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How to launch profitable technology business step by step?

2019-12-14T09:46:25.525Z



Building technology works is not the same as building any other business. Startups take advantage of technology to serve their customers widely, and creating this technology requires a series of verification, iterations, and sometimes complete plan changes.

In his report published by the American magazine "Forbes", the writer Abdo Ryani said that what makes building a startup unique is the period of research that every emerging company in the field of technology is going through to find a scalable and reproducible business model, and a product that solves a problem and deserves customer money.

For startups, the learning, making and promotion approach goes beyond the search for a business model, and it assumes that the solution created is valid and deserves the attention of customers and their money. While some startups are lucky sometimes, most of them realize the need to make big changes to a product or business model.

The following steps illustrate how to create a profitable technology project by quickly identifying what catches the customer’s attention, and without the need to waste resources on ineffective strategies and solutions.

1. Determine customer need
Ideas are only suggested solutions to a problem or to a specific need, while the business opportunities are endless, the more the need to find a solution, the more likely the product will be used.

As a result, the first step focuses on measuring the urgency of a particular need. Moreover, answering questions such as do people pay for an alternative solution? What is the result of no solution? Will customers lose money or waste time? Are there parts that lack representation or lack service? The first step in assessing whether your solution is worth building.

2. Make sure the need is correct
Many ideas look great on paper, but they're not valid when practicing. Building and marketing a product is one way to find out if a solution is right. However, this approach is time consuming and costly, and it causes many startups to fail.

Therefore, the first step in validating the need for client interviews requires. In addition, you can consider the group of clients you will be interviewed as mentors who are able to help you build the product they need, marketers who can contribute to attracting other customers, as well as investors who can help you fund the early stages of the project.

Many ideas look great on paper but they are not valid when practicing (Getty Images)

3. Verify that the solution is correct
Although the insights collected from the interviews should be considered as confirmation of the correctness of the solution, it will not be considered valid as long as customers neither adhere to it nor use it. Therefore, follow these three steps to validate the solution.

A) Invite a few of the people you interviewed to review your product designs and to help you depict the product they want to use.

B) Convert designs into clickable prototype. In fact, there are many tools that can help you create prototypes even if you do not have knowledge about programming. The prototype at this stage is a presentation tool that paves the way for the next step.

A) If the customers whom employers met are cooperating to create designs and prototypes, and if the need proves to be correct, then future users will not hesitate to financially commit to an offer that is difficult to resist.

The writer indicated that it is common at this stage to see the frequencies and objections, as that is the moment when you know whether Jupiter is really interested in the solution.

4. Building basic features
One of the benefits of testing the viability of the solution with product designs is to provide a visual and interactive version of the product before its creation, which is the basis of the development stage, since from now on the features and visual images must be adjusted and prepared for development based on customer insights and comments.

The writer warned that building an advanced product before validating the basic features is among the costly mistakes that the founders make at this stage. In fact, users will not be able to complete their tasks without them. As a result, it is wise to start quickly building and testing the basic features of the product.

If you do not have a programming background or technical co-founder, you need a team to help you build the product. In addition, converting the idea of ​​an application to a product that people use differs from building any other product for an electronic program. Therefore, prioritize working with entrepreneurs. These talented people have their own startups and understand the requirements for building them.

Building an advanced product before validating the key features is one of the founders ’huge mistakes (Getty Images)

5. Test the most critical hypotheses
This stage focuses on the suitability of the product with the solution, i.e. how well the proposed solution has turned into a useful product. The most dangerous assumption is that users use the basic features to obtain a certain benefit. Key metrics, such as user growth rate and long-term customer value, can measure product efficacy in solving a specific problem. Most importantly, customer insights will help you create informed conclusions about the product and the next steps.

6. Invest in customer acquisition
The author advised entrepreneurs to start building an audience even before determining the need in the market so that they can benefit from their suggestions and invest in the project idea through the pre-sale process and many other methods.

In fact, there are a lot of ways that can help you build an audience like writing articles, producing podcasts, and actively participating on social media. Moreover, you should rely on the way users acquire the target product and buyer.

There are many methods that can help you build a Getty audience .

7. Learn .. son .. priest
A startup with a strong product and customers willing to pay money should validate the business model and basic features. The next step is to gradually improve the product by providing users with all the necessary tools so that they can continue to use it and advise others to try it. Thus, the customer’s value will increase and the cost of user acquisition will decrease.

The writer emphasized that shortening performance appraisal courses is the effective way for an emerging project to quickly test new feature ideas or initiatives. So: learn from the data, prioritize features, measure performance, then start again with new additions focused.

Source: aljazeera

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