Before Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

To ensure you are developing the right product for your target customer ask these questions first:

What are you losing customers over?

If customers choose another product because you don’t have a specific feature then this is worth putting into the product.

What are competitors doing that keeps you awake at night?

If the competition is working on features that you don’t have then this may be a candidate to include in your next product upgrade.

Have customers been asking for it for sometime now?

If you have customers that have asked for a feature but you haven’t put it in, then this is something to prioritize.

Do customers add this feature into your product by themselves?

If you have customers who hack a feature into your product, then it’s important to do this for them.

Can you sell them on the proposed feature?

If you have customers buying the product because they want to use that feature, then prioritize building it for them.

The rule is sell it first, build it second.

If you can’t sell it in the first place, you don’t need to build it in the second place.

Consider these questions in prioritizing the features to build into your product.

 

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.