As an entrepreneur, have you ever felt puzzled when it comes to creating a market leader product? That is, a product that has the highest percentage of total sales revenue in a particular market. 

Well, you are not alone. The Top 10 participants of YCSE Academy 2.0 by @america also felt the same way. In last week’s session, Yoevan Wiraatmaja as CEO PT Danpac Pharma shared his product creation experiences in his family business. Since 2004, his product Sensitif has successfully become the market leader for pregnancy test kits. 

Yet not many know that his company also has another pregnancy test brand, Akurat. You might wonder, why would a company with a market leader product create another brand selling a similar product? According to Yoevan, branding contributes a lot to the product creation process. So even though these two brands create similar products, they target different market segmentations, which dictates price and packaging differences. 

As making a good product is challenging in the beginning, Yoevan generously shared his 3 key points for making a market leader product:

1. Customers do not buy what you sell, but why you sell it

Before creating a product, always think about why you would sell it. Yoevan took an example of his product, the pregnancy test kit Sensitif. In the beginning, he brainstormed on how he would sell his product differently than his competitors. Then he finally decided to make his product more accurate, and provide very good customer service.

2. Connect with your tribes

By connecting to your customers, you can gain so much information and feedback. Even Sensitf had new varieties of products from the suggestions of his close friends and customers through email. In the era of digital media, he strongly suggested all the participants utilize this to the maximum. From his point of view, we’re in the era where small to medium enterprises can compete with big corporations, as long as they keep up with the fast pace of technology. 

3. Give more values to your customers than competitors

Just like facebook, you should put your value first before even thinking about monetizing. He said that money is just a byproduct of the value you give to your customers. The most important thing to start your social enterprise is to make people use your product / service beforehand, and after that you can think about how to monetize it.

After hearing Yoeevan’s awesome presentation, hopefully the Top 10 participants of YCSE Academy 2.0 by @america are inspired to implement his points. How about you? Are you inspired already to implement those values into your product or service? 

Let’s support our Top 10 Participants of YCSE Academy 2.0 @america every Wednesday during their launch events that will be broadcast on @america social media channels! Get inspired by their backgrounds, their innovations, and their journey. Don’t forget to check our updates on their events and schedule!