Are you aware of your customer’s needs, wants, and desires?

We have already recognized areas in which you could add value to your customers. After that, let’s classify your product features into Needs, Wants, and Desires. In conclusion, this will enable you to decipher the essential features you need to build and showcase your product so that it offers an irresistible value proposition to your customers. Above all, this is an important exercise because customers do not buy every product that’s available to them. They only buy products that they feel fulfill their need(s) or solves their problem(s).

Understanding your customer’s needs, wants and desires:

Let’s conduct an exercise that will help you figure out your priorities. Therefore, it enables you to identify and build a USP for your product. In other words, follow the below-mentioned steps to do this exercise:

• Refer to the exhaustive list of all the features you’ve listed in chapter 3.
• Prepare 3 columns — Needs, Wants, Desires.
• Classify each item of that features’ list as Needs if it is critical to the product, Wants if it is supplemental to the main product and Desire s if it is outside the main product.
• Reflect on your problem statement while doing this.
• After that, finish categorizing all the features of your product, study each column carefully.
• In your second round of analysis, verify their importance as High, Moderate and Low.

Below is a case study to help you understand this exercise clearly:

This is a classification of a smartphone feature list:

Worksheet to analyze Needs, Wants and Desires

Step 1: List all your product features (refer to the list you made in chapter 3)

Step 2: After that, classify your product features into Needs, Wants & Desires (keeping your problem statement and customers in mind).

I am sure by now

• You know your customers
• Competitive landscape has been analyzed by you
• You know the key value propositions you need to include in your product as per your customers’ wants

Let’s learn how to develop a business model which is very fundamental. Above all, it will help you understand revenue, costs, resources, and steps you need to take to build, launch and run a successful business.