Most dynamic niche markets are diverse enough to sustain various profitable entities. These are tips to help develop a product or service to meet the needs of unique participants in your desired market. #ProductDevelopment #newproduct #newideas
There is an app for That! In a world filled with gizmos, apps, and more gizmos, it would seem that no matter how unique your idea, your proposal, your product.... "the market" is filled with thousands of tools ready to offer that same set of features and benefits as the one you are dreaming of.
So why bother? Why even make the longtailed effort to develop, and bring a product to market? Well, I believe that diversity breeds innovation and that most niches offer a broad spectrum of opportunities for folks to realize their wishes. In an effort to offer the little guy an edge.. a leg up, here are the things to consider in the midst of your product development journey.
Prototype for a type
As I said before, your market is more diverse than you might give it credit for. One of the most common mistakes entrepreneurs make when rolling out new offerings is a failure to drill down on their audience. We often ignore the heterogeneous nature of the folks we hope to sell to.
Different strokes for different folks and all. You will want to build your prototype to, at the very least, address the unique needs of the folks you determine are the best fit for your new offerings. Just collecting features will not do here.
Make a prototype just for the folks you are going after in the marketplace while ignoring the features that you think are standard in your vertical. After all, all that matters is that you gain traction and offer intrinsic value to your customer base.
Beta is better
Most people associate the process of rolling out a Beta test with software companies and software companies only. I think that no matter your vertical, you can gain a lot by developing a beta strategy. By this I mean, you can launch a lighter version of your service, and invite certain folks to try it for free or at a reduced price and offer feedback.
Heck, you can find beta testers in your locality by going to Meetups and using Linkedin to find businesses or consumers in your area to offer a beta test. During your beta testing phase, be sure to collect valuable feedback from your users to help improve the next version(s) of your product or service.
For example, if you open a wine bar, you might want to first acquire a few bottles, then open the bar up to a select few families in your community to come in and try certain wines for free. Collect feedback from these folks to help develop your permanent menu. By doing so, you will have gained instant brand recognition and also be able to customize your offering to meet the specific needs of the same folks you hoe to serve.
A topic often left untouched by most so-called growth hackers, consultants, and gurus. For some strange reason, we often do not like talking about the enormously consequential role that "price" plays in the purchasing decisions of, well, everyone.
Most consumers will tell you that the cost of stuff is the reason they do not have stuff. Most folks do not drive a Porche not because they hate the way it handles but because they cannot afford it. I would say, to most, price is the deciding factor when it comes to making purchasing decisions.
I say, dive right into this issue when developing a new product or service. Find out what the pricing terrain looks like. Find out what pain some have when it comes to the pricing of parameters of that of your closest competitors. Use the "value option" if for nothing else, as a way to introduce your offering in a friction-less way.