Do you have an idea for a new product or service? Sometimes those new ideas sound great, but we need reassurance that we are going down a good path before we travel too far down the road. The lean startup methodology is based on the premise that you don’t know what your customer wants until you ask them. And since you are working for them and their needs, that is the best place to start when creating a new product or business. Following some key steps can help save you time and money in the long run.
Your first issue is to test a hypothesis. If you are planning to manufacture something new, you need to make sure it offers something that other products don’t already offer. You must consider how a customer will use the product. The next step is to experiment, and this could be in a variety of ways. For example, you can ask customers about what they need or create actual experiments. Once you have that information, you’ll have to measure your results so you know how to form your product.
When it’s time to actually manufacture a test product, you’ll want to stick with the minimum viable product you can produce in the cheapest, quickest way to show customers and get their valuable feedback. Gauging their interest and providing them with a few key elements to test will help you shape your product to serve the customer. There is much to be learned from your customer, so this is a valuable step.
Then when you have information back from your tests, you’ll have to consider whether and how you will pivot and create or perhaps revise your product to create a newer version of it that more closely aligns with your customers’ needs. Your product may need some tweaks and changes so that it can satisfy most of your customers’ needs.
When looked at together, this process is a good way to start when you are considering a startup or bringing a new product to market. It is vital to remember that you are providing something for customers, so getting their feedback and input before you have invested too much will help you on your path to success.
We will be discussing this process in more detail in the future, but this information is good for consideration as you get started with your new business or new idea.
