Crafting Your Product Vision - From Dream to Scalable Reality - Season 1, Episode 4
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Crafting Your Product Vision - From Dream to Scalable Reality - Season 1, Episode 4
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It's a huge task to decide what to make and how to make it. In this episode, I discuss the considerations (and some red flags) when thinking about what product to make.
I know there's a lot of information in this episode, so here's a breakdown of the topics:
1. Rooted in Passion:
Why it's vital to select a product that resonates deeply with you.
How your personal connection can be a compelling selling point and motivation.
2. Scalability: The Hidden Challenge
What scalability means and why it's crucial.
Common pitfalls entrepreneurs face when they don’t think about scalability upfront.
Practical tips to ensure a product can grow with demand.
3. Sustainability: An Eco-Conscious World
The rising demand for sustainable products and its global impact.
How to choose materials and processes that minimize environmental harm.
Sustainability as a competitive edge and a responsibility.
4. Market Research & Size:
Why understanding market size is essential.
Tools and techniques to gauge the potential reach and demand for your product.
Adjusting your product idea based on market feedback.
5. Pricing: More Than Just Costs
Costs, margins, and profit: breaking it down.
Competitive pricing: Understanding where you stand in the market.
Perceived value: Pricing as a brand statement and positioning tool.
6. Unique Value Proposition:
What sets your product apart from the rest?
The power of a compelling backstory and craftsmanship in the narrative.
7. Diverse Revenue Streams:
What sales channels should you consider?
Exploring avenues beyond direct product sales.
8. Regulatory & Compliance Concerns:
Importance of understanding the regulations that pertain to your product category.
Get expert help to ensure you're compliant from day one.
9. Global Aspirations:
Considering a global audience: Adapting products for cultural nuances and preferences.
Export-import challenges and benefits.
10. Consumer Needs & Trends:
Staying ahead of the curve: Adapting to evolving consumer desires and trends.
Continuous feedback and iterations.