About a fortnight ago, around 14 of us went to a bar for drinks and dinner. Most were about to leave Kolkata in a day or two and this was one of those “we might never meet again” things.
At the end of the table where I was seated, the other constituents of the party were as below
And this is what happened: the three vegetarians started to decide what to eat. They went at it for a full 15 minutes while the rest of us waited for their group discussion to get over. Finally, they settled on “Mix-Veg and Dal Fry with Roti”. It was only then that the waiter, who was hovering on the sidelines, took the order and consequently, we had to wait about 21 minutes before we got our first round of drinks. The delay was a buzzkill but fine, there were lessons rife in this situation.
What I realized was that in an attempt to take into account the tastes of various different customers, they finally settled on something that had small bits of everything but didn’t fully target anyone (Mix Veg) and since they were trying to keep everyone’s tastes in mind, they did not decide on different stuff that was enjoyed individually, but had stepped down to something that was acceptable to all. It wasn’t about catering to preferences, but simply, meeting requirements.
Taking this to a business situation, it is of utmost importance to understand your target market segments completely and create products that cater to their specific tastes and usage. Sometimes it can be overdone, but I’d still err on the side of over-tailoring instead of over-generalizing.
When it comes to startups, many try to make products that are awesomely complete, which is where they make their first mistake. The better thing to do in most cases is to make a minimum viable product and then keep a short feedback loop with customers, which should guide further product development. What I am suggesting is the release-early-release-often model, for which a huge case already exists. Here’s a good post in support of the same.