There is nothing more exciting than having a great idea for a new product, especially working in the digital tech landscape. Whether it’s SaaS or any other digital product, though, you need to know whether it has a genuine shot of succeeding.
Nobody can predict the future, which is why you always need a little luck on your side. Nevertheless, the following questions will provide valuable insight. If you can answer yes to at least one of them, it will stand you in good stead.
Does It Add Convenience To A Customer’s Life?
Consumers and businesses now use a wide range of digital products that make their lives easier. Therefore, a focus on convenience can help guide your product design and development with stunning results. For example, developing a neobank from scratch would give customers a far better approach to banking. As such, this is an ideal way to enter the fintech arena.
On a similar note, products that automate daily processes will attract customers too.
Does It Save The Client Money?
Another priority from the customer’s perspective is whether it can save them money. Most people will happily make an outlay on a tech feature that will generate savings in the long run. It could be a software package that helps them secure better deals on their groceries or train travel. Alternatively, your product could help a user use less energy at home or replace a local service that they currently use, such as a PT.
Or your tech innovation could combine multiple products into one.
Does It Protect The Planet?
As well as saving the planet, a growing percentage of the population wants to save the planet. Many green technologies will actively save people money too, which is a bonus. Whether your product uses less energy or reduces carbon footprints in another way doesn’t matter. When combined with greener marketing efforts, you will attract consumers that wish to embrace this way of living.
Besides, it is a move that’s sure to boost your satisfaction levels as an entrepreneur.
Does It Do Something New?
People switch to new products for one of two reasons. Affordability has been discussed, and the other relates to unique features. You do not have to reinvent the wheel to provide something that nothing else on the market does. Cultivating a culture of innovation is vital. It encourages all teams to work on unlocking new possibilities in whichever sector your products are based.
In turn, this will make it far easier to identify your product’s USPs.
Does It Feel Special?
Ultimately, people still buy products because they feel they need to own them. This is particularly true with tech gadgets as they want to keep up with the Jones’s. While building a product that stands out from the competition is vital, you also need to consider marketing. Learning to build a brand personality, and then using ideas like influencer marketing to build FOMO should deliver the results you want.
When people fall in love with your digital product, it should lead to loyalty too.