Have you ever thought of how some of the things that are now a part of our everyday lives came to stand out in the market? Why do we all have soap, cutlery, computers, phones, shoes and other stuff that we couldn’t imagine our lives without? Have you ever thought that these things were all created by ordinary people who saw a need and decided to fill the existing gap? What stops you from being that person in this day and age?
Millions of ideas are born around the world everyday, and trends come and go, but how is it that entrepreneurs create something that lasts? How do they create and produce something that goes above and beyond “cool”? Are there questions as an entrepreneur that you should be asking yourself today in order to channel your resources and time towards something that’s worth it? Let us help you answer these questions and hopefully help you think towards the future of your company.
A Need or a luxury?
Last week I was chatting with my friend who just got a new job, and somehow we ended up talking about the differences between the Apple and Microsoft products. If we think about it they are all around the world in different spheres, in first world countries, almost everyone owns an iPhone, while in second and third world countries, other smartphones like Samsung and LG with the android system, are leading the market.
What about computers? iMacs are known as useful and very well efficient when it comes to media edition and other design functions, but you would barely see a company that uses iMacs as office computers for 100+ workers. This choice might be mainly because of the price difference but there might be another reason.
One of the comments my friend made was that Microsoft at the time it came out, covered what we would call “needs”. Here we had a system that allowed us to create spreadsheets, documents, designs, videos, music, and even offered us entertainment with games and other activities. Apple on the other hand, seemed to be the “improved version” of what was already there, and even though it was great, useful, creative, and innovative, it became a luxury in the eyes of many instead of a need.
So a product can stand out both because it covers a need, or because it involves the improvement of something that has been already established previously.
A fair price
Price definitely plays an important part as well when it comes to making products stand out in the market. No matter how good a product is, if the price becomes highly inconvenient to the customer, it won’t take long until they find a better option that gives them almost the same result for a better price.
On the other hand, we know that those who are usually looking for high quality, might be willing to pay the price for it, but this is not the case for everyone. It would cost a company way less money to get 100 PCs for their employees instead of 100 Macbooks, so if the only need the computer for office work, they would probably choose the most economic option. But on the other hand if a company is looking for specific qualities only a higher price will bring, the second option might be better for them.
Functionality and design
Last but not least another aspect to consider in order to make a product stand out is its functionality and design. This means ensuring that whatever you have to offer is both beautiful and useful. Sometimes the focus of manufacturers is on the functionality and they forget about the design, this then makes the product fall behind in the market because of trends and good looking competition. On the other hand if the whole focus lays on the design, and the product does not effectively fulfil its purpose, then other more efficient products will take its place in the market.
Some people believe that is either or, but good entrepreneurs find a balance between both and this is reflected in the product’s sale.
So what makes a product stand out? How it covers a need or brings innovation to something already established, its accessible and fair price and being a product that involves an aerodynamic design and a great functionality. Even though there are many other factors that influence in the success of a product, these seem to be the basic ones that one would need to pay attention to.
So, what else do you think makes a product stand out in the market? Let us know!