Let’s learn how a startup must develop and grow!
What do you think, why a startup fails? Nearly 40% of the startups fail because of the development of the wrong product. Yes, you heard it right! The product you are willing to deliver might be rejected by society.
Your innovation must fulfil the demands of the people! If you come up with a product already claimed by the users, the chances of your victory are very high. Examine the market precisely for products already entailed by the users.
5 ways to test your startup product idea -
- Google - Google is humorously referred to as ‘Google baba’ as it knows everything. Search similar products on Google and look out for their acceptance. Not only Google, but you can also go for other platforms like Youtube, Instagram etc. The related niches will tell you if the previous effort was successful or not. You can also hunt for the mistakes in all previous efforts and try correcting them.
- Target your customers – Ask any offer IPO advisory services, and you would understand why validate a start-up product idea. Reason is simple. You need to first emphasize the customers you are willing to sell products to. Your targeted audience is the ideal source of your validation. Conduct polls and researches on your potential customers to know their valuable feedback for your product. Your company can also hire professional data analytic professionals to get a real picture of your product.
- Identify problems in existing similar products - The idea is not to launch an already existing product but a better version of it. Identify the deficiencies in the related products. Compare your product with them and look for the features to improve. Keep digging for the potential problems and come up with robust solutions for your customers. Only the cheaper solutions thrive in this big market nowadays.
- Minimum viable product (MVP) - Build an MVP to test the barebones version of your startup product. An MVP can validate your startup idea and save your startup from failing. Startup consultants vouch for the fact. MVP is the basic form of the actual product which you are planning to launch. The minimum viable product can gain the attention of the consumers before the release of the final product.
- Make money out of it - Your startup idea is a complete failure if it didn’t get you enough profit. We might work also for applause but we surely work for crores! Research the potential market size of your product. Decide the financial threshold value of your product and work on breaking this point. The monetization feature of the product will keep your business growing and going.
Don’t compel your audience to buy but be capable enough to sell!
Make sure you test your startup product idea before releasing it into the market. This could save you from falling, depression and an empty bank account. It is always a better idea to spend a month testing your product that you spent a year building on.