5 Secrets to Creating a Great Product

Whether you are selling a product or service, there are hidden secrets to making it a great one. When Henry Ford, I call him the business intelligence analyst, was creating the Ford Model T automobile, he had a goal in mind—to revolutionized the transportation industry. When Williams Henry Gates III—popularly known as Bill Gates—started Microsoft, he wanted to make the software that will make the personal computer a commonplace in America and globally.

5 Secrets to Creating a Great Product
By BusinessIQ Africa Team

Published August 7th. 2021

There are host of others who did not only disrupt their industries with their products or services; they changed the way we live completely. If you want to join the league of those who are creating great products—or services—here are the secrets.

Number 1: Study what is already existing with an intention to modify it. Great product or service are created when you have a good understanding of what is already existing in your industry. Every product or service exists in an industry. Dive into the industry and study the industry. Study the best product or service in the industry with the intention to discover the loopholes. Then ask yourself one good question: how can I disrupt this industry? When Garret Camp and Travis Kalanick were creating Uber, they capitalized on cab hailing and fused it with technology, the new product—or service—gave birth to Uber.

Number 2: Find a niche market and dominate it. Don’t try selling to everybody; sell to a niche market. Once you discover what you want to create, then select a niche market that you can quickly dominate. Starting with a niche market give you monopolistic power, others won’t see you coming and you will have less competitors. Also, it will give you the opportunity to make mistakes or fail, and then learn from them very quickly. It will also allow you to fully understand the industry and how to systematically grow into a giant.

Number 3: Carefully select a great team: Quite a number of fantastic products or services are ruined by the wrong team. You don’t want to join that league. Don’t be in a hurry to quickly grow by employing every Tom, Dick and Harry. Carefully select those who are going to be working with you. Select those who are expert in their fields. It may cost you money and a small chunk of the business as equity for them, but it will help you build a strong brand. Here is a good advice: don’t employ amateurs with the intention to train them. At the early stage of your business, you don’t have such resources. If you need to bring in amateurs, make sure they are diamond in their rough state.

Number 4: It’s all in the publicity: This cannot be over emphasized. With an excellent publicity, you can sell ice to Eskimos. The secret is to be everywhere in the face of your niche market. Don’t be in the news; become the news. Richard Branson of Virgin Group is a master of this strategy. Yes, I know that in the early stage of your business, you may not have the resources for so very loud publicity. However, start small. Start with social media and gradually expand your marketing as you make money.

Number 5: Constant innovation: If you don’t innovate, you will gradually die. Innovation is simply a way of becoming interesting—instead of boring—to your target audience. If your niche market can predict your next move, you are already boring. Whether you are positioning your product or taking an interview, be unpredictable. Dazzle your audience with excellent innovation like Apple Inc. and its i-products. The only way to stay innovative is to constantly look at your product—or service—with the intention of how you can improve. If you do all these, in no time, your brand will join the league of great products.  

Share post:


Be The First To Know

Join Our Newsletter

Why we collect your info

We simply include your name and email in our mailing list so we can send you our newsletter and other necessary information about BusinessIQ, its events and products. We do not make your data available to any third party. Read our privacy policy for more information.