Before building your minimum viable product, you’ll need to research the space.
Here are some key points to consider:
Know your customer and their problem very well.
Many founders start building a solution to a problem that they only know superficially.
Talk to at least fifty prospective customers about the problem to understand it.
For the next fifty prospective customers propose a solution and capture the feedback.
Once you have a product you must continue the research to refine the product features, positioning, and selling points.
For researching the next version of the product here are key questions to ask:
How did you find the product?
Why did you choose the product?
Who in your organization uses the product?
What do you like most about the product?
What do you like the least about the product?
Would you recommend this product to someone else?
Look carefully at what the customer does with the product in addition to what they say about it.
Many customers will complain about a product but they continue to use it extensively.
Look at the characteristics of those who are successful with the product and those who are not as it helps build an ideal customer profile.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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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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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.