The Two Hurdles Faced by New Products

For a product to be successful, it has to meet customers’ needs and do so in a way that is “worth” more than the cost the customer is asked to bear. Furthermore, it must offer value that is superior to competitive options at that price point. This “value proposition” is the core of any product idea—a specific solution to a customer problem delivered at a defined price point and revenue model. This means that the “right” idea for a successful product is one that will resonate with its intended customers, be worth the cost, and be either better than the competition or cheaper. Ideally, both. The Design Thinking process, which Winning Digital Customers describes in detail, is designed to help you ensure that you are factoring these things into your product development calculus. #WDC