During the first stages of creating a product, we all think our idea is the end -all be-all. With a brilliant idea, or at least in our minds, just burning in our pockets we automatically want to go into creation mode. Creation mode is the fun part and easiest part in theory. The idea is there so it should be easy to get started right? WRONG.
Research, research and more research is needed before creating the product.
Now research seems like a drag at first. Who really enjoys sitting at the computer for hours looking at statistics, charts and data? It’s not the most exciting part of creating a startup, but without it your product will probably sink to the bottom and fast. The most important research is finding who your target audience and markets are.
These are the people who will make or break your product. With so much power in the consumers’ hands, we must find out who these people are and what are their interests. Using this data we can create quality content to attract users.
Buzzfeed CEO Jonah Perretti said, “If we actually learn what works on Snapchat, Instagram, Twitter, YouTube, and Facebook,and we actually learn what works in Brazil and the U.K., and we can figure out a way of sharing that knowledge, we should have a better understanding of how to make great content that people love.”
The hardest part about finding your target audience and market is getting inside the heads of these people. You have to really put yourself in their shoes and give yourself a reality check. Provide an honest answer when asking yourself the question, “will they really use this product?”
What makes our product so great that consumers will not only use it but love it? Because if the consumers love your product they’ll tell more people about it and soon you’ll get the exposure. New York Magazine CEO Pamela Wasserstein said, “Of course people love our content, but it’s gratifying to see that they also really love us and seek us out.”
With exposure comes even more consumers and more money is made.Quartz, a free business news site, gets an average of 20 million visitors a month and is worth about $30 million. Buzzfeed, also a free website, is worth $1.5 billion. Buzzfeed, Christian Science Monitor, New York Magazine, New York Times and Quartz have all created content that gains millions of visitors. So don’t focus on the cash. Focus on creating a great product, one that consumers will use and love. Then, maybe you’ll make some cash in the process because you don’t want to create a terrible product and have consumers cashing you outside.