4 Steps to Ensure Your Product is Market Ready

Is your product/service market ready?

This is the part where most Entrepreneurs fail. You have a killer idea and you’re sure it’s the next ‘big thing’. So, after all the blood, sweat and plenty of tears, you go to launch and then… Nothing.

Crickets chirping and all.

Why does this happen so often? It’s because we usually go about setting up our businesses in the wrong way, missing out the most important part: Product to Market Fit.

Get your product to market fit wrong, and your launch will definitely suffer the consequences. To protect your business and help you build the best possible solution, you must make sure you do the following 4 steps:

  • IDENTIFY YOUR PROBLEM & TARGET AUDIENCE

Time for some Start-up 101, guys! Make sure you’re building something that actually solves a problem. Avoid building something just because you think it’s a cool idea. So many businesses are built on assumptions. The founder thinks that their customer needs to do ‘this’ or they think they feel ‘that’. This is a super risky approach to building a business and will most likely get you stuck in the mud.

So, make sure you identify what you believe the problem is and who you believe the problem impacts. Here’s a little tip: A ‘problem’ doesn’t always portray itself as a problem. It could be a frustration, a fear, a dream or desire.

  • VALIDATE YOUR PROBLEM & TARGET AUDIENCE

Once you think you have your problem and TA identified, you need to validate! Pop your suspected market’s shoes on and go for a mile-long walk. Observe them, survey them and interview them. Obtain data that supports your beliefs. If your data doesn’t support your original idea… pivot!

  • UNIQUE VALUE PROPOSITION & VALIDATION

Once you can clearly identify and confidently say that your problem is legitimate, then you can move on to identifying your unique value proposition. “My WHAT?” you say? It’s basically a fancy way of saying “your unique solution. Think about what will make you stand proud of your competitors and what will make you special/different?

Then it’s time to validate again. Obtain Data to support your idea. Have the hard numbers to back up your idea before going any further. If people don’t respond well to your solution… pivot!

  • MINIMAL VIABLE PRODUCT

If you have made it to this point, you deserve a round of applause, a pat on the back and the biggest glass of wine ever poured! You have validated your idea and have confidently identified your TA. Now you can really start to get your hands dirty in creating your Minimal Viable Product (MVP). Your MVP is exactly that… the most basic functioning version of your product or service. Why? We do this again to (you guessed it) VALIDATE! Your MVP is a prototype of your end product/service. You can test it on your market and receive live feedback on what works well and what doesn’t work. From here, you keep building, putting it out there, and learning from feedback (and repeat!) until you have your dream venture ready to launch. 

You have validated your idea and have confidently identified your TA. Now you can really start to get your hands dirty in creating your Minimal Viable Product (MVP). Your MVP is exactly that… the most basic functioning version of your product or service. Why? We do this again to (you guessed it) VALIDATE! Your MVP is a prototype of your end product/service. You can test it on your market and receive live feedback on what works well and what doesn’t work. From here, you keep building, putting it out there, and learning from feedback (and repeat!) until you have your dream venture ready to launch. 

Many Entrepreneurs get this process wrong, or the skip it all together (eek!). Remember to keep your mind open and LISTEN to your market. At the end of the day, they are the people who will be buying your product/service, so it’s essential to make sure that you are able to meet their needs. Get this process down, and you are sure to improve your launch success!

About your guest blogger: Megan Gobey is an entrepreneur, speaker, designer and product development specialist. Megan is the founder of The Inventor’s Hub, which is a one-stop-shop for entrepreneurs going through product development. Starting the business at 19 in 2013, she knows what it’s like to be a little voice in the market and make yourself heard. Megan goes through the product journey with every client, supporting them along the way. Megan and her team at The Inventor’s Hub take a holistic approach to product development from concept design right the way through to manufacturing.

 

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