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Make sure your product meets your buyer's needs

"Inventors develop devices. Entrepreneurs create products."

The product you're producing, be it software or hardware, may not be sufficient in itself to solve the problem your buyer is seeking to solve. Building an understanding of what elements make up the "whole product" that your buyer really needs can help you make more sales.

I bought a printer the other day. One store had bundled a special cable with the printer that enabled it to connect to my PC.  It hadn't occurred to me to think about this cable, but it was certainly an essential part of the solution to my problem, just as was ink, instruction manual and software drivers. Just think if any of these elements was missing from my printer when I got home. Big problem. (In another store, the printer did not include the cable. You can guess where I bought my printer.)

We're talking about the "whole product" - the complex of elements that, combined, meets the buyer's need.
Think about what your comprises the "whole product" from your customer's point of view and you might discover a) why you're not making sales at the rate you'd like, and b) some great ways to increase sales.
But while bundling a cable with a printer is something that can reasonably be done after the printer is built, for many products this after the fact add-on may be too late.

Start building the "whole product" story as early as possible

The right time to think about your product and what constitutes the "whole product", from the buyer's point of view, is right at the outset: before you build your product.  At this early stage you have a chance to adapt your product or build into it elements that make it better fit the needs of your prospect.

"Too late!" you cry, since your product is already nearly done. Chin up. There's still hope. Now's the time to recall the old Chinese proverb: When is the best time to plant a tree? 20 years ago. When is the next best time? Today. Your product, be it hardware or software, may actually only be part of the puzzle, and you have to go outside your business to pull together other elements of the "whole product".  Think of the printer anecdote I related earlier: the cable was actually added by the retailer.

Focus on the prospect

If you're thinking about adapting your product, or adding other elements to make it a "whole" product for your buyers, you'll have to address the question: who is your prospect?

If you're just starting out you may have a broad conception of your target market, but, regardless of your financial resources, now's the time to get more focused and identify a specific segment to match your product against.

Sounds a bit chicken-and-egg, and it is. Imagine the product, imagine the market segment. Is the product going to succeed in the market segment? If not, adjust the product - or adjust the market segment, or adjust both.

Choosing your market segment

Choosing your market segment is worth a brief of its own, but here's a thumbnail:
Your ideal segment is one in which you can realistically aim for #1 or #2 market position and contains enough real prospects to sustain your business. If the segment you've identified doesn't meet these criteria, consider redefining the segment and adjusting your product accordingly.
If you come up with a number of segments that might fit, assign values to each around size of segment, competitive threats, openness of the segment to your solution, and likelihood of success, then prioritize the segments and go for the most promising one first.

Put yourself in your prospect's shoes

Now, imagine your prospects. (Literally: create a set of prospect "personas"; give them names, job positions, relevant needs. Just doing this exercise will be enlightening.)

Now put yourself in your prospect's shoes and answer these questions:

What is the problem that your product will solve? How will your product solve that problem?
What are the intrinsic features and functions needed in your product in order to solve your prospect's problem?
What are the extra features and functions that will help put you into #1 in the choice set?
Can you make a compelling business case in favour of your product?
Can your prospect afford your product?
Is your prospect suffering sufficient "pain" that they will want to make a decision now, rather than defer it?
How will your product fit into their business? For example, will it be replacing old technology? Or will it fit into part of new structure?
How will they use your product? Are there any barriers to them choosing your product? For example, will software integration be required? Will staff face a steep learning curve?
What extra elements will the buyer need to purchase (maybe not just from you) for his/her needs to be met?

For all of these questions, if your product can't provide a compelling answer, you must adapt or extend your product, or add elements outside the product (e.g. printer cable, special training) until it can.

And if you can't make your product match your prospect's needs? Pick another market segment in which you can.
If you can't do that, you've just saved yourself a lot of heartache and a stack of money.

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