If you are an entrepreneur starting a new venture, a business executive running a fortune 100 company, a marketing professional looking to drive results, or a product manager developing products to sell, there is "ONE TRUTH" that will drive hyper growth in your business, this truth, "Develop products or services that resonate with customers."
Developing a Resonator
Peter Drucker said, "The pursuit of business and marketing is to know and understand the customer so well the product or service fits perfectly and sells itself." So how do you develop a product that meets these requirements. About 6 months ago I read "Tuned In", this book discusses how to develop a resonator.
Here are 3 rules to develop a product or service that resonates:
1. Painful Problem: The problem your product or service solves must be painful. It must be something that causes a lot of pain with your target customer. It's even better if the problem occurs daily.
2. Pervasive: The problem you solve must be pervasive, big enough. Even better if the problem happens on a regular basis, something that is pervasive in your target customer's life.
3. Willing to Buy: Your target customer must be willing to buy the product or service. Make sure the price they are willing to pay is more than it costs to build or provide it. The higher the margins the better, of course.
An Important Caveat: If your product or service meets the above rules, make sure the market is big enough, if you can find a growing or untapped market, even better.
New Blog Series - "Resonators"
I like this topic so much, I have decided to do a blog series called "Resonators". In this blog series I will highlight small, medium, and fortune companies that meet the above criteria. Companies that are winning, developing products or services that resonate.
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