In this video, we will see how to build any product. We will build a travel product as an example.
Step 1: Define product-market fit (Define product-market fit by answering the basic who, what, why and how questions)
– What problem are you trying to solve?
– What benefit will you provide?
– Who are your customers?
– Will customers pay for your services or products?
– Who are your competitors?
Step 2: Identify underserved customer needs (pin down the customer pain points, and write down the problem statements that you are trying to solve)
– Special and unique experiences
– Promoting local services
Step 3: Analyze market trends (Understand your target market, the competitive landscape, as well as where your brand and product fit in)
– User segmentation: who are your users? (travelers, corporate, leisure)
– Where, why, and how do they use the products?
– What is the total addressable market?
– Identify market size, value, demand, and need
– Determine price points
Step 4: Define your mission and vision (define what are you building? why are you building? And Where you want to go?)
– Building a sustainable travel
– Building a tribe of like-minded travelers
Step 5: Build MVP (Build a working prototype and test with real potential paying users)
– Define Product strengths and USPs
– Prioritize MVP feature set (TAM, spend, margins, size, frequency, delight)
– Build a mockup or a prototype
Step 6: Test and reiterate (Understand and synthesize verbal and non-verbal feedback)
– Test product with customers
– Ask smart questions
– Observe, improve and reiterate the process
Step 7: Launch or Pivot (Make a decision, address your biases, great products were built by pivoting)
– Launch product
– Pivot if product market fit is not achieved
Step 8: Suggested reads (Read these 6 books before launching your product)
– The lean product playbook by Dan Olsen
– Sprint by Jake Knapp
– The lean startup by Eric Ries
– Inspired by Marty Cagan
– Zero to One by Peter Thiel
– Design of everyday things by Don Norman
Feel free to share the video and reach out for any questions or feedback at hi@sumitsawai.com or www.sumitsawai.com
Additional reads
- $100 Startup by Chris Guillebeau
- How to Solve It by George Polya
- 1-Page Marketing Plan by Allan Dib
- The E-Myth Revisited Michael E. Gerber
- Steal Like an Artist By Austin Kleon