A product is something that is made to be sold. It can be tangible or intangible. It is the consequence of a process with the purpose of creating a good or service that satisfies a customer’s needs. It’s what you sell and it can take many forms. Some examples include:
- This is a tangible good, commonly known as a widget. Delivery and logistics for objects need to be expensively planned in order to reduce your risk of failing on your value prop and letting your costs get out of control.
- This is a highly personalized experience that will depend on your ability t match demand with content and human factors. Both the message and the messenger are important and should be thoughtfully planned.
- There is a big difference between data, which is a commodity and information which adds insight to the data. Buyers of data will always go to the lowest cost producers with the most scale. Information providers can charge for the value of the insight and lead to much higher margin product. The point is to know the difference between the two and market it accordingly.
All great companies have a foundation set in great products. Creating a great product is a fundamental part of launching a start-up.