Over 35% of businesses fail because there’s no market for their product. Don’t let your business fall into that statistic.
Learn how to create a product prototype. Doing so will help you prepare for almost any scenario that you’ll encounter in the real world.
As read, you will learn how to create a viable product prototype.
1. What Problems Will Your Product Solve?
Before moving any further, you will need to understand what problem your product solves. To better understand your product, you will need to figure out what results you want to offer your customer.
From there, work backward. Then determine what will separate your product from the competitors’. Do the features your products offer give customers an incentive to pay for your product?
2. Research Your Market
Figure out who your ideal customer is. Read through their online communities and forums to see what they’re talking about. Doing so will also give you more insight into their pain points.
While performing this step, you will also want to create a customer persona. This is a profile of a customer that you want to target. Some information that you can include are:
- Age
- Education
- Income
Once you’ve compiled this information, you can start producing mock-ups.
3. Create a Sample
Whether your marketing plan involves influencers testing your product or you want users to a focus group to try it, you’ll need to create a mockup. That way, users can test it and provide feedback.
If you’re designing software, you will need to produce a high-fidelity prototype. This is a prototype close to the ready-to-release version of your product.
Another example includes producing a physical prototype. Like a metal prototype. Before creating this mockup, you’ll want to learn about sheet metal fabrication.
4. Gather Feedback
Once focus groups or influencers have tested your product, you’ll know how people will interpret it. Consider their feedback. Showing customers that you’re open to improving your product will help your brand in the long run.
When making these adjustments, ensure you make them public to show everyone that you’re listening.
5. Attract Investors
Let’s say that customers had a positive reaction toward your product. Record their reactions and save them for later. After making enough improvements, you’ll have a prototype to confidently present to an investor.
Obtaining investors is a crucial step toward having a successful business. Without their cash flow, you’ll have difficulty scaling your business, which could eventually lead to its downfall.
While presenting your prototype to investors, present your research and customer reactions. This information will show investors that your brand is worth investing in and help increase your chances of landing an investment.
Set Up Your Product Prototype Today
To create a product prototype, you will need to spend most of your time researching. Failing to do so will result in no customers buying your product. Once customers have tested your prototype and you feel confident about entering the market, pitching to investors will help you expand.
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