For a product to be successful, there must be a reason why competitors can’t just copy it, says Walter Frick in HBR.
In Summary: The biggest story in product right now is Facebook's all out war on Snap, mainly via Instagram. One by one it has shamelessly copied stories, lenses, camera effects and filters.
The fact that Snap have struggled to define a clear point of differentiation is a textbook example of why your product needs to be more than just a bunch of features.
The way you make money with a social network is through network effects. The more users you have, the more valuable the platform becomes. If so, Facebook will beat Snap every time. Seven months after Instagram launched Stories, its version had more daily users than Snapchat.
Execution isn't a strategy. Only time will tell if Snap has one.
People place a higher value on products they have helped to create. Products designed by IKEA and LEGO are great examples of this, says Anton Nikolov.
In Summary: The IKEA effect creates a strong bond between user and product. The effort that users put into completing a product leads to greater affection for it.
But making things too easy doesn't necessarily make the experience better. People need to be emotionally invested in the process, not just the end result. It's the act of creating something oneself that increases perceived value.
To hit the sweet spot, product developers need to create a product in which the level of effort is low but the perceived contribution is high. This is how product habit (and brand loyalty) are created.
Adopting a new product requires us to change our behaviour. And with behaviour change comes resistance.
In Summary: Daniel Kahneman's experiments have shown us that we don't evaluate new product's rationally. Instead we weigh up what we think we'll lose against what we'll gain. And we really hate to lose things we have already. In fact, we overvalue our existing products by a factor of 3.
Whatsmore, product developers tend to overvalue the benefits of their creations. This leads to what John Gourville has dubbed 'the 9x Problem': a mismatch of 9 to 1 between what product developers think consumers want and what consumers actually want.
To counter the 9x problem, product managers need to understand Bob Moesta's 'Progress Making Forces' model and ask "What current activity will this new product replace?"
There are dozens of ways of building a product or a particular feature. Not all of them are created equal, says Founder Equity's Sean Johnson
In Summary: Sean has helped build dozens of products and listened to pitches for hundreds more. In the process, he's observed specific patterns that can increase the chances of success.
From the importance of having a product that's 10x better and nailing your onboarding to knowing your product's 'Core Experience' and building notifications that enhance it - these principles can help make your product part of the small percentage that succeed.