This is a short excerpt from a May 16, 2024 YouTube video by Capitalism.com where Ryan Daniel Moran explains how to find winning products by analyzing existing brands and customer feedback. He recommends studying what customers like and dislike about current solutions, asking target customers about preferred brands, and using those insights to create product variants or, often, simply a brand that specifically targets an underserved segment.
We're not reinventing products here. We are simply looking at what's working for other brands and what our customers like and don't like about the solutions that they have. Look at what you like about the product, what you don't like about the product, and ask people who are also in your target market what they like or what brands they prefer when they're shopping for these products. What this will do is it will give us a clear list of benefits and, and challenges in the market. It may be as obvious as people saying that they buy this product, but they don't feel like there's a brand that is for them. That happens all the time. So people will buy products, but there's not a brand that targets them specifically. In that case, we've got a real winner because we don't even need to change much about the product line. We just need to create a brand that speaks directly to that person. But in most cases, there will be things that you notice or that other people share with you about what they like about a product or don't like about a product. And we start to get some ideas about what our four products can, can look like and how they will be different from all the competitors.
