Wayfinders is experimenting with experimenting.
We’re not doing it alone. We’re working with you so you and other Wayfinders can both benefit. Here is a possible product development path:
- Ideation – developing new product or service ideas
- Prototyping – making a small scale or simplified version (minimal viable product)
- Testing – does it actually work?
- Market testing – get feedback from potential customers
- Funding – crowdfunding your first small scale production
How about a sandbox to test the market for your product or service ideas?
You’re thinking of making a big investment in a product or service and you don’t know how well it will be received by your customers.
- What features and benefits do they want?
- How many will buy it?
- What price are they prepared to pay?
- What are the characteristics of the most likely customers?
- What would be the best way to sell to these customers?
- …
Is there a safe way to ask them and find out?
We may be able to help you create and test a prototype of your product before you get too far.
Market testing means selecting prospective customers, presenting your product and getting their feedback while avoiding prospective competitors, i.e. keeping your trade secrets and intentions private. To do this you could use a crowdfunding platform like WayFunders to test the market interest in the proposed product or service. In the process you also find out more specific features and benefits customers want. If there is sufficient interest you can raise the funds you need for product development project.
You want to test the product on the kinds of customers you expect would want your product. You select a sample of possible future customers that have particular demographic (e.g. age, sex, income) and psychographic (e.g. personality, tastes) characteristics.
We should be able to establish a selection process and privacy measures while still collecting useful data to support your development and commercialization decisions.
You can use our GigWayfinders job board to find the right people to help you with this process.
Product Development Strategy
There have always been two ways to start a product:
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Find out what people want but can’t find and then create it; and
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Create a product and then find the people who want it.
Many people argue that one approach is better than the other. Each has its advantages. Sometimes people aren’t sure what they want until they see it and use it. Asking people what they want often leads to products the competition is already offering.
Alternatively, sometimes you can waste a lot of time and money inventing something that no one wants at a price you need to charge. You may also be ahead of the market and give competitors a heads up.
