Are you tired of your startup struggling to gain traction in the market? You may have a brilliant idea, but success can be hard to come by without a focused approach to market building for your startup’s growth. Don’t only build the product; build the market too! You must work on both parallelly from day one when you conceptualise your idea.
Let’s understand why building the product and market for it simultaneously is crucial. First, you want to launch your Minimum Viable Product (MVP) and get traction in the market as soon as possible. For traction, you need to have enough users to validate your product, those who love it and pay for it. So, at launch, wouldn’t it be great to have all those users screaming and waiting for your product with money in their hands? Of course!
The next crucial aspect is having the right users, not just people. What are the right users, then? Well, the right users are those for whom you build the MVP, those you promise to serve, and those for whom you made your product. So you need to answer that question upfront and bet on that profile, persona or how you describe your customer. This description is part of your market validation and should, of course, be continuously tested, too, from day 1.
For a successful MVP, you need the following:
- The right product
- For the right customer
- At the right price
Ensure that your customer gets good value for the money they pay for it so that you ultimately earn a profit. Super simple but highly complex in practice and especially as you start. Infinite solutions are available, which lead to product-market fit; you just need to find the right one!
You want to test a persona with surveys, interviews, polls, studies, tests, prototypes, etc. And then, build a funnel so you can get in touch with these users and engage with them, getting them closer to your product before launch. Build an audience of users who will be a good fit for your product for your Startup’s Growth.
At launch, you can simply give them what they want as you already have learnt much more during your journey.
Discover the key to Prioritising Market Building in this concise guide. Learn how to allocate resources, target the right audience, and create a compelling brand presence. Unlock the secrets to effective growth and make your mark in today’s competitive business landscape.
Build… Launch… and Succeed!