Which product characteristics are most important to the success of a startup. i.e. which attributes must my product possess if I want my startup to succeed?
So far, I've got:
- Must be defensible
- Must be scalable
- Must have product/market fit
- People must be willing to pay for it
I have a feeling I'm missing many other important characteristics - what am I overlooking?
The "important attributes" of any product are typically determined by your target market and vary significantly, but broadly speaking "ease of use" for the customer could be added to your list.
1) A clearly defined purpose for your company 2) Clearly defined core values that fuel the organization 3) Your product should validate why your company exists, and how you do it is true 4) Your community 5) leadership 6) A clear way of communicating your company and products
I have launched lots of cutting edge technologies into the market and here’s what I would add to what others have said:
(a) Understand what your target audience is using now and how they are making do with the current solution. I am always surprised by what people use and their lack of will to change despite incentives and a much easier life.
(b) People always say they want a better solution but when presented with one, are unlikely to bite for a myriad of reason. Sometimes it’s time or money but there are lots of hidden factors that affect implementation and adoption. Follow around your potential customers. Have a look at your contacts - see how they are "making do" with less than satisfactory solutions (in many areas of life) even if they have the money to buy/trade in for a newer, better one.
(c) Someone else said ease of use but I would say that ease of onboarding/getting started/sharing/ describing the product and its benefits is really important.
(d) Know that the hurdle is retention and continued positive NPS, and not just adoption, so build that into your UX
(e) Listen to your customers and capture their feedback