This blog is an extract from an article Phil written for the FounderCatyst's blog.
The infinite journey
You launched, customers are buying - but it's not over. The journey is only just beginning. Now that your product is out in the wild, things are going to change.
You are going to learn new things that you had never appreciated before. Customers will be giving you feedback (whether you ask or not!). You will see how your product is used in the real-word. What are you going to do with this new information? Ignoring it will mean you slip back, your customers will become ambivalent about your product, and your competitors will learn from you even if you do not.
So flip it, what if you keep acting on this new information? Customers love your reactiveness to their needs, and they become your promoters. Your competitors have nowhere to go because you are going to be plugging the gaps before they can. You have an advantage, and you are making use of it.
Have you heard of the $300 million tweak? This is what legendary user experience designer Jared M. Spool did for Amazon. Not content with things as they were, he worked with Amazon to keep improving customers' experience. He found an opportunity in the purchase process; a small amend to a button from 'Register' to 'Continue'. It completely changed the buying experience and increased Amazon's sales by 45%!
As we have all been learning recently, the world and our customers change. This is happening all the time, but the COVID-19 pandemic has thrown this into sharp contrast. Those that stay still slip away slowly as everything around them moves on. Those that recognise that their customers have a constantly changing need and expectation can be proactive and remain relevant in the long term.
At this stage that wraps up our series of key characteristics of successful tech products but perhaps we will develop it in the future. We have looked at vision, users, failure and the ongoing journey. All these aspects are really important to your success. The earlier you address each the more efficiently you will develop your product, the more investment you will attract and the more engagement you will have from customers.
If you have any questions on what I have said here please do get in touch with us.