Daily Thoughts#1: To Understand The Market is Another Level of Knowledge

Hectic days lately and pouring most of my time in a product launching event that will soon take place in mid of October. End up now, I am feeling kind of sick with light cold. Gotta get some rest.

Just want to share about the experience of going through the product making.

1. What the market needs?
   We may not know the market that well as there are just too many variables that affect the design decision. However, there are references of the similar products that are successful that we can deduce what kind of feature fits the market.

2. What we think the market needs?
   We may think this is great for people, but how sure are we? Is the idea being tested? Most of the time, no. Sadly to say, there are cost to be paid to test out. All the great product out there like airbnb, Starbucks, apple, all comes from a small beginning. However, I am impress on how the founder are so confident about what kind of value they can provide for the consumer and how are they going to sell it through branding, marketing, educating... This is truly a mastery act.

3. How can we balance the risk?
   Balancing the risk is one tricky step. We all hope to give the best for the prototype product. However, putting too much resources without budget is just illogical for any company to do. When is the time to say stop? And when is the time to carry on and perfect it? All these questions have no definite answers and my team needs to go through the hard way to know about it.

4. Is it being conservative is safe?
   Some of my advisors are being conservative, which is somehow right too as the market may not welcome such wild idea (to me is not that wild). Nonetheless, I need to find the middle point where we can innovate and be creative but within the allowable framework to be viable for the consumer to buy. If not, being conservative means there will be no change at all and it still the old piece of obsolete product.

The journey is indeed hard as there are just too much of unknown but it is exciting as well which we are doing something that the market has yet to have. Let's see until then, what will it be?