BUSINESS: Eager Sellers Stony Buyers

Understanding the Consumer

Before building any product, the creator must truly understand the consumer first. The article mentions that many innovations fail to gain traction and never even hit the shelves. What will make yours stand out? Most people are conformist; they are not very comfortable with the idea of change. This is supported by the concept of loss aversion, where buyers tend to weigh potential losses more heavily than equivalent gains. They find more value in what they already own, and unless there are significantly better benefits, they don’t believe it’s worth their effort.

Minimizing Effort

Even if there are significantly better products, the hassle of familiarizing themselves with new options is often not worth it. Product managers must ensure that the products they are introducing require minimal adjustments from users. This can involve ensuring that new features integrate seamlessly with existing workflows, reducing the perceived effort needed to adopt them.

Learning from TiVo T

he example in the text about TiVo perfectly illustrates this. Despite its innovative features, TiVo struggled to gain widespread adoption because consumers were hesitant to switch from their familiar VCRs, which they found comfortable and easy to use. TiVo required users to change their viewing habits significantly, which many were not willing to do, highlighting the importance of minimizing behavioral changes for successful product adoption.

Gradual Implementation

Product managers must also take into account the duration it takes to break into the industry. Miracles don’t happen overnight. I would suggest implementing new features in phases, allowing users to adapt gradually. An example of a brand in real life that effectively employs this strategy is Spotify. At times, the company deploys new features for certain test groups before releasing it to everyone. For example, when Spotify first started to integrate AI onto the platform, they first exclusively released it to their Canadian population only. The first feature was also very basic, where the DJ would only create mixes for you that transition between songs. As they had received great feedback from users, they then introduced options to prompt the AI to make custom playlists. The gradual advancement of the features helped mitigate resistance and provided opportunities for them to reiterate on the product.

Avoiding Feature Creep

As for the concept of “feature creep,” I believe at times product managers get too excited and overload a product with so much that the true objective gets lost. I am the biggest perpetrator of this when it comes to ideating solutions. Evaluating the need is of the utmost importance, and ensuring that each new feature aligns with user demands. This may require gathering input through user interview and being in this constant cycle of feedback and iteration. You know you have reached success when there is no more feedback, and this will also prevent you designing from a nonexistent need.

Avatar

About the author