If you want to grow a business beyond your wildest expectations, start by creating a minimally viable product first. Then, listen to feedback and grow your business accordingly. It has worked for thousands of companies across the United States and beyond, including Airbnb, Dropbox, Twitter, Groupon, and many others. A minimally viable product starts with the basics and grows in predictable ways.
You may have an excellent idea for a new product, but you will fail miserably if your customers do not share your concept. Once you identify your target audience, then ask yourself two vital questions. Why do I need this product? What issues am I currently experiencing that it can help me solve? The answers to these two questions tell you the required basic features of your product.
Even if you think your idea is unique on the market, you still need to identify what companies are likely to be your top competitors. Use tools to find out who is in their target audience. Additionally, read some reviews to see what customers hate about their products and see if your product addresses those issues.
Of course, your startup is in business to make money, but how you do that can be unique to each company. Therefore, you need to write out your end goal. For example, your end goal might be to get customers to buy bracelets. After you have identified the end goal, then decide on the minimum number of steps required to sell that product.
Look at your minimally viable product as a starting point. You have listed the steps necessary for the customer to buy that product. Now, go back under each step and list the features that the product must have to make it attractive to customers. The chances are that you will have a very long list but create it without taking the time to critique it. Now, go back and prioritize those features until you have a small list of features that the product must contain.
You have done a lot of hard work without seeing any income from your product. The next step is to get it into real customer’s hands. Build a small number of products and hand them out to friends who you know will give you their honest opinion. Listen to their feedback and change the product if necessary. Then, find some stores where you can put your product. Use a listening tool to find out what customers are saying about your product. Change your product again, if needed, based on the feedback that you receive.
Releasing a minimally viable product is a great way to see if a product can be a success or not. In order to get help throughout the process, you need to work with a business consultant in Orlando. Call Amson Consulting as they want to be your business consultant in Orlando.