Learning from Mistakes: Building the Fourth Product – Favoriot IoT Platform

Every entrepreneur dreams of creating a product that revolutionizes the industry and gains widespread acclaim. However, I learned the hard way that simply building a great product is not enough; one must also consider the crucial role of customers in the equation. My experience with building the fourth product, Favoriot IoT Platform, taught me the valuable lesson of never ignoring the customer.

The Early Days: A Product Without an Audience
In the initial two years, we focused solely on developing the Favoriot IoT Platform without putting much emphasis on marketing. While we offered the platform for free, we struggled to attract a significant user base and convert them into paying subscribers. It was like throwing a grand party without inviting anyone to join.

Leveraging Expertise to Gain Exposure
To rectify this oversight, I recognized the potential of leveraging my position as an Industry Advisory Panel member in several universities. This offered a golden opportunity to not only contribute to building IoT syllabi but also to introduce our IoT platform to the academic community. Through talks at universities and industry events, we gained better exposure and recognition.

Harnessing Social Media for Brand Promotion
Acknowledging the power of social media, we made a concerted effort to leverage various channels to promote the Favoriot brand and solutions. By actively engaging with the audience on platforms such as LinkedIn, Twitter, and Facebook, we increased awareness and generated interest in our IoT platform.

Building Credibility with IoT Trainings and Certificates
One of the significant steps we took to build credibility was to introduce IoT trainings with Professional Certificates. This not only provided valuable knowledge to our audience but also demonstrated our expertise and commitment to advancing the IoT industry.

The Importance of Customer-Centricity
Through these experiences, we learned that a good product alone is insufficient to ensure success. Understanding and catering to the needs of our customers were paramount. By listening to their feedback, addressing pain points, and providing exceptional customer support, we transformed our product from an empty Carnegie Hall to a vibrant concert buzzing with an engaged audience.

The Journey Towards Success
Our journey with Favoriot IoT Platform has been one of growth, learning, and adaptation. Ignoring customers is a mistake we’ll never make again. Instead, we embraced a customer-centric approach, valuing their insights and feedback, and using them to refine and improve our product continually.

A Bright Future Ahead
As we move forward, we are committed to maintaining the momentum and ensuring that Favoriot continues to meet the evolving needs of our customers. The lessons learned from our early missteps have made us more resilient and more determined to succeed in the competitive landscape of IoT platforms.

Building the fourth product, Favoriot IoT Platform, has been a transformative experience. It taught me the significance of focusing on the customer and the impact of incorporating their insights into every aspect of our product and marketing strategy. The journey continues, and with our customers by our side, the future looks promising for Favoriot as we stride towards greater success.

Read – The Ultimate Startup Cheat Sheet.

Favoriot Platform

Author: Mazlan Abbas

IOT Evangelist

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