Have you ever heard of MVP, not the NBA term, but “minimum viable product”? The MVP evolved from philosophy into golden standard when entrepreneurs across the world are developing products and ideas.
I’ll get back to MVP, but first, let’s look at the main reasons for why startups fail.
The numbers are frightening, nine of ten startups fail and 42% of the startup founders point out “no market need” for their product or service as the main reason. It is sad to hear that almost half of the failures are caused by “learning the hard way”. Are people stubborn or are they not well informed?
I think the main reason for this is a lack of information regarding their idea or product!
Startup founders are more concerned about the functionalities of their product/service, the design and how it will look to the public. There is nothing wrong with that, but don’t go too far, because you will fail to hear what the potential buyers want and fall completely in love with your idea!
But how do you connect the dots and find out what is missing?
My advice is: Develop a prototype and jump on testing. Gain early adopters who will contribute to bringing your product/service to perfection. This way you will learn if there is a market for your product/service and what needs to be improved to win the sympathies of the potential buyers.
Connect with the early adopters, learn how they think and see your product/service from their perspective.
When your MVP is ready, go social. Create free giveaways regarding your product/service, follow the users, see how they react, what is acceptable and what the main reason why they want to use it is. This way you will crystallize what exactly your product/service needs to deliver to the final customer!
Test and test again. Be cautious and carefully look for what the resistance of using your product/service might be! Why does your product fail to win attention? Remember that people are not used to quick changes! Ask people about the reason for why they don’t want to try it! Change different demographics in your campaigns and leverage the tips again.
This must be quickly executed because the competition never sleeps and you don’t want to get your product/service stuck in the test phase and spend all of your money just on test-marketing!
If you are seeking for the initial investment to continue the development of your product or service, the investors will appreciate your approach on the market more and they will know that you are not shooting in the air!
Wembassy can also help you to build your prototype fast and launch it for testing. Drop us a line for a free consultation (worth 50 USD/hour, you get for free) and let’s see what we can do together.
P.S. We are always excited to work on brilliant ideas!