The blind love fallacy
Every new business starts with an idea: “Wouldn’t it be neat to have an app / product / service for…” We humans like solving problems, and we tend to fall in love with our solutions. But as an entrepreneur you have to ask yourself the question: “What do I uniquely offer, that people desperately want?"
Coming up with a unique idea is not so hard. After all, building a coffee cup that keeps your coffee warm for three days and also offers free WiFi is probably a unique product... But the tricky part is knowing how desperately the target market will want to consume that future solution.
Identifying a strong need is much harder than crafting a “unique” solution. As a consequence many entrepreneurs and young businesses fail because they focus on building the product, only to discover that they have built something that is not in high demand. This can be an expensive lesson.
A lesson learned
We learned this lesson the hard way. We worked on various mobile and web app ideas and spent thousands of hours fine-tuning our MVPs.
At some point it became just too obvious that we were missing something huge and we realized that there must be a fundamental flaw in our approach. We got the feeling that we were putting the cart before the horse by again and again trying to fit a target market to an existing product. So we thought hard about how we could break this pattern. After some time we all agreed the answer would have to be to reverse our process. We wanted to see if it would work the other way around for once. It sounds quite obvious in hindsight, but think about it, how would you even start doing that? After all, you first need some kind of product to test someone's reaction, right?
Know your unknowns
Wrong! Ask yourself this: What is the core of any great new product or service you learn about? It’s the story of how it will improve someone’s life. So why not just tell a good story and see what people say? And that is exactly what we did. We created five different landing pages to promote five different value propositions and feature sets for our current product at the time. Next, we needed to get real people from within our target markets to look at these different variants. We would then measure their interest based on simple actions, like signing up for a newsletter and even asking them to fill out a questionnaire. In order to make this happen we turned towards big ad platforms like Google and Facebook where we could dial in exactly who we wanted to test our ideas with. After that, all we had to do is wait for the results to come in and check each ideas performance.
Keep your passion alive
And boy did they perform! Well, honestly, it was a mixed bag. But the amazing insight was that we could see very clear trends among the candidates. And this knowledge would help us take very precise decisions about the future of our product to be.
After letting this experience settle in for a while we realized the power of the process that we had just applied. We had created the ability to test multiple business ideas very quickly. The only downside that was bugging us was that it took quite some time and technical expertise to set it all up. And thus we wouldn’t be able to just tell our friends to do the same thing. You probably guessed it, at this point, the idea for our new project began to form:
Balloonary is a fully integrated platform that provides objective validation of your next big idea, quickly and simply, without any technical or marketing knowledge required. Set up a website, generate traffic to that site, and measure first-hand market feedback about your idea before you spend your valuable time and resources building a product.
So don’t spend all your love on a product that won’t fly!
Test before you invest!!