It’s Day 3. You have 27 days left to finish and launch your product. Today we’re going to talk about the big picture: your audience, the problem, and your solution.
Make something people want.
Get the word out.
Ship the product.
These are the main steps we’ll guide you through in this challenge.
Start by watching the video above, then continue from here for the rest of today’s lesson and action plan.
The biggest risk an entrepreneur faces is in creating something no one wants. The longer you spend on a product (and the more money you put into it), the greater the risk.
Lots of entrepreneurs obsess over the idea of “validating” a product to reduce this risk. This means gaining some assurance that people will actually want the thing you’re planning to build, before you actually build it.
It’s impossible to remove all of the risk in creating something people don’t actually want (and we’re already reducing the risk by spending just 30 days on this product), but that doesn’t mean we should ignore validation.
There are three big points of potential causes of creating a product that doesn’t sell, and each corresponds to ouraudience, product, solution paradigm I already introduced.
1) Audience: does this group of people exist as you envision it? Can you actually reach these people and present your solution to them?
If you already have a blog, podcast or other platform, this step is straightforward, assuming you’ve already built at least a modest audience.
If you’re starting from scratch, you can look for evidence that your proposed target audience exists by finding other communities where these people already gather online.
2) Problem: do you really understand the problem? How do you know it exists?
Talking to people and reading forums and blog posts and comments are great ways to validate that the problem you’ve identified really exists.
The more time you spend getting to know your target audience, the better you’ll understand the problems people face.
3) Solution: does your solution solve the problem in a compelling way? Will customers feel like they’re getting plenty of value in exchange for the purchase price?
You can partially validate the solution by sharing your ideas with potential buyers before you launch. We’ll focus on this over the coming weeks.
If you haven’t listened already, here are two must-listen podcast episodes:
OK, that’s it for now. In the next installment, we’ll start figuring out how you’re actually going to build this product and reach the intended audience.