Product Thinking 101
Design by Ales Munt
For a company to be successful, it needs to have a product that people want to buy. However, simply having an effect is not enough – you need to have a good product. This is where Product Thinking comes in.
Product Thinking is the art of creating products that people want to buy. It involves understanding what people want and need and then creating a product that meets those needs. It is about taking the time to understand your customers and what they are looking for and then designing a product that meets their needs.
Too often, companies focus on making money rather than making good products. As a result, they try to create unique and different products without considering what their customers want. Unfortunately, this can lead to disaster, as companies can end up with products no one wants to buy.
In this article, you'll learn how to think about your products productively. You'll learn about the different ways to view your products and how to assess the best.
All about Looking at the Big Picture
When it comes to creating and launching products, many companies think they are too small. As a result, they focus on what they can do in the short term rather than what their product could become years down the line. This is where product thinking comes in.
Product thinking is all about looking at the big picture and imagining how your product could evolve. It's about thinking beyond the initial launch and considering all of the potential uses for your product.
The Importance of Seeing the Big Picture - Entrepreneur
This type of thinking is essential for companies that want to create long-term success. Businesses can develop new ways to improve their products and reach new audiences by taking a product-centric approach.
Product thinking also helps businesses stay ahead of the competition. By constantly innovating, companies can make their products more appealing to consumers and set themselves apart from the competition.
Origins of Product Thinking
The origins of product thinking can be traced back to the early days of human civilization. Then, for the first time, people could create objects that were not simply tools or weapons but were designed for a specific purpose.
Some experts argue that the roots of product thinking can be found in ancient Greece, with philosophers like Plato and Aristotle emphasizing the importance of product design and functionality.
The Importance of Aristotle to Design Thinking - MIT Press
Others argue that the modern concept of product thinking began with the Industrial Revolution when factories started producing goods on a large scale.
However, most experts agree that the modern concept of product thinking took off in the early 20th century when companies like Ford and General Motors started using mass-production techniques to create standardized products.
Since then, product thinking has become an essential part of business strategy, and it has played a significant role in the development of countless successful products.
This new way of thinking led to the development of many different types of products, including furniture, clothing, and transportation devices.
Product thinking soon became an essential part of human culture. It allowed people to create things that made their lives easier and more comfortable.
Over time, the art of product design has evolved into a complex and sophisticated process.
Today, there are many different schools of thought for product design, but the goal is always the same: to create products that are both functional and appealing to consumers.
What is Product Thinking?
The term "product thinking" is often thrown around in business and design circles, but what does it mean?
In its simplest form, product thinking is the process of creating and bringing products to market. This can include anything from physical products to services to software.
One of the key tenets of product thinking is understanding your customer and their needs. You need to be able to empathize with them and see the world through their eyes. This means understanding not just what they want but also what they need.
3 Methods for Identifying Customer Needs - Harvard Business School
Another important element of product thinking is iteration. You can't create a perfect product on your first try, so you need to be prepared to iterate on your ideas and get feedback from your customers.
This feedback loop is essential for making sure you're building the right thing and addressing real customer needs.
Products People Will Love
When it comes to creating products, there's always one key element: what the customer wants. It sounds simple, but businesses often get wrapped up in their ideas and forget what the people who are buying their products are looking for.
Here are two tips for how to create products people will love:
1. Do your research. Before you even start thinking about product ideas, take some time to research what your target audience is looking for. What are their needs and desires? What are they already using that they love? What don't they like about current offerings in your industry?
2. Keep it simple. When brainstorming product ideas, try to keep them as simple as possible. Complexity can often lead to confusion and frustration for customers, which is the last thing you want.
Applying Product Thinking
To create a successful product, it's essential to think like a product owner. This means taking on a product-centric perspective and always keeping the user in mind.
Too often, teams get wrapped up in the technical details of their product and lose sight of the big picture. By applying product thinking, you can stay focused on what's important and ensure that your product is valuable to users.
Product Thinking: Building experiences that deliver results
One way to think like a product owner is to focus on solving problems for users. What are their needs and wants? What are they trying to accomplish?
And how can your product help them do that better or more efficiently? It's also essential to constantly evaluate whether your product meets users' needs. Are they using it? Are they happy with it? If not, why not?
The 4Ps of Product Thinking
To have a successful product, it is important to think about the 4Ps: Product, Place, Price, and Promotion.
The first P is the product itself: We think about the big picture of our products. We want to create beautiful and valuable items, pieces that will be enjoyed for years to come. Our goal is to design products that help people live better lives, make their homes more comfortable, and add a touch of elegance to their everyday routine. And we're constantly working to improve our designs, so you can always expect the best from us.
The second P is placed: Sometimes, the most straightforward ideas are the best for product placement. You don't need an elaborate marketing scheme or a team of experts to make your product stand out. Sometimes, all you need is a little bit of thinking outside the box.
