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I once had the impression that the ‘devil was in the detail’. I mean, it wasn’t like anyone had told me any different. Exploring a new idea meant hours of brain dumps, envisioning an idea that I ‘thought’ was a great idea, but lacked market credibility. I learned nothing kills time, money, and product uptake like the convoluted depths of barrierless imagination turned into a product. Although ‘building lean’ is a notion only recently popular, it’s something I wish I had in my arsenal many years ago.
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So, you’ve got a great idea for a startup and you’re excited for the world to experience it. You spend days, weeks, months formulating ideas, noting down pages upon pages of scope. Every waking moment consumed your brain, you can’t even use the bathroom without tapping more thoughts into Evernote. Your 20-page specifications document is ready to see the world, the quote to build it is mind-boggling, but you assume that’s the price you pay to build the next big thing. You dive right in, a year of development goes by, you launch your product.
Then nothing happens. Users are unaware how your product benefits them, they’re confused by the complexity and innumerable features. You forgot to build a true MVP and raced to the “finished” product, that turned out on a completely different trajectory to what your customers actually wanted.
There are ways to avoid the above scenario, and it only takes the comprehension of two important things: Your market, and how your product can supply value to that market.
1. Understand Your Market
Think of your approach to finding your niche market as a choice of firearm between a shotgun or a sniper rifle. It’s easy to take a shotgun, spray bullets in every direction and hope to hit a potential target. It takes a lot more concentration and dedication to take a sniper rifle to hit your target, but you can rest assured, you’ll hit your target.
[Tweet “Finding niche market is choice of firearm between a shotgun or sniper rifle http://wp.me/p5tk0P-9g”]
That’s the difference between formulating your idea with a vague idea of who you’re targeting versus knowing exactly who you’re targeting, and only then building the product.
2. Solve One Problem For Your Solution Fit
You can’t be all things to all people, so it’s important to identify early on who is going to purchase your product. One of the greatest early indicators of startup success, is that the startup is solving a real, existing problem, in a niche market large enough for business viability.
[Tweet “You can’t be all things to all people, identify who is going to purchase http://wp.me/p5tk0P-9g”]
Here’s how you find your Problem-Solution Fit:
How did you determine what you needed to build? Did your idea change after performing a problem-solution fit exercise? Share it below!
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