Understanding People, Not Products, Makes Or Breaks Success

In this digital day and age, anything can be a product. Businesses are devoting their time, money, and efforts to creating products that they hope could one day change the world.

But the chances are it’s already been done. Or there’s something very similar. Or… no one cares.

Why?

Because it’s not always about an amazing product.

If it were, companies such as Alibaba, Uber, Facebook, or Airbnb might not be where they are today.

Alibaba owns no inventory.

Uber owns no vehicles.

Facebook owns no content.

And Airbnb owns no real estate.

So, what’s the secret? How are these companies at the top of their respective industries despite not having an actual ‘product’?

They Understand the Market Opportunity

Product thinking is important — there’s no denying that. But so is addressing the market and understanding your customers’ pain points. If there is no demand for a product, what’s the point in trying to develop it?

Nobody cares about your product — they care about themselves. The sooner people realise this, the better.

Entrepreneurs need to stop getting hung up about how to improve their product and start worrying about what people want, and why they want it. Identifying an unmet demand is something that all entrepreneurs will need to spend time doing. It's something that all the aforementioned companies have done so well.

With Facebook, Zuckerberg saw a market need and he took it upon himself to do something about it. Today, Facebook is the largest social media platform in the world — all because a significant market opportunity was met with a brilliant idea.

“You could find music; you could find news; you could find information, but you couldn’t find and connect with the people that you cared about, which, as people, is actually the most important thing.” — Mark Zuckerberg

They Started With a Purpose

In his famous TED Talk, Simon Sinek explains the notion of beginning with a purpose as the single most important element for success — also known as your ‘Why’.

“People don’t buy what you do. They buy why you do it.” — Simon Sinek

Your Why is your purpose, your belief, and the reason your organisation exists. It sets you apart from the rest of the world, and people love to see it. We are naturally inspired by those with a strong sense of purpose, particularly ones which resonate with our own.

To go back to Facebook once again, Zuckerberg didn’t start a business with the intention of building a 500 billion-dollar enterprise. His purpose for the company was to “help connect people at colleges and a few schools.” The money came as a result.

Many people saw this and they shared the same sentiment. So naturally, they followed him on his endeavours and supported him.

Now, think about charity organisations. People don’t donate because there’s something in it for them. They aren't receiving an expensive product or anything like that in exchange for a charitable donation. People donate because they share the same sentiment and wish to support the organisations’ cause, whatever it may be.

The beauty of this concept of starting with a purpose is that it doesn't just apply to business. It’s human nature.

In 2013, the Mars One mission received 200,000 applications from people all around the world. The catch? There was no expected return to Earth.

So, why? Why in the world would 200,000 people be willing to venture off into outer space, knowing they’d leave their entire lives behind?

It’s crazy to think about, but it’s the same reason why Facebook took off and why people donate to charities: our internal desires for a sense of purpose.

These 200,000 people were driven by the fact that they had an opportunity to be a part of the first colony of humans on Mars — to do something that has never been done before. That in itself was a motivating factor big enough to make a decision that would change their lives forever. If you give people a sense of purpose with what you’re trying to achieve, they will follow.

The Bottom Line

Nobody wants to hear about what your product does or what its features are. None of that matters until you identify a market opportunity, cater to an unmet need, and communicate your Why.

Whatever your purpose may be; whatever your vision for your business is — make it known to everyone, because people, not products, make or break success.

What are your thoughts?