finding problems to solve is easy, and all it takes is research. Conduct surveys with people, speak to people on the street, identify problems that people are seeing every day. Collate all of this information and look for trends in the answers you receive and cement your idea and think of the product. The most innovative ideas come from research.

2. Find a product that will make money

A business needs to make money after all, so why wouldn’t you solidify the ins and outs of income sheet. After finding a solution for your problem, you now need to think about how you can generate revenue from the idea. How will it make money? How much should be charging? What are you charging for?

Questions like these will be raised by your stakeholders so knowing how to answer them will help gain confidence in the idea yourself.

You should then gain plausibility of your costs by what i’ve learned as test-selling. Again by conducting interviews and surveys you can establish what your potential customers would be willing to pay for, what stage of their year they’d pay for the product, and how often (if you’re talking about indispensable purchases). With this information, you’ll quickly notice any immediate problems with your planned pricing models and adapt them before launch.

3. Find customers to launch to quickly

Products often launch to the App Store with no foundation and hype. These products mostly fail. Why? Because having acquired customers early during a soft launch or beta period would have generated word of mouth among their community and built interest for your product.

Acquiring early adopters is as easy as setting up a product landing page, you’d explain the product, add an email address field and start collecting this incredibly powerful piece of data – direct access to a customers email inbox. This is known as lead generation by the way.

Once you’ve got their email you can periodically keep them informed of the progress of the product, invite them to more surveys, invite them to beta test, make them founding customers and by doing this you’re keeping their interest and increasing brand loyalty. By the time you decide to publicly launch your product, you will already have a solid user base to start with, organic growth will work on its own.

Hopefully with these 3 rules you’ll quickly be able to get from idea to product in no time, and successfully.