Figuring out what you're building and what your product represents is a huge key to building a successful application. I recently wrote a blog entry on requirements gathering that talks a bit about this. You can read it here:
How to improve your requirements gathering skills.
Also, here are some high level principles that I follow to make sure I build the right product with a delightful experience:
Know the difference between the user and the customer.
The business owners that approve the shiny project are usually the customers. However, a devastating mistake is the tendency to confuse them as the user. The customer is usually the person that recognizes the need for your product, but the user is the person that will actually be using the solution (and will most likely complain later about a requirement your product did not meet).
Go to more than one person
Because we’re all human, and we tend to not remember every excruciating detail. You increase your likelihood of finding missed requirements as you talk to more people and cross-check.
Avoid specials
When a user asks for something very specific, be wary. Always question the biases and see if this will really make your product better.
Prototype
Don’t wait till launch to show what you have to the user. Do frequent prototypes (you can even call them beta versions) and get constant feedback throughout the development process. You’ll probably find more requirements as you do this.