- Productization can be defined as the process of taking an idea, and carefully modifying and developing it in order to create something new that could be identified as a product.
- In the current global consumer economies, it is often considered imperative for both the general public and enterprises to stay current with trends. Productization, however, is about setting trends.
- There is an element of innovation and invention that is associated with productization.
- The invention could be with regards to:
- the process of production
- the idea or theme associated with production and delivery of services, or
- the usage of skills in production
- The wise use of these aspects makes the product more marketable and attractive, giving rise to its higher intrinsic and perceived value.
Process of Productization
The process of productization involves the following:
Identification of the Opportunity
- Irrespective of the domain or context, the first step often involves the knowledge or discovery of an existing, unfulfilled gap in the market.
- This gap may arise due to deficiencies in the incumbent products, evolving needs of the market, potentially growing expectations from the product, or external factors, which often go overlooked by the very people who built those products.
- Only after identifying the gap, can an individual or organization with a keen eye invest time and resources to plan for a new or improved product to fill the identified gap.
Market Research
- The organization bringing about the change must be thoroughly aware if there are any competing products on the horizon, and whether similar products exist in the market.
- A mature product feature-set is generally developed after considering what exactly needs to be built in order to keep the offering unique, yet not so unfamiliar as to alienate the existing market
Transformation in Making the Product Even Better
- Features, capabilities, and perceptions are altered, so as to get a unique end result.
- It is very important that the results be tested before delivering the products to the customers.
- It must be properly packaged and priced, and the expertise of the people associated with the product must show forth through the design, delivery, and quality of the product.
Delivering the Product to the Customers
- Finally, the product must be directly talking to the target customers.
- More importantly, the product should be well-marketed and the awareness of transformed products must be sufficiently achieved in the minds of the target customers.
- Customer feedback on the innovation should be baked in for continuous improvement as well as to build a lasting loyalty with the product and people/brand behind the product
Role of Moonpreneur in Creating Entrepreneurs through Productization
Moonpreneur is based on the foundation of building skills at a young age to think and act like an entrepreneur while constantly tinkering, building, and testing in the real-world marketplace. We help kids with identification of the opportunity, and impart necessary skills to enable them to fill the gap through their hard work, curiosity, and passion..
- Students at Moonpreneur pick next-gen areas such as robotics, applied programming, sports tech, green tech, and healthtech. to solve real-world problems which are simply not possible by focusing on traditional approaches to subjects like mathematics, science, and arts .
- We put an equal or perhaps more emphasis on all primary aspects of entrepreneurship.
- We believe by knowing the most practical of areas can anyone build products given enough resources, undivided attention and sufficiently large platform to perform
- Children, of course, by nature, are more innovative and fearless as compared to adults and Moonpreneur hangs onto that reality in our entire approach to assisting the builders who will then create a brighter future with confidence, dignity, and empathy.
Adding transformation:
Moonpreneur has taken a bold step and pushed the envelope further. The children enrolled at Moonpreneur are offered custom courses around product, innovation, and entrepreneurship.
- These young talents are trained by experts and are encouraged, even rewarded to think differently.
- Aspiring students are also offered a real opportunity of selling their products, without them or their parents having to take huge financial risks.
- In order to achieve this transformation at scale, Moonpreneur has partnered with domain experts on one hand and e-commerce platforms on the other, while constantly coaching kids on becoming their own marketers, sellers, and confident individuals to run their own ventures from the start.
Moonpreneur, is not for selecting a few, or most aspiring, or resourceful kids, but in fact is for anyone who joins us, listens to us, and follows the simple recipe our founders have built after their years of personal and professional experiences spanning domains, geographies, and diverse accomplishments . The Moonpreneur team is committed to work relentlessly with children and bring the best in them through skills, interactions, and products, while enriching them with the miracle of early successes and learning that they so deserve.
