Transcribed article based on the video above.
When building a successful product you need to know why people would chose your product over your competitors. I have a checklist of four items that I go through when building a product
1. Is my product easier to use? If it is easy to use, people will gravitate toward that product.
2. Does my product perform better than one of my competitors, is it faster to load, for example? If it’s a technical product.
3. Am I competing on price, am I offering a similar product at a lower price? If so, it is a no brainer for the consumer.
4. If I am not competing on price, am I offering more features, am I giving them more value for their buck?
I’ve found when trying to build a successful product, if you can focus on any one of these, you will have a higher chance of succeeding in relation to your competitors.
Amir Mir is the CEO of LunchMoney. You can read more of his posts here on Docstoc or follow him on Twitter.