Perhaps the most critical factor is whether or not the product effectively solves a problem or meets a need of its target audience. In other words, does the product solves a real problem?
Next, I think the key is to be customer-focused throughout the entire product development process. By keeping your target audience in mind at every step of the way, you can create a product that truly meets their needs and provides value, ultimately leading to success.
Creating something that solves a problem or improves/helps with a particular task and then being able to find your target audience and communicate with them. You can build the greatest product, if the people you built it for don't understand it or don't know about it, it won't work. So in a very simplified way, I think it's a combination of those two things.
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