1. Start by identifying the problem:
– Engage in consulting within your desired industry to identify software gaps and understand customer concerns.
– Learning how to build custom software can show you where opportunities lie.
– Emphasizes the importance of focusing on existing problems rather than generating new ideas, and learning from existing frustrations and recurring customer needs.
– Use a “frustration list” to identify common problems that need to be addressed.
– Analyze data from spreadsheets created by experts across various departments, which contain insights into potential SaaS solutions.
– Use trends to understand emerging markets and their specific challenges.
2. Build a prototype:
– Validate your concept by creating a clickable prototype before investing in development.
– Test your prototypes with real potential users to get feedback and avoid building unwanted features.
– Design your prototype using pen and paper, tools like Balsamiq, Figma, or InVision apps.
3. Product Verification:
– Validate product-market fit by getting potential customers to financially participate.
– Launch an early adopter program to allow early supporters to invest in the product through a financial commitment.
– Crowdfunding can also be an effective strategy for validation.
4. Build an MVP (Minimum Viable Product):
– We aim to keep the feature set limited and release within 3 months.
– Don’t spend too much on a prototype. Use the bare minimum to get a working version.
– Consider hiring through platforms like Upwork or leveraging a no-code solution for faster deployment.
5. Collect customer feedback:
– Communicate directly with customers over the phone to understand their experience and improve our products.
– Use the feedback provided to analyze patterns and deploy improvements that address common issues.
– Avoid features that a few people loudly request, and focus on features that can turn more users into power users.
6. Demand Creation:
– Generate demand using partnerships, paid acquisitions, content publishing and press releases as primary channels.
– Get exposure to a large audience quickly by leveraging affiliates and pay affiliate commissions to your affiliates.
7. Find Growth Hacks:
– Growth hacking is a unique customer acquisition advantage that is not widely known or used.
– Creativity is key to identifying uncommon yet cost-effective ways to reach customer groups.
– Strategies should be ethical rather than short-term profitable and should be consistent with overall business objectives.