Products should excel in multiple areas

In our experience, broadly, there are four areas your team must excel in developing a market winning product. You will find the importance and the descriptions of these 4 ‘areas of excellence’ below.

Market Sense

Market sense is arguably the most crucial factor for product success. The success of a product is in the hands of its users, customers, and the market. If your market does not see the value of your product, how good your UX or Technology, it will not see much success.

A product team must focus on the market factors such as below throughout the product journey.

• Competition
• Market trends (opportunities, risks)
• User behavior
• Business model
• etc.

User Experience

Personal connection and a sense of meaning are essential for your users to build stickiness towards your product. If your competitors do a better job than you in this, your product will find it hard to attract and retain customers. You should pay constant attention to factors such as:

• Personas and their User Journeys
• Prototyping and Build-Measure-Learn loop
• Requirement Process
• Data-Driven Decisions through User behavior
• etc.

Technology Mastery

Of course, it is your technology platform that enables you to deliver customer value. Products are expected to have the resilience to frequently evolving/changing demands. Agility is a core attribute alongside with the following factors:

• Underlying Platform
• Data Storage and Exchange
• Optimum Development Environment
• DevOps and Release Management
• Product Quality
• Security and Compliance
• etc.

Customer Success

Your product is often an integral part of your user’s/customer’s journey of achieving a goal. Winning products usually have the best customer service scores. This is because the more the success your customer makes through your product, the more they buy from you.

• Nurture during prospect stage
• Ensure a world-class onboarding experience
• Support during the use of the product
• Assist in learning more about your product
• Ensure happy migration to your new product
• etc.