If you oversee a start-up, then you will agree that developing a new product or service is no child’s play. Many start-ups fold up before they see the light of day because they are not able to overcome this challenge. How do you develop and introduce a new product or service? 

There are start-ups that introduce new products or services, get millions of people to purchase and use their offerings, and become industry giants. How do they achieve this feat?

This discussion will show you how to develop a product or service in a month using my unique framework. 

1. This product is for (Your Audience): The first thing you must realize is that your product or service is not for you, but for your target audience. If you design your new product or service for yourself, you are setting the foundation for failure. New product or service discovery is dependent on identifying the needs of your target audience. Find out who you are developing the new product or service for. When you do this, it gives you the information that will help you to figure out their problems.

2. It will help them solve this problem (The Problem): Your new product or service should always proffer solutions to the challenges your target audience is facing. Once you have identified your target audience, your next line of action is to discover their problems. You can do this in several ways including carrying out surveys, handing out interview questions, and so on. The idea is to know the pain points of your target audience. Then you can create a product or service that will solve these problems. 

3. We will do this by (The Strategy): Identifying your target audience and proffering a solution to their problems is good. However, it won’t get you the market share that you desire. One thing you must remember is that you are not the only business trying to solve that problem. Some of your competitors have been around before you and have gained the trust of the market. You need to do something different if you are going to succeed with your new product or service. This is where strategy comes in. First, you need to develop a prototype, test it with a part of your audience, and make adjustments to suit their prescriptions. Then you need to draw up a plan on how to aggressively introduce your brand to the market. The quality of your strategy will determine how much success you will attain in the market.

4. We expect a working product to (The Objective): One way to win over the market is to articulately relay the objective of your product or service. If you are able to explain your selling point, you have solved a major part of the problem. To convince your target audience, you must tell them what the product or service will do. The only way they will leave your competitors and focus on your product or service is if you can convince them through your objective.

This framework will help you to develop a product or service and attract the desired attention within a month. Follow me @rotimikehinde on Twitter for more resources on purpose, entrepreneurship, and tech.