Ahhh that's a tough one!
For those that do not want to read a long comment; "It's hard to keep everyone happy, but it's important to identify who you want to keep happy!"
P.S: it's an original quote ;)
Now building a product is all about identifying a problem and providing the best possible solution. The biggest hurdle that I see is not identifying the problem, but rather it is about providing the right solution and more importantly the solution that the majority of your target audience is looking for.
Building great products in itself is a very difficult task, let alone building a product that customers love.
The reason I feel most products fail is not that they aren't building the right product; it's because they aren't focusing on building the product right!
- It all starts with the right team. Other than skillset and passion, one extremely major attribute of a strong team is the sense of user empathy. You can only build something that users want if you truly understand them and their pain points.
- Being humble and accepting constructive criticism is the next main reason why most products fail even though the demand for that particular kind of product has been justified. You build for users and hearing them out is often what businesses forget once they taste the initial sweetness of success.
- Users like it simple! This is one thing that I have learned over time. You can build complex products and put in 100's of features but that will only cater to a particular niche of a crowd. The masses want it simple. Most products get carried away when building and often result in the user getting overwhelmed and eventually looking for simpler alternatives.
These are just my views. Hope that was helpful.
@heffendi Woah! Hussain, I really like your reply!
I've tried to build a SaaS product 5 times and made all the mistakes you mentioned.
What do you think is the first thing I need to start doing to have a chance at building a good product?
I'm no expert myself, but if you had to ask me, I would say the first thing you should do is check out and use all your competitor's products. Use them long enough to identify the pain points as a user.
Next would be to find the bad reviews. This is where the gold pot is at.
Once you have identified the pain points and what your target users actually want, just build something simple and elegant for them.
Et Voila! Now that's just my version of how to start off building your product.
Products fail for a variety of reasons, but in my opinion, I think the most common reasons are (a) the product was solving a problem that does not exist, or (b) the product was not capable of fulfilling its promise.
For (digital) products that fall into the latter category, it often boils down to server uptime, minimizing bugs and/or customer support. People have a very low tolerance for something that does not work well or does to live up to its promise - particularly if there are other options on the market.
@stefan_morris I like your opinion, Stefan.
The hardest part for me is to find an existing problem that is worth solving. What do you think I have to do first to find the right problem? How did you do that in your current product?
@shashcoffe After extensive research of customers' preferences, we have created a customer-centered product. As compared to other products, we offer "More for Less." Many customers appreciate our product. Still, we are working hard to reach more customers.
I think there are multiple reasons, but I'm actually about to start reading this book that someone I know recommended: https://www.pdfdrive.com/inspire.... I'll be sure to share some of the insights with you!