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Entrepreneurs dream of having customers queuing up in long lines, strongly desiring to buy their product or service. This is the moment that truly compensates for all the hard work they have put into creating their business, from the idea to the product or service delivery. However, this is not the reality for many entrepreneurs. In some cases, they may have had some success with other ventures but find it hard to succeed in a new one. In other cases, it’s a struggle in every venture. The excitement that comes with a new idea quickly fades as they face low sales or enrollment. Customers say “no,” and their “no” means wasted time, effort, and money. This kind of scenario sends many entrepreneurs into emotional turmoil, and they often give up not only because they are weak but because they run out of money.
It doesn’t always have to be this tragic, and entrepreneurs can find out what customers want early on and create products and services that they are happy to pay for. However, many entrepreneurs see their ideas as divine or essential and don’t think the customer is more important than their idea. They only find out after the product launch when customers begin to say “No.” If the customer is truly important to an entrepreneur, and success means having happy customers who are willing to pay for their product or service, then the biggest stakeholder in their product or service creation process is the customer.
The customer doesn’t always have all the answers, but entrepreneurs will find most of the answers when they speak to the customer. It’s always wise to create the most affordable version of the idea at the pre-launch stage and offer it to customers as though it’s the final product. This means they will find out if customers will pay for it and what their objections are. This process can be tricky because the customers must not feel it’s a test or a pre-launch. It must feel like the actual product, so the feedback is authentic. It’s also important to test this with a variety of customers in the target customer segment. The feedback can be brutal since the pre-launch product was created without customer insight. However, this feedback is the free insight that will help entrepreneurs mould their products or services into what customers want.
The challenge with feedback is that some entrepreneurs resist the truth, even when it is ugly. Different customers may have varying opinions, and some may not be helpful. However, it’s crucial to analyse the feedback with your team without taking it personally. Ego can hinder progress when trying to learn from others. Remember, the customer’s insight is essential, as the product or service is designed for them. While you may not take all their suggestions, you must take the most unifying and inspiring ideas that customers may offer. The best part is that all of this valuable feedback is free.
Once you have gathered feedback and made changes accordingly, it’s time to test again with old and new prospects. What you’re looking for is acceptance and traction. Customers must be willing to pay for your product or service and support it with referrals. This is the signal that you have finally created something customers want and are satisfied with. Once you find this sweet spot, it’s easier to raise funds and hire capable people to deliver on your brand promise consistently. It’s important to note that there will always be new feedback, and you can continue to improve the product or service and launch new versions periodically.
At times, the second test may still show that the product isn’t ready. In such cases, it’s essential to understand the feedback thoroughly. This takes a lot of effort and requires putting yourself in the customer’s shoes to see things from their perspective. It also involves discussing their needs with them, seeking to understand which ones they are willing to pay for. A customer may express a need that they are not ready to pay for a solution to, so it’s important to solve problems that customers are willing to pay for. You must be willing to conduct as many tests as possible until you find out what customers want.
To sum it up, you must not launch until you are sure that what you have created is what customers want and are happy to pay for. Think of it as trying to cure a disease – you won’t sell the drug until your experiments show that it can cure the illness. Therefore, you must not lose hope and be prepared to keep testing until you get it right.
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Featured Image by Mizuno K for Pexels
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