It’s one thing to have a great business idea.
But in order for your business to thrive and grow, you’ll need to create a product or service that your ideal customer truly wants to buy.
Today’s blog will teach you how to do this!
did you create a product or service that fits the market?
From the market research you completed last week, you should see some patterns emerging that will give you great insights on whether or not you’re on the right track.
Pull out the following details….
- WHO: How does your ideal client describe themselves?
- WHAT: What words or vision convey the result they most desire?
- HOW: In other words, HOW do they want to receive help?
- PROBLEM: What words do they use to describe the problem they’re experiencing?
- SOLUTION: What do they think would solve their problem and/or help them achieve their desire?
- FEARS & FRUSTRATIONS: What has stopped them from solving their problem thus far?
People will only buy products, services and packages which solve a real problem or fulfil a need that your ideal customer is facing.
Let’s give you some examples that you can relate to….
1. Uber – gets you home conveniently, safely and affordably at the click of a button
2. Kenya Airways – offers the only direct flight between Kenya and the USA, saving you time and removing the hassle of long layovers and connecting flights
3. M-PESA – provides a convenient payment solution to send and receive cash, without the need for traditional bank account
What is the problem/need that you are addressing with your offering?
Write it down in one, simple sentence.
You may already have an idea you’re thinking of offering to your ideal customer, but it’s important to not get too hung up on that one idea early on.
Instead go back to the problem. Write down all the possible ways that you could address this problem. Include whatever ideas you currently have, but also try to come up with new ones. Be creative and don’t filter yourself yet.
Think about the common themes that you see, time and time again. Consider frequently asked questions that you receive from your ideal customer. Think about what YOU love doing, making and delivering.
I also like using the Value Proposition Canvas to achieve great product-market fit.
Write down everything that comes to mind from these above prompts.
create, test and repeat
Once you decide on your offering and you newly create a product or service, the next step is to test out this offering with potential customers.
With products, you can create mockups, get people to vote on what they like and start with a small production batch.
It may be more expensive to do a small production run, but it is sooooo much better than spending a ton of money buying a bunch of products, only to have them sit on your shelves, for months or years to come.
If you’re offering a service, you should first run a pilot of the process with a small group of users. In the past, I’ve done this by running the services at a discounted price, in exchange for feedback.
With these ‘test runs’, you’ll learn a lot from your customers and make iterations so your offering is even better! This process will help you avoid spending too much time, energy or money going down the wrong path.
The more your offering aligns with your customers’ needs, the more you will sell!
not what you expected?
Hearing from your ideal customer that they aren’t really interested in what you’re thinking to offer can be a bit gutting, but it’s also a part of the process called ‘pivoting’.
If your current product or service doesn’t quite match what they want, go back to some of the solutions they offered to you in your research. What changes can you make so it’s a better fit?
Another option is to consider another target market (remember I had you choose just one to start with?). Open up your market research to them and see if their responses are more in line with your ideas.
But please, please, please don’t be afraid to change your mind! I see too many people get so tied up in their ideas that they fail to listen to the people, spend a ton of time and money creating something and then act all surprised when no one wants it.
don’t let that be you!
If you’re struggling to create a product or service for your business (or you feel like you’re reinventing the wheel with each new customer), my business accelerator program, Simplicity can help you!
Together we’ll work through your ideas, determine which has the best fit with your target market, and work together to design your offering in a way that people will be ready and willing to buy!
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