To develop a must-have product, you need to know your customers well
There are countless entrepreneurs hoping to come up with the next Airbnb, Yelp, Facebook or Amazon. Each of these companies experienced rapid growth, and that’s probably because they all have something in common. They each released a must-have product or service that people loved.
Even if you’re already sure that people love your product, you’ve got to get a grasp on your customers’ experiences and opinions by reaching out to them. Only then you will really know if your product is a must-have.
The must-have survey is a simple and reliable method for figuring out how your customers feel about your product. And all it takes is asking at least a few hundred customers a single multiple-choice question.
Do they like it or not? Just ask them
Here’s the question: “How disappointed would you be if this product no longer existed tomorrow?”
And here are the three possible answers:
A. Very disappointed
B. Somewhat disappointed
C. Not disappointed
You can be confident that your product is a must-have if at least 40 percent of your customers choose “Very disappointed”. Once you reach this milestone, you are in the perfect position to start using the growth hacking techniques that are described in the blinks ahead.
However, if the number of customers answering, “Very disappointed” is under 40 percent, you must continue to improve and develop your product. If this is the case, don’t fret – there are quick, efficient and inexpensive ways to experiment with how you can communicate your product’s value.
One method is A/B testing, which is a way of testing the effectiveness of two different messages or product variations. The project-management tool Basecamp used this method to test potential marketing taglines, for example, and that’s how they discovered that the prompt “See Plans and Pricing” attracted twice as many new customers as “Sign Up for Free Trial.”
Plus, the great thing about A/B testing, whether it’s being done face-to-face or online, is that it doesn’t have to be expensive. Crucial insights can be gained by testing out new approaches, like showing test audiences a simple video demonstration or an inexpensive prototype that highlights potential new features. Even if the tests prove unsuccessful, the feedback you’ll get will prove extremely valuable.