“Identifying Need Is Key To Fintech Success”

By Paul Mandell
Globes, Tel Aviv, Israel

WWR Article Summary (tl;dr) One exciting industry that has been rapidly developing over the past few years is the Fintech industry. Part of the success of this sector comes from the fact that many of the entrepreneurs behind these companies develop their product only after understanding an existing need.

Globes, Tel Aviv, Israel

Gone are the days when creating a product took precedent over identifying a target market.

A century ago, it was common practice for industrialists to come up with an idea, manufacture the product, and then figure out a way to get people to buy.

In his book, My Life and Work, Henry Ford famously said, “Any customer can have a car painted any color that he wants so long as it is black.”

In a time when the average citizen was still getting used to the idea of having spending money, there was nothing wrong with an approach to product development and launching that had little regard for customer needs. Now, as we get further into the 21st century, this approach to product development — or lack thereof — is no longer a viable way to create a product.

The most important step when developing any type of product is the identification of your customer and their needs. Without an in-depth understanding of the pains of your target customer, you will never be able to develop a fully viable product that is going to drive someone to want to buy it.

Once you’ve identified a target market, thoroughly understand their needs, and develop a product to satisfy those needs, you may move on with your development of a go-to-market strategy. Figuring out how to reach this newly identified group of potential customers is your next pressing issue. The primary decision in this step is deciding whether to sell directly or indirectly to the customer. Directly selling your product may include having an in-house sales team, while indirectly could take the form of having a trial of your software placed in new consumer devices.

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