In this episode, John Williams discusses Product/Market Fit covering the U element of my TUNED framework, namely understanding your market.
He explains the importance of starting any new idea by getting the product market fit right. This is a phrase from the tech startup world whereby you have an idea of a thing which you think people are going to like.
Before you create it and put it out into the world you have some sales conversations, so you can listen carefully and learn to what customers want. Do they sound and look excited by the idea of your product or service or package? The insights you glean from talking to potential customers means you avoid creating it, putting it out to the world with great excitement and fanfare, only to discover people don't really care.
At the beginning go and talk to at least 10 people who you think are in your target market, and approach them with a particular statement or particular positioning around it
Ask what one thing you'd need included in this product to make it really a great choice for you? And then just ask people to reply to you personally, I've seen people who are CEOs of, of decent sized startups do this every so often. And they'll read every single response and reply to every single one.
What you want to do is ask questions about them. So you're trying to work out things like the pain they have right now, what is the frustration they have in this area you're helping with that making them look for solutions.
The more people you can get, the better I think go for an absolute minimum of 10. People are shocked how much they learn in the first contact of like five minutes with an actual customer
Unless you've got something on your website, which is an offer people want to buy, there's no point having a million people come to your website, because they'll just bounce off it and go away and never come back.
John's book website is fworkletsplay.com and his main website is theideaslab.org.
Here is a link to join his FREE Facebook group F**k Work Let's Play - create a business you love with John Williams.
Access the 7 Costly Mistakes to Avoid When Branding or Rebranding eBook when you subscribe to TUNED NEWS.
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