As promised, Today I would like to share you the importance 1st P in 4 Ps, i.e product idea in making your business successful. As everyone agree that innovativeness plays key role in making a product successful. But sometimes small idea executed by understanding customer expectation becomes quite successful.
Let us take example of Google, Before google launched their search engine, Yahoo , MSN and Alta Vista was there in the market.Google entered with simple strategy of getting results matching to customer expectation in less time which was critical factor behind success of Google. I feel sometimes great ideas focus on technology and ignore customer expectation. Most of the times customer gets excited about features that help him on daily basis.
Yes, Product plays critical role considering it understand its users and focus on improving their life. I will say 20% of project success will be contributed from product idea in making your business successful. It does not mean that you should not focus on product??? after all product is the base line that will help all other Ps to play great role in making your project successful.
will write about next P in coming days…leave any questions or comments…