Market research & customer feedback: 3 startup mistakes to avoid - Behind the Screens #7

We talk to a lot of early stage founders looking to build businesses around a tech product. In having many of these conversations over the last decade, we've learnt to look out for some early indicators as to whether someone has the right business mindset to make it work. This week, Nic and Nathalie sit down to talk about some common mistakes they’ve seen early stage founders make when it comes to getting their product off the ground.

The first one, and it’s a biggie, is conducting bad or no market research and relying on a hunch that your product will be successful. Running with your gut is not necessarily a bad thing, but if you’re hiring a technical agency, or a marketing agency, you’ll be paying other people to help you with your product. On a limited startup budget, it’s vital that this money is an investment on which you’ll see a return. Without the research, it’s likely this money will be wasted. 

Research not just about your idea, or the problem you’re solving. You need to understand the market: how much money can be made in it, current and future trends, and your customers: how they behave, who they are, how they are currently solving the problem and how your product will fit into their lives.  All of this will feed into what you are building, and can be the pivotal difference between having a good idea, and building a successful business.

Once your idea has some research behind it, it’s time to think about the specifics of building. Here, we typically see two scenarios: an incredibly detailed and complex feature list across a 70+ page document, or we’re presented with just one core idea with little thought given to what needs to be built around it. They key, again, is research! If you want to implement a feature outside of the core idea, you need to be certain it will make your users’ lives better. It’s important to keep in mind that when you launch your MVP, it’s not the end of the road - it’s the start of the journey. Some founders feel they aren’t ready to launch if their app isn’t big enough, sexy enough or complex enough. You will build on your core features for years to come.

Then, when your product has been released into the world, it’s feedback time. You’ll be hitting ‘go’ on all those marketing activities you had lined up, and hopefully start making money as those early adopters come rolling in. It’s key that you’re proactive here - don’t assume customers will provide feedback without you asking. Nic & Nat share their top tips on collecting that feedback, and how to tread the fine line between implementing what your users want without obsessing over and trying to accommodate every single response. It’s important to take the time to move with your users and grow your product incrementally.

This is the seventh in a series of Behind the Screens episodes in which Nic and Nathalie will reflect on everything going on at CookiesHQ and look ahead to what’s on the horizon.

Join the conversation on the CookiesHQ Twitter. Head over to LinkedIn to find out more on Nic and Nat.

CookiesHQ is a technical partner for businesses with purpose. Find out more about CookiesHQ here.