In this chapter of The Founder’s Guide to Building a Successful Business, let’s classify your product features into Needs, Wants and Desires. This will enable you to decipher the essential features you need to build in your product so that it offers an irresistible value proposition to your customers. This is an important exercise because your customers do not want to buy any product that’s made available to them. They will switch over to buying your product only if it fulfills their need(s) or solves their problem(s).
This exercise will help you figure out your priorities. That’ll help you identify and build a USP for your product. Follow the below-mentioned steps to do this exercise:
- Refer to the exhaustive list of all the features you’ve listed in chapter 3.
- Prepare 3 columns — Needs, Wants, Desires.
- Classify each item of that features’ list as Needs if it is critical to the product, Wants if it is supplemental to the main product and Desire s if it is outside the main product.
- Reflect on your problem statement while doing this.
- Once you have finished categorizing all the features of your product, study each column carefully.
- In your second round of analysis, verify their importance as High, Moderate and Low.
Below is a case study to help you understand this exercise clearly:
This is a classification of a smartphone feature list:
Worksheet to analyze Needs, Wants and Desires
Step 1: List all your product features (refer to the list you made in chapter 3)
Step 2: Classify your product features into Needs, Wants & Desires (keeping your problem statement and customers in mind).
I am sure by now
- You know your customers.
- You have analyzed the competitive landscape.
- You know the key value propositions you need to include in your product as per your customers’ wants.
In the next chapter, we will learn how to develop a business model. We will understand revenue, costs, resources, and steps you need to take to build, launch and run a successful business.