Understanding your customer’s needs, wants and desires:
Let’s conduct an exercise that will help you figure out your priorities. Therefore, it enables you to identify and build a USP for your product. In other words, 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.
- After that, finish 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: After that, 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
- Competitive landscape has been analyzed by you
- You know the key value propositions you need to include in your product as per your customers’ wants
Let’s learn how to develop a business model which is very fundamental. Above all, it will help you understand revenue, costs, resources, and steps you need to take to build, launch and run a successful business.