Its a sport textile product that is easly accessible (also for re designing) and cheap to produce. I simply want to remarket it for a slightly different purpose. But I wont be able to handle distibution from where I live. is this even possible?
This article is based off of a question posted on Quora:
"What's the best way for a first-time entrepreneur to determine product market fit?"
Based on the way the author framed it (using "first-time entrepreneur"), I assumed he was or is under a tight budget. If this is the case, he will have certain limitations in testing and determining PMF - namely, he cannot simply task this off to an agency (not would I suggest that be the only way he or any startup test PMF before launch). I would suggest the following regardless, but it is especially necessary under tight budgets OR if an investment team needs these questions answered before deciding to fund a project.
First, I agree (in principal) with The Lean Product Process:
1. Determine your target customer
2. Identify underserved customer needs
3. Define your value proposition
4. Specify your Minimum Viable Product (MVP) feature set
5. Create your MVP prototype
6. Test your MVP with customers
Where I can add value is by walking you through one approach I have used for steps 5 and 6 in more detail below...
Aside from what you would discover in articles online through a simple google search (I took the liberty of summarizing some good one’s below), my approach to determining PMF very early on, and very inexpensively, has been to:
1. Find/buy an affinity domain name phrase that exemplifies your value prop (i.e. "EasyInsuranceRate.com" for insurance quotes). The reason you test PMF through a vanity URL first is because you want to know if the value proposition can stand alone and sell without a bunch of PR and fluff around it. You want to target your specific market, in the easiest way possible. Find a phrase that relates to your market will bring more users to your platform than a more unrelated name. This will be your landing page in a sense. This is the attention-grabber, and it needs to be simple.
2. Build out the microsite (simple Wordpress install or a landing page builder tool will do) under this domain with the same copy/creative they plan to use on your branded site. This technique is being used by large companies like Snapchat and Spotify. The idea here is to actively engage the user in clicking onto a that microsite in order to narrow down the focus of your product.
3. Create a the hook (an offer to get involved in a beta test, be shipped a sample, sent a coupon code...). Before selling an audience, you need a way to understand if they want what you're selling. Email capture is a good start. Create a good hook that is relevant to the final product and highlight that offer on your microsite's home page.
4. Launch traffic to this funnel from a variety of target persona's/interest/demo's. Invite potential prospects in by using descriptive words that would produce interest in your product. Watch the wording of these CTAs.
5. Use ads in ^ campaigns to test out the copy and call to action you are considering. Ads are placed everywhere on virtually every website today. Use this to your advantage and make buyers feel almost obligated to click/browse your page by posting intriguing ads on your page.
This process allows you to see real numbers and costs to market your product/service to those audiences. If they will buy from a vanity URL, or even leave their information to receive early access, you can feel confident a percentage of those will sign up or buy your product at least once.
Review all results and data. If all is going well - engagement is high, CTR is over 3% on ads, you are capturing emails from over 5% of traffic... You can be confident you have PMF.
As you progress through your PMF determination phase, the questions you need to get answered to get to a product market fit answer:
1. Who are your first 20 customers and what did it cost/take to acquire them?
2. Will online audiences buy your product or sign up for your service after clicking an ad?
3. What were your unit economics for the above ad channels^
4. What changes when you add credibility to you sales funnel (influencer mentions, testimonials, client logos…)?
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