Price is the third P: When pricing a product, it is important to think about what the customer perceives as the product's value. If the price is too high, customers may be unwilling to purchase the product, even if they perceive it as valuable. Conversely, customers may not believe that the product is worth their money if it is too low. Therefore, it is important to find a price that accurately reflects the product's value while still affordable for consumers.
The fourth and final P is promotion: When it comes to product promotion, it's all about thinking outside the box. Traditional methods such as print ads, commercials, and online banners are no longer as effective as they once were. To reach consumers in today's digital age, businesses need to be more creative with product promotion tactics.
The 5Ws of Product Thinking
The 5 W of product thinking stands for the essential questions that must be asked to create successful products—the 5 W's: What, Why, Who, When, and Where.
All too often, companies focus on just one or two of these questions and create products that don’t meet the needs of their customers.
They also forget to consider what is feasible for them to produce and instead develop products that are far beyond their capabilities. Finally, they fail to ask what will delight their customers, leading to products that are not well-received.
Without this level of thinking and research beforehand, businesses can quickly struggle with low sales and confused customers.
To create a successful product, it is important to understand the 5 W's: what, why, who, when, and where.
1. What: When you create a new product, it's important to have a specific goal. What are you trying to accomplish with this product? What need or problem are you trying to solve?
Too often, companies create products without any clear direction. Instead, they might be trying to capitalize on a trend or solve a problem that they don't even understand. This can lead to wasted time and money and confuse customers.
If you're not sure what your goal is, take some time to research. First, figure out your target audience and determine what needs they have that aren't being met. Once you know that, you can start designing your product for those needs.
Your goal should always be clear in your marketing materials as well.
2. Why: When considering a product, many factors to consider. One of the most important is thinking about why the product will be successful. There are many reasons a product can be successful. For example, it could have a great design, a low price, an innovative feature, or be from a well-known brand.
The most important thing is to think about what makes the product unique and how it can benefit the customer. For example, the iPhone was successful because it was the first phone with a large touchscreen display. This allowed users to navigate through the phone's menus and features quickly.
Another factor contributing to a product's success is how well it meets the customer's needs. For example, GoPro cameras are popular because they allow people to capture video of themselves while engaged in extreme activities, such as skiing or mountain biking.
3. Who: When creating a product, it’s important to think about your target audience. Who will benefit from your product the most? Knowing this information will help you focus your efforts on marketing and selling your product in the most effective way possible.
When deciding who your target audience is, you should consider age, gender, income level, and lifestyle. For example, if you’re selling a luxury car, your target audience is likely wealthy people who enjoy luxury items. On the other hand, if you’re selling a new medical device, your target audience is expected, doctors or other healthcare professionals.
It’s also essential to think about what needs your product fulfills. For example, what problem does it solve, or what needs does it meets? Again, it will be easier to identify your target audience when you answer this question.
4. When: Like most entrepreneurs, you're probably wondering when to launch your product. Of course, you might be tempted to throw it as soon as possible, but there are a few things you need to consider before doing so.
First, you need to ensure that your product is ready for market. You don't want to launch it prematurely and have to go back and fix things later on.
Second, you need to make sure that there is enough demand for your product. If there isn't, then your launch will likely fail.
Finally, you need to make sure that you have a marketing plan. Without a plan, your launch will be an unsuccessful one. So, when should you launch your product? The answer depends on the product and the market conditions. However, in most cases, it's best to wait until you have a solid plan in place and the product is ready for market.
5. Where: Where your product will be sold. Will it be in stores? Online? Or both? If you're selling a physical product, you'll need to find retailers who will carry your item. If you're selling a service, you'll need to find customers online or offline.
There are pros and cons to selling in each of these channels. Selling in stores can give you more exposure, but getting your product into the right stores can be expensive and complicated. Selling online gives you more control over your pricing and reach, but it can be harder to convince people to buy from you if they don't know who you are.
The best strategy is to use multiple channels. For example, sell your product in stores and online, and promote your website on the packaging and advertising.
The 1 H of Product Thinking
To be successful with product development, it’s important to understand the 1 H of product thinking.
This refers to the idea that a product is made up of one or more human needs that are being met. Therefore, to create a great product, you need to identify and understand the needs that your product is trying to meet.
This isn’t always easy, but it’s essential if you want your product to succeed. It would help if you went beyond simply identifying what people want and figuring out what they need.
Once you understand the needs that your product is trying to meet, you can then begin designing and developing a solution that meets those needs.
If you can focus on meeting the needs of your users, you’ll be well on your way to creating a successful product.
Final Thought
In today's ever-changing world, it's more important than ever to think productively. What does that mean, exactly? It means looking at problems and challenges from a product perspective rather than simply a bureaucratic or technical one.
In other words, it's not enough to just come up with solutions; we also need to think about how those solutions can be turned into products that people will want to use.
This is where product thinking comes in. By taking a user-centric approach to problem-solving, we can create effective and appealing products for consumers. And in a world where competition is fierce, and innovation is key, that's no small feat.
So what does the future hold for product thinking? There's no doubt that it will continue to play a crucial role in business and innovation alike.
