What is the Key here?

When we think about a new product we always start with ideas, design, quality, technology, etc. Do you think it's the right approach?
What is the key here? The fact is when we start a process to build any product, there are multiple keys that make your every step successful, and combining all the keys into the right lock gives you a successful product. Now the question is what is the first key in this process? We have so many questions now and there is no answer so far. Why? Because we don't have the problem yet.
Problem is the main key that was hidden in this and you can say the first key.

Your Audience

So the first process is to write down the problem or the pain point. After understanding the problem, we will find out the target audience and this is the 2nd key that we need to find out.
It is very important to choose the correct target audience because, on the basis of this, we need to think about the design and flow of the product. Also, by selecting the correct target audience will help in marketing and pricing, and the audience will become the base for all activities.

Tip: Don't focus on all the audience segment at once. Try to find out primary target first, later focus on secondary target.

Differentiated Product

List down all the solutions that can solve the problem and figure out the unique solution and make your product different from the competitors.
That will be the Unique Selling Proposition of your product and of course, this is your 3rd key. And, this key is really helpful to keep your product in a better position when it will compete in the market. Even if the market is full of big players, a unique player will be always visible to all.

Tip: Make sure that the uniqueness must be accepted by your audience and don't forget to keep the basic feature as it is.

Prototype

Once you have the problem statement, solution list, and USP, then it's time to bring it to life. Start with wireframing, prepare the flow of your product, put all your design innovation and try to keep it simple and easy to understand. One of the most important steps is the User Journey, so prepare the complete user journey and make sure to keep the journey with tutorials and tips, try to communicate your USP as much as possible and keep the user engages from start to end, in the end, give a proper reason to come back. Yes, this prototype is your 4th key as it will make the first interaction with your stakeholders which must include your user.

Tip: Don't forget you are just building the protoype so keep full focus on USP.

Ask your Audience

Once you have the prototype, start sharing it with all your stakeholders. Start collecting feedback, suggestions, complaints, and tips. No need to proceed with the changes as soon as you get the feedback, be calm even if negative feedbacks are more. Analyze all the feedback, and categorize (keep similar feedback in one bucket) nicely. Create product backlogs from it and prioritize them with the help of any good prioritization method, my favorite is Weighted Shortest Job First (WSJF). Repeat this process to refine your product. Remember this is never ending process so once your ready to fit into the market, plan for launch. And, of course, here the 5th key is feedback.

Tip: The customer is your king but doesn't proceed with what they directly ask for.

Launch or Not?

It is important to understand if your product really solving the problem or not. If yes, then you are ready, or else maybe you need to run one more cycle of feedback. Before you launch keep all success metrics in place, make sure your product is in compliance, and then define the launch time and place (again take the help of the audience to set this up). While launching, don't go 100% at one go, release in selected segments and review it properly then increase the reach. Here, key is limited launch with all success metrics. Keep sharing your product and ask for feedback. Store feedback and follow what we have done with 5th key (Feedback).


Tip: Don't forget to monitor your product after launch and be ready with roll back plans.

Where it ends?

Now what? We have launched our product, taking feedback, working on improvement, adding new features, and doing regular updates. Where is the end? So, the truth is successful product never ends so how we can expect the process will end. It is a cyclic process that will never end. If It ends means your product is failed. It is like walking on a misty road, the more you walk more opportunities and problems you see in your journey, and the moment you see a problem, be happy, as the problem is the first key. Now, you know what to do with the problem.

Tip: Love the problems and make a solution for it.