What makes a Product successful?

Over my years of experience as a Product Manager these are these principle factors that I follow to make a product successful. Remember all these six principles irrespective of the product will have to be fine tuned with your customers in mind:

  1. Cost: Lower cost of the product will allow deployment and the ownership cost for the customer. The high license cost for the onPremise vendor software is what is driving more and more customers to look at cloud services these days. Being creative  with your pricing model will help you to justify the cost.
  2. Usability: User experience matters not just for external-facing client software but also for overall administration, manageability and deployment use cases. Simplification of the deployment, manageability and administration of the product will facilitate faster evaluation and help to capture more customers in this market.
  3. Manageability: Provide tools and protocols that enable the deployment, administration, and monitoring through a remote console. This will help  to facilitate better user experience at the same time reduce support and maintenance cost for the customer.
  1. Flexibility: Making sure that the product can provide flexibility for the customer when a future need to extend the business needs will encourage the customers to adopt the product faster. The flexibility then will become a value add  that will help strengthen the overall portfolio for the product.
  2. Integration: Providing the ability for the product to coexist with other vendor products should always be the focus. This would mean you provide enough hooks within the product through APIs and an SDK. This can help to integrate the product with other software vendors thereby address any unique business case that the customer may have
  3. Market Leadership: Strive for market leadership. This would require that you clearly understand the market trends and the competitive landscape. Build differentiators that will help to position the product based on the value add it can offer. Its comes back to the creativity and Inovation of the whole team working on the product.
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Posted on December 13, 2012, in Blog, Product Managment. Bookmark the permalink. Leave a comment.

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