Steve Blank - No success without a valuable product!
If you don't develop a product to create value, your efforts are often doomed to failure. Only if you can create a desire and a real benefit and question yourself and the project over and over again, you'll have created a real foundation stone for a long possible success.
Your value contribution is decisive for the success of your project. There are three basic areas for this. First, we look at your product today. It doesn't matter whether it's physical or digital. Each product follows the same market laws and success or failure can occur with both equally, in the same fashion, everything can be influenced by your actions positively, as well as negatively.
At the beginning there is the question, which value contribution your product delivers exactly. No matter whether it's software or hardware, goods or merchandise. If you have digital products (although this may also apply to physical products!), are these subject to any regulations, such as copyrights, or patents? And if so, are these from you? This can be very crucial to how successful you can be in the end. If you have just mentioned patents to give you a competitive advantage and your (potential) customers see a great benefit in your product, this can - at least in an initial phase - give you some advantages and a head start.
Everything you do, whether insurance, financial planning, e-books... it doesn't matter! The value contribution of your product is a crucial factor in determining how successful you can be. But even if you have established yourself, if you don't check, optimize or change the value contribution again and again, you will be faced with many problems in the future. There are countless prominent examples of this. Check out MySpace, Opel and soon Facebook. Even if you reinvent yourself again and again, as long as you don't create a valid value contribution and thus a product desire, failure is inevitable.
We started alugha with only one player. At that time, this was all we considered important. In the course of time we became a completely separate video platform. Then we developed the tools/products further bit by bit which - in our opinion and of course also that of our customers - renewed the value contribution again and again.
This article is written by our CEO, Bernd Korz. With his experience as an entrepreneur, he shares his vision about the lessons provided by Steve Blank. Join us every week for a new article on Steve Blank’s lectures.
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