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4 ways to validate customer demand for your product or ...
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Considerations when looking at the flat retention curve “Talk to someone friendly in the product team and ask them to delve into the data and see how different user groups are engaging with your product.” Consider the aha moments for your product journey. After you’ve got the data for your segments (however you want to splice it up) look at their experience map. Are you directing them to the part of what you offer as soon as you can? Or are you making them jump through hoops? It’s okay to have a different onboarding sequence for different segment journeys as you grow. (Here are some ideas on how to approach your product onboarding).
Using it to validate market demand “I know it’s back to basics stuff, but if you haven’t done so already, map out the key people involved in using and paying for your product.” If you operate a business that has B2B and B2B2C sides - sometimes known as a two-sided market - ask them both. The results will help you to shape what level of supply and demand is needed to grow your business. This is particularly useful if you operate an HR, learning or recruitment offering where you have two stakeholder groups and you don’t know where to start.
2. Using leading engagement data “That’s because it gave us focus on looking at engagement data around actions that reflected if our users were getting value from your product.” New sign-ups and logging back in on day 3 is not a sign of meaningful engagement.
Whilst there’s a lot of info out there on the concept of product-market fit Balfour’s work on using meaningful signals to validate customer demand helped us to understand if we were going in the right direction. More importantly, it helped us to understand if we were focusing on the right things. “In the article, he suggests when looking to hit a good traction rate and reach PMF, your business needs to pass a series of signals made up of quantitative and qualitative indicators.” It’s accepted that these four signals should give you direction and allow you to quickly assess if something needs fixing.
In the article, he suggests when looking to hit a good traction rate and reach PMF, your business needs to pass a series of signals made up of quantitative and qualitative indicators. “It’s accepted that these four signals should give you direction and allow you to quickly assess if something needs fixing.” I recently spoke about my experience with them whilst presenting at a recent startup accelerator workshopsession. It was obvious that talking about their application rather than the theory behind them resonated with organisations looking to launch their new product.
On the note of ‘achieving value’ - I appreciate this is quite fluffy, even for me. So, for example here are some examples of meaningful actions I have recommended and used: “Fill in the survey, attend offline meeting, add in notes, and then be given a new survey to complete.” Complete 3 online courses, create a playlist and share with 3 colleagues