Defining your product sounds like such a simple thing, but you’d be surprised at the number of companies that struggle with this concept. Knowing what you’re going to produce is a rather large part of running a company; without products, how can you expect to have customers? The number of companies that find product definition problematic is staggering.
However, regardless of the difficulty involved, product definition is vital. Without product definition, companies simply react to vague and poorly understood market trends. Just because a specific product is the current rage and is being produced by several different companies does not mean that your company should produce the same item, no matter how different. It remains, at heart, the same item. Product definition should utilize innovative thinking and intensive market research to determine real needs. Only then can a truly great product be produced.
Product definition should utilize as many aspects of market research as possible to get a true picture of the needs of customers. Knowing the true wants and needs of consumers will help you create a truly inspired product that meets those needs, rather than simply following the crowd with another cookie cutter product that offers no individuality.
There are plenty of companies that currently do that; don’t let yours be one of them.
Market research during product development is important beyond deciding what type of product you will produce. With the right market research, you can find out what additions, customizations and services your target market will value within your product. This will greatly help you refine your product offering even further, taking it from creative to truly innovative.
Your product development and definition should be geared towards producing a product or service that is truly novel. This is more than simply responding to requests for new additions to an existing product. Truly great products are defined by their makers to fill a need, a gap in what is currently offered. Rarely does this mean simply a different version of an existing product with new bells and whistles attached. Defining your product through market research should be designed to give you ideas about new products that can help your target market.
Whether these are electronic devices, kitchen utensils or lawn and garden tools, your product must be new, innovative and original or you will be lost in the crowd. Too many companies today simply follow the crowd or add on to existing products. True product definition will go far beyond this simple practice, into the realm of real genius.