Discover your business stage
STAGE: PRE-REVENUE
Speed matters in business. Depending on your industry, the pace at which you can experiment with your hypotheses is crucial.
What is your target audience willing to pay for, and what is the fastest and most reasonable way to deliver that acceptable bare minimum to them.
YOU'VE ALREADY COMPLETED THESE STEPS
NEXT STEPS TO CONSIDER
I. DEVELOP AN MVP
- Connect with your customers to evaluate their needs and willingness to pay: This should be measured through actions taken, and less dependent on what your customers "say they will do".
- Identify how your customers make purchase decisions: What factors do they evaluate? Do they usually purchase in-store or online?
- Create a list of potential services/products and prioritize them with customer input: This is related to the above two recommendations - speaking with your customers is key!
- Outline your sales funnel: How do you retain customers and upsell them?
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II. DEVELOP A GO-TO-MARKET STRATEGY
It's time to prepare your launch for success. Whether you're launching a new product/service or making a change to an existing offering, developing a plan to evaluate success is important.
- Ensure you have clear hypotheses defined: Your launch should have several hypotheses you're looking to understand
- Define launch success metrics: How will you know if something needs to be changed?
- Develop a continuous feedback loop: How do you solicit customer feedback and analyze that against behavioral data, etc.?
- Determine your funding runway: Do you need more funding soon? What funding resources would be available and appropriate? What funding is required for a successful launch?
- Create a press kit: Have this information easily accessible via URL, which you can easily update content on your end at any time
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