The Long Game: 6 Prerequisites for a Killer Product That Lasts Forever

You not only need the individual capacity to focus, work collaboratively and take calculated risks but also the market awareness to constantly refine your product for appeal.

learn more about Jeff Boss

By Jeff Boss • Feb 13, 2015

Opinions expressed by Entrepreneur contributors are their own.

Given the fact that only 29 percent of startups see the light of day 10 years after opening their doors, it's no secret that to stay in the entrepreneurial game for the long term requires not just the individual capacity to focus, work collaboratively and take calculated risks but also the market awareness to constantly refine your product for appeal.

In other words, there are two simple questions every entrepreneur must ask that will determine one's long-term viability to stay alive in the marketplace:

  • What is the problem I want to solve?
  • How does my product or service solve that problem?

Related: Blending Mature Business Thinking With Startup Zeal Makes Success More Likely

Let's assume you've already defined the problem set to solve for. The next step is a bit trickier and necessitates a detailed outline that should serve as an entrepreneurial blueprint. Here are six prerequisites for how your killer product should answer the call:

1. Vision

First and foremost, a vision identifies what your product will be and whom it will serve. This is your roadmap that guides you startup trajectory and ultimately, answers tough questions that arise when complexity finagles its way into your routine. A clear vision communicates direction and certainty upon which employees can rely when they fall into that gray area of decision-making.

The vision of Southwest Airlines, for example, is clear cut: "To connect people to what's important in their lives though friendly, reliable, and low-cost air travel." The clarity of this vision helps employees answer tough questions about whether to go with lower prices or greater comfort, for instance (they should go with lower prices).

2. Simplicity

Does your product require an encyclopedia book as an instruction manual? Simply put, simplicity plays to what is most appealing for customers and that's ease of use and accessibility. Can your product be easily adopted right now? Can it be integrated with what already exists? If the answer is no, then you may consider how to "dumb" it down.

3. Relativity

Einstein would be proud here. What is the value of your product and why is it better than that of your competitors? Many factors play into this such as presentation, usability and cost. One way to support the relative advantage of your product is to employ numbers and data that back up your claim.

4. Sociability

This is the "OMG-I-gotta-share-this-with-everybody-I-know" factor. Think of it this way: If you inadvertently discovered your product on the web, how likely would you be to tell your friends about it? Would you put your own stamp of approval on it, or would you lose friends by doing so? How does the product measure up to its marketing claim? What would a competitor target if they wanted to defeat it?

Related: 9 Factors That Helped Me Make My First $1M in Profits

To reach maximum sociability -- and therefore, scalability -- your product should be uncommon in nature but answer a common need.

5. Accessibility

This is a two-way street for both the company and the customer. From the entrepreneurial perspective, you want your product to be accessible to consumers from every far-flung corner of technology ranging from mobility to desktop.

According to a 2014 study by Small Business Trends, 60 percent of online traffic comes from mobile devices. The beauty of one-stop-shop services such as DMI is that it makes things easier on the entrepreneur, as DMI manages everything mobile from strategy to app development, multi-channel commerce, brand and marketing, analytics and data management.

6. Relate-ability

I couldn't come up with another word that ended in –ity so this will have to make do. Relate-abiltiy -- the ability to, well, relate a story -- knows no bounds for the simple fact that stories resonate. It's the "sticky factor" that destines a brand for life or death, success or failure, remembrance or forgetfulness.

Think of the memorization technique known as chunking, where you group dissimilar objects together so they "stick out" more (again, the "sticky factor"). The reason this works is similar to why myths, legends and stories transcend over time -- they strike mental and emotional chords that cause you to remember and share.

The long-game of entrepreneurship is just that -- long -- which is why the aforementioned prerequisites will take time to iterate, ingrain and implement over time. Start with a vision and adapt its simplicity, sociability, relativity, accessibility and relate-ability as you refine both the product and yourself.

Related: 7 Steps for Establishing the Right Business Model

Jeff Boss

Leadership Team Coach, Author, Speaker

Jeff Boss is the author of two books, team leadership coach and former 13-year Navy SEAL where his top awards included four Bronze Stars with valor and two Purple Hearts. Visit him online at www.jeff-boss.com

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

Frontier Airlines Just Announced Its All-You-Can-Fly Summer Pass for $399. What's the Catch?

As travel begins to pick up, the airline hopes unlimited travel will jumpstart its business.

Starting a Business

How To Raise Capital For A New Business Idea

These practical methods and tools are available to entrepreneurs who want to raise money to create their own new businesses.

Business News

The Scam Artist Who Robbed Backstreet Boys and NSYNC Blind. 'Some of the Guys Couldn't Pay Their Car Payment.'

In the 1990s, Lou Pearlman made millions creating the Backstreet Boys and NSYNC. It was all a giant Ponzi scheme.

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.