From A CEO: How To Build A Viable Product Or Service

From A CEO: How To Build A Viable Product Or Service

Editor's note: Welcome to April. This is the first installment of our new series, From A CEO, in which Nigerian entrepreneurs who have built thriving businesses answer vital questions covering a variety of subjects including business development, funding and investment. Don't miss anything.

Q: How does one build a viable product or service in Nigeria?

A: Answering that question requires asking yourself these three questions:

1. What problem will the product or service solve?

If a product or service is not solving a problem, it's not generating value. And people don't pay for ideas, they pay for solutions and value.

2. Who will pay for the product or service?

These people are known as target customers. A product or service that does not have customers who are willing to pay for it will not last long and a business built around such a product or service will fail.

3. Is the product or service clearly defined? 

Before you build a product or service, be sure you've defined what it does clearly. There's an old marketing slogan that says "It does what it says on the tin." The law of clarity in product or service development states that your product or service must be so clearly defined that the least of your customers understands its function(s) so clearly that they can sell it to you. Does your product or service obey this law?

- Kola Oyeneyin, CEO, Venia Group.

If you have a question for a CEO, post it in the comments section below or send it to hello@margin.ng. We look forward to hearing from you.

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