More than anything, it’s the entire process of building the product for your startup – from its inception up to its launch and everything in between like market research and analysis and funding – that best determines whether it will stand the test of time and market conditions. While this may seem like basic knowledge – i.e., doing proper market research, raising funds for capital, understanding your competitors and their products – there are certain important actors and factors at play here that can give you a definite edge if utilized properly for developing a surefire hit for your startup.
What better way to understand how your startup’s product can best fulfill your customers’ needs than by directly involving them in the building process? This may seem like common sense but isn’t an approach that is adopted by many. Certain tech and engineering companies get so enamored with the process of designing and building that they neglect to take a step back and seek feedback from the market about the feasibility of their product. Be sure to surround yourself with your product’s customers and potential buyers from the very first day of the building process; they can give you invaluable feedback that can save your startup precious time and money as it is easier to implement changes to the product during its design and development phase compared to when it is already out on the market. And if it turns out that the product just isn’t viable after all, you would have at least saved your startup the trouble of wasting precious time and resources on further developing and sending out to market a product that would ultimately prove to be futile.
Some companies make the mistake of rushing their product out to market before it is fully tested because they want to establish early market position, or they think that it is better to be early rather than late to the market. Nevertheless, you can be certain that without proper testing and due diligence, bugs and mistakes are bound to happen for the product sooner or later. Nearly every idea or attribute for a product can be tested before or during its development before going to market, and it is vital that you manage to minimize the risks before launching the product. Needless to say, a buggy and faulty product is not going to last long against the competition, while a finely-tuned and meticulously built product can catch the public’s eye and dominate the market.
Besides surrounding yourself with potential buyers and customers, you can also give a boost to your product’s success by hiring the best talent available to work for you. Now this can be a challenging proposition for many new startups because they may not have the necessary funds to hire high-quality talent, so instead of employing them full-time to work for your company, you can instead engage their services as mentors or advisors to help guide and support you along in developing the product.
All great innovations and creations begin from a single idea. By involving your customers directly in the building process, doing your due diligence in testing and engaging the best talent to work for you or to provide mentorship and support, you are that much closer to ensuring that your startup’s product will succeed in the market.