Founder of RepuGen
Ajay runs GMR Web Team and also GMR Transcription. And he has a brand new business and company called RepuGen. He has built 4 successful businesses and invested-in/advice several startups.
Developing An Ideal Customer Profile For A New Product
Tactic that has had the biggest impact on Ajay’s success
Coming up with an ideal customer profile for a new product.
Result if you follow the steps in Ajay’s session
An MVP with early adopters to provide you feedback on the next development steps.
Expert session snapshot
Say well you know let’s try to you know identify and visualize your ideal customer. I always say when someone comes in and say all vegetarians are my client I’m just giving the same example. I’m like not all vegetarian you. It’s too big. So et’s just start to narrow you know either geographically you are narrowing it you or you are narrowing it by the behavior by the age group whatever so you really want when you are starting you want to first planning is you have to do is you say who exactly is my my ideal customer.
Right so you that you are going to be thrilled with and and then at that point you once you have the ideal customer you know what will happen. All of the messaging will start to become very clear right what what is the message that will appeal to this this customer of course your product offering will start to you know crystallize and say okay this is this is what I want to offer.
So once you have that then you just test it so so so now you know thanks to even though with all the and frankly. You know I am with the group where I think that the Facebook and Google have become way too powerful for my taste but for marketing actually it’s it’s a wonderful platform then right so you can really narrow focus and your ideal customer that you want and now you have the messages so you can very very quickly test it now I have never seen anyone be successful in the first shot because what you think and what really happens is almost always
But then that gives you a starting point where you have the messaging you can now attract you know the kind of people that you want so either they are going to like your message and you know as you thought they will and get attracted or you have to tweak the message and once they come in then you offer their product either they are going to like it or you need to tweak it.
So when you start it is almost never happened that from the get-go you hit you know you hit it off the ballpark it just does not happen and by the way this is no different for big companies I have worked for really major corporation and like top 10 largest corporations in the world also and I’ve worked on startups and everything and the big companies you will be amazed how much testing they do before a product is launched so that’s what as a start-up. You have to do that you have to test to find out which message works. You know what how do you tweak your product so that it is now you know appeals to everyone and so so that is the beginning.
That’s how you start so I think I think this is great I want to dive deeper on this testing and time to launch because like how ready does the product need to be and is it just like an idea that you can throw out there and then just start getting feedback as soon as possible exactly so so there is a something I call the Minimum Viable Product right you sure that most of your audience has heard of it. So you that’s what you want to create the Minimum Viable Product and actually even if you have patchwork so far there are some platforms that I am involved in building for you know in partnership right as an investor so you know the platform has certain features that we want to launch like your opinion is a platform and we did the same thing so I said okay.
What is the core thing that I have to have right and then what the moment you have it it doesn’t have to be perfect you launch it because when you attract your new customers and you know if you can afford to do that you can give them some free trial if you cannot you charge but you set the expectation very clearly that, listen we are your you know the question this is the feature but I am also looking to you for advice and then that’s when you launch right now is one of I things that really way up there in terms of any product with a similar kind of service. That it does but you surprised that 80% of the features that we have now because it looks like all these bells and whistles in there came from customer so customers we launched it.
We the core functionality it was getting done and then we’ll go and sit down and meet with them and say so what you know what else would you like to do how I know and they were like oh I want this kind of reporting I want and yes you know now we use them to give us the feedback to how to improve the product and again in any business improvement never ends right so you have to keep on improving.
So you just you know the constant feedback so you have to decide the minimum viable product and that has to handle the core features that’s that’s the only thing I would say and then you just launch I mean and by the way not everything that you launch as an entrepreneur will also succeed. So along though I have had several false
starts also you know that I thought a great idea and didn’t work so again when you launch with the Minimum Viable Product then I always say if you have to fail and which you will fail if you’re an entrepreneur fail quickly failed cheaply so that you are still standing and you can go after you