When it comes to developing a product to start up your business, entrepreneurs become laser-focused to make sure their product gets enough love and use. User payments and subscriptions are both sound signals that ensure the validation and viability of your idea.
If you created a product that interests the customers enough, making them willing to try, you are among the entrepreneurs to have a growing business ahead. What you should consider next is to know whether your clients perceive it as a necessity to use it again.
Ask the Customer
Even though data can contain so much information about the customer, there are still some answers that you need to get by listening to them. Several marketers and entrepreneurs suggest that asking your customers simple questions will allow you to understand their feelings, like, “How would you feel if we no longer sell this product?”
- 1 – Frustrated
- 2 – Upset
- 3 – It doesn’t concern me
- 4 – I no longer use the product
If you have more than 40% customers who answered “Frustrated,” when you decide to stop producing the product, it is an indicator of how your product is scalable and that your buyers see it as something they must have. However, if you only get less than 40% of the result, you will have to research insights to know why your customers feel that way.
It’s Not a Business Unless You Can Sell
Plenty of entrepreneurs begin selling their product and wonder why they have anemic sales. How would you know beforehand that customers would purchase your product? You will first have to know how to repeatedly sell the product rather than focusing on the product itself. As a result, you are also validating sales instead of only a product.
In test-selling, you will learn more about your sales cycle, whether they have enough budget, whether the customer you targeted chose it for himself, and further pricing refinement.
Changing Guesses to Facts
You need to confirm that your product is in demand, especially if you only depend on assumptions and guesses. You assume that your product is a want for your customers, that people would gladly purchase the product without hesitation, and improve your business’s profit. Because your idea is only a series of assumptions, you will have to consider changing those guesses into reality. Once you understand the facts, you can polish your design and improve it from a concept of mediocrity into a view for a successful and viable business.