Having a better product than the competition is no guarantee of success, but it does help with your fundraise.

Here’s how to build a better product:

First, understand the customer and the work they must do.

Know the overall process flow and how the customer’s job fits within it.

Analyze the customer job to identify how to make it faster, easier, and cheaper to do.

This includes time and dollars spent.

Identify a key insight about the customer problem.

These insights come from working in the industry or holding the job yourself.

Know not only the customer job itself but also the workflow around it.

Design a product that fits the customer flow and provides a faster, better, and cheaper solution.

If you’re not in the industry, then take on a consulting job in the industry for a period of time.

This will build not only your knowledge of the job but also the business around it. 

It will give you connections in the industry that will be helpful later.

It will also help you understand how to engage the support of others.

Consider these steps in building a better product for your startup.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.