Market Research and MVP
Market Research and MVP
So you have an idea and you want to launch your company? But how do you know if your product is needed? What is your TAM? (total addressable market) Do you have a product-market fit or not? What are easy and effective ways to test and learn quickly (without a lot of money)?
Join Tawyna, the founder of Le Grand Courtage for this discussion around how to conduct market research and make sure you are launching a brand or product that has an audience and will be differentiated from your competitors so that you can run a sustainable business!
Key Takeaways
Problem First then Product Build
Should be like the scientific method: Define the process, test your hypothesis, get feedback from consumer, then iterate! Test the hypothesis then product!
Know Your Why
The extension of the why is the brand value & what will resonate in hearts & minds of consumers
Set Yourself Up for Success
Do your homework! Become an expert & know the lingo - no need for a degree, Tawnya learned by doing and reading everything she could get her hands on! Pitch decks provide a good framework for learning
Create something achievable & justifiable
Know Your Competition
How can I win and offer a point of differentiation against them?
Get feedback from fam & friends & compare your product to “stuff on the shelf”
Feedback
Be careful not to operate in a vacuum - test and get feedback.
Know when to take feedback but also keep in mind that there are folks without vision- keep a healthy skepticism
Ask for help
Don't be shy about asking for what you need & dig in. There are people always willing to help!
Big Companies are not Always Better
They can get into analysis paralysis
In this day and age consumers are far more suspect of the big companies
Consumer want to support small businesses - social media helps build trust and support
Quotes
“People don't buy what you do they buy why you do it.”
“You've got 4 seconds to grab someone's attention! You want to make sure that you stand out in that sea of products literally and figuratively. “
“Don't be shy about asking for what you need.There are people always willing to help!”
Action Step
Figure out what is the next best thing that can help prepare you forward - really ask your community and define what you need and ask for it.