STEP 1: IDENTIFY A PROBLEM
Many times, we think of creating a business. from the perspective of making as much as possible. While it is true that without enough income and revenue. you can’t keep the business running, it is also not the most effective way to reach that.
Good businesses know their customers problems, pain points, hopes and dreams. They excel at creating products that solve the problem or in the very least lessen the pain of the problem.
MAKE SURE YOUR PRODUCTS ADD VALUE TO YOUR CUSTOMERS LIVES.
STEP 2: STUDY YOUR CUSTOMER
Once you have figured out your customers problem, you can begin to dive deeper. A problem is anything that stops someone from reaching their goals, hopes or dreams. This will give you incredible insight into what your customer expects from your product and will allow you to cater to that.
Knowing your customer is the most powerful asset you can have in business. This is why many times. people are wildly successful in the niches they belong to. They understand the pain points because they ARE the customer.
STEP INTO THEIR SHOES.
STEP 3: CREATE A SOLUTION
Once you have identified the problem that ails your customer, and you can look at the world through their lens, you can create a solution that addresses the most important pain points.
This method of identifying problems, THEN coming up with solutions ensure you don’t end up with a useless product that only you want, Work backwards from where your customer wants to be in life, then provide them with products that make that journey as easy and painless for them as possible.
CREATE THE CURE FOR THEIR PAIN.
STEP 4: TEST YOUR SOLUTION
The perfect solution is imaginary. No matter hour good you think your product is, or how bad you think your target audience wants it, the market will speak for itself. If your product is not needed and doesn’t address or solve people’s problems to their liking, you have a bad product.
For some this rejection will completely destroy their pride and confidence. But not you. You see this as another opportunity to grow and refine your product. People giving you bad feedback will be your most loyal customers if you solve these problems and show that you care.
YOUR PRODUCT ISN'T GOOD UNTIL THE MARKET SAYS SO.
STEP 5: REFINE & REPEAT
Pay close attention to the feedback you are receiving. Anyone that has something bad to say about your product is just providing you with an opportunity to fix it and turn them into a customer. Do not take it lightly, this process of refinement is the heart of your business.
Now you are in the most powerful stage of creating your business. Repeat this loop, keep receiving feedback and refining your product. Each iteration addressing more pain points than the last. This feedback loop IS your business. As soon as you take it for granted and ignore your customers, your business will be NO MORE.
STOP THE FEEDBACK LOOP AND YOUR BUSINESS DIES.