Product Research Practices

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

Most founders talk to ten or twenty prospective customers and then start building their product. 

It takes a minimum of fifty customer discussions to understand the problem and how to solve it.

If you know the space and come from the industry you’ll be in a better position to research it.

If you are new to the space then it’s best to recruit a domain knowledge person to join the research team.

This will speed up the process of understanding the basics of the industry.

It also helps in contacting potential customers for interviews and discussions.

In the discovery phase you’ll want to hear not only about the problem to be solved but also about the customer himself.

Ask questions such as how did you find the solution you are using now?

How did you choose this solution over other solutions?

What was unique about the product that led you to choose this one?

How important is the product in your overall workflow?

Look at the problem through the customer’s eyes and with empathy for the customer.

Place yourself in as the customer and ask how else you can solve the problem.

It takes a substantial amount of time with customers to understand their problems and how it fits into the overall workflow. 

 

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.