Contents hide1 How to successfully start my project: 7 – Learning, adjusting and resilient while entering the market
how to start a project from scratch
How to successfully start my project: 7 – Learning, adjusting and resilient while entering the market
The only way to win in the market is to be the fastest of any competitor to us, and this is done by searching quickly for our mistakes and not letting them get bigger with time, and setting priorities in the work and choosing the most important and then doing and focusing on them.
The above is very true, but bear in mind that speed is required in all respects, not just the production or marketing process. Mississauga SEO company will explain you in detail.
On the other hand, the famous entrepreneur and writer Eric Rees says, “We must know what customers really want, not what they say or what we think theya want, but we must know what they really need.”
In the early stage of entering the market we may think that we have that golden product that will change the lives of our customers for the better that will make them rush to buy it, we may think so, we may think that the way they like pricing or the way the product is delivered to them is really satisfactory, but what if it is otherwise At least what if the matter was far from it.
So how can we fit in with the market and meet its right needs with the utmost speed, how can we be flexible and fast so that we reach market confidence and start selling and collecting the fruit of our labor while exceeding the obstacle of competitors.
We must, first of all, agree that the previous stages have already been implemented, namely:
- The stage of describing the idea.
- Market preliminary study.
- Building the prototype.
- Initially finding a pricing strategy and model.
- Get test customers
- Study the challenges of the marketing process and convince customers
One of the most accurate stages in which most emerging projects fail is this stage, which is the stage of learning from the market with the required flexibility and speed.
Perhaps the most accurate methodology that explains what I would like to say in this article and in detail is the lean methodology where we can view it in detail on this platform from articles and courses, or search in English for the word Lean Startup.
But what I want to add here are some easy and simple steps that enable us to apply this approach in a practical way that touches reality away from the theoretical explanation, which I also consider very very important.
Together, we will visualize how your movements will be in the market and what reactions you will take, so let’s start together.
- We now have a prime product that solves the problem or meets our needs.
- We got a suitable pricing model that we thought was appropriate and sold to some trial customers.
- Our experiential customers began to advise us regarding product performance, technical or other problems, ease of use … etc.
- We now take notes from them and determine which of them has priority in implementation and postpone some of them.
- We determine which of the notes are features that the market may not need at the present time, but our experimental customer only needs it, and we postpone it later to ensure its importance.
- We are now in the midst of the marketing process and we make numerous visits to customers, few of them ask to know more about the product and many do not want to buy.
After we visited the customers, we must have extracted the following notes and wrote them down:
1. If the customer decides to purchase:
- Why did the customer decide to buy and what was the most important feature of the product that solved its problem?
- Why did he choose us and not choose one of our competitors?
- Did he ask us to change the pricing until he buys and what price did he convince?
- When we delivered the product to him, how satisfied was he, was he expecting something else?
- How did the customer reach us or how did we get there?
- How many or how many customers did we reach or reach us in the same way and then decide to buy?
- Who is the person in our team that managed to persuade the largest number of customers to buy, how was his experience?
- What kind of work does our customer do and what is the size of his company?
- How did the customer look at us and what did he think about our company in advance?
2. If the customer decides not to purchase:
- Is pricing a problem?
- Did we go to the wrong customer as he does not have this problem?
- Did our customers choose our competitor and why?
- Was the person who visited the customer inappropriate?
- Is the customer dissatisfied with part of the product?
- Is the customer looking for a pivotal feature in the product because of the unavailability of the refusal to purchase?
- Have we gone to the right customer but he’s not the type to solve his problem now?
- Is the customer convinced that there is no problem at all?
- Is the customer convinced that our product does not solve the problem in the first place, and why?
- Is the customer satisfied with the product but does not trust small companies?
- Did the customer need some recommendations from a third party in order to decide to buy?
- Did we solve half of the problem from the customer’s point of view?
3. The customer is now using the product for more than a month or two:
- Is the customer satisfied with the performance of the product?
- Has the customer really felt that his problem has been completely resolved, or is he still suffering from some of them?
- Are there features in the product that are frequently used and should be made easy to operate.
- Are there any features that are completely inert and nobody uses them, and we should have developed more.
- Does the customer regret the purchase decision, and why?
- Does the customer not use the product at all, and why?
- Did the product give more performance than the customer expected? And why?
- Did the product give below the customer’s expectations? And why?
- Did the customer use our competitor’s product before, how does he feel the difference after moving to our product?
After you get answers to these questions, you will be very, very close to the market, your eyes will be open to the market, and your knowledge is enormous about what is going on around you.
Focus on solving these problems, but not all of them at once, but the most important ones must be chosen, the most important comes in the following order:
- The problem that impedes the sale process.
- The problem that makes the customer completely dissatisfied.
- The problem that does not achieve the maximum happiness of the customer.
Once you have identified problems and obstacles and solved them, you will have completed one of the strides in the learning circle and you have to start again with another department larger than the previous one where it will contain the new solutions that you have made and how you reflected on the performance of your product in the market, perhaps you have solved one of the problems by creating other problems, So you have to find out quickly.
Always be close to your customers:
Visit them or call them with token gifts and get their opinions.
Monitor their performance. If you can’t, you should create good mechanisms within your product to monitor and measure its performance.
Do not hesitate to ask for their advice.
Failure to sell is a new lesson from which we must definitely take a lesson.
Success in every sale is also a new lesson to master.
During this stage, you will experience many changes, including:
Change the features of a product or service from an increase, decrease, or amendment.
Modify or even radically change the pricing model.
Find the maximum value at a price acceptable to the market.
Ensuring that the financial return from sales covers costs and returns with a surplus to continue the production process.
We still focus mainly on market needs, and material return is not the most important here.
Modify the marketing methods that we have chosen in the early stages.
Modify the way to deliver the product to be more satisfactory, faster, easier, and less expensive.
It might also change the product name, its description, or even its presentation.
Here we note that it is very necessary to be flexible with speed, but how are we to be flexible and fast in the market and we do not have a big team like our competitors.
The answer is:
Find quickly our mistakes and not let them get bigger with time.
Determine work priorities and choose the most important ones, then do them and focus on them.
We may have three or four people on our team, but we always have to search for the perfect team, we have to hire or share only the loyal, serious, loyal and experienced people, search for them and do not go ahead before you own that iron team that is facing the battle with the competitors fiercely.
We also see together that the matter is easy to understand and apply, but it is sensitive and must be adhered to. Self-confidence is a beautiful thing, but the learning process does not contradict that. Moving at a steady pace is much better than fragile rapid growth.
But I must finally tell you that good planning to do the adjustment and adapt to the required flexibility is not very difficult but it needs to stand with it, and this is what we will talk about in the next step of our journey “How do I transfer my idea to a profitable business venture”.
I wish you all the best.