Bring validity to your business and lower the risks; According to Mohammad Reza Moghadasi
Mohammad Reza Moghadasi is an entrepreneur who manages 53 businesses simultaneously. He believes that a good manager should be able to perform multi-tasking with no difficulty. Mohammad sees each business a complementary to the another, that is why he decided to develop a wide range of startups.
To safely measure the viability of your product in the market, start by studying your customer persona and the potential people you intend to sell to. Moghadasi claims that if your product does not fill a need, they will not be interested, no matter how clever or cool it is.
That is why client persona and market analysis are so necessary.
Once you have specified your ideal customer, interviewing people who fit the bill via an inquiry should be a crucial part of your research. He suggests to exhibit a working demo of your product, ask what they desire, how much they would pay for it, how often they are going to use it, and other questions concerning the quality of your product. If you want to know the market’s interest before starting any business, here are some tips:
1. Create a page on social media that describes the product or service you offer.
2. Invite people to submit their email addresses in exchange for some services; a free subscription, membership, a discount, product updates, gifts, or some other compelling offers.
3. Upgrade the video on social, paid search, etc., and see how many visitors turn into sign-ups.
https://www.youtube.com/watch?v=u19nhKMOSVg
“Initiate with a minimum viable product (MVP). An MVP is the easiest, most basic version of your possible products or services. It is practical enough to fulfill early customers’ expectations and provide a sense of what you should develop,” Moghadasi said. Let us say you decided to build an application that will link college students with virtual instructors. You might make a bare-bones version, manually invite 150 professors you contacted online to join, and then upload the link to the app on the local universities’ Facebook pages. If you get a fair number of sign-ups, that is a sign that you should advance further. You should reconsider the idea or start anew if you get barely any. Finally, Mohammad said: “Starting small with an MVP preserves your budget but allows room for expansion as the product continues to be popular.”
