Are you considering testing a new product on the market but not sure where to start? In this scenario, it’s important to know that the bigger you go in, the bigger the risk you take!
While taking risks is all part of the game, if you do go in too deep on your big vision, only to find out your product is not what your customers want, you risk losing everything. The trick is to minimise risk by starting small, building on what works and tossing out what doesn’t.
Entrepreneur and speaker Scott Duffy suggests focusing on the simplest thing, or what he calls your minimum viable product (MVP). Starting with your MVP allows you to quickly collect feedback and not waste time.
Duffy’s other tips include:
- Avoid waiting for the perfect or you’ll never get started.
Perfection doesn’t exist in the real world, so Duffy says launching at 85% perfect allows you to make a start with testing your product.
- Listen to feedback.
You might think your product is the best thing since sliced bread, but do your customers? It’s not a matter of convincing them how great your product is, but whether it’s what they want and need. So, make sure to take the time to communicate and listen.
- Stay focused on one thing at a time.
It’s important to avoid what Duffy calls the ‘shiny ball syndrome’ – or the temptation to add features to your MVP. That can come later, based on the feedback you get!