Market Research and MVP

So you have an idea and you want to launch your company? But how do you know if your product is needed? What is your TAM? (total addressable market) Do you have a product-market fit or not? What are easy and effective ways to test and learn quickly (without a lot of money)?

Join Tawyna, the founder of Le Grand Courtage for this discussion around how to conduct market research and make sure you are launching a brand or product that has an audience and will be differentiated from your competitors so that you can run a sustainable business!

Key Takeaways

Problem First then Product Build

• Should be like the scientific method: Define the process, test your hypothesis, get feedback from consumer, then iterate! Test the hypothesis then product!

Know Your Why

• The extension of the why is the brand value & what will resonate in hearts & minds of consumers

Set Yourself Up for Success

• Do your homework! Become an expert & know the lingo - no need for a degree, Tawnya learned by doing and reading everything she could get her hands on! Pitch decks provide a good framework for learning

• Create something achievable &  justifiable 

Know Your Competition

• How can I win and offer a point of differentiation against them?

• Get feedback from fam & friends & compare your product to “stuff on the shelf”

Feedback

• Be careful not to operate in a vacuum - test and get feedback.

• Know when to take feedback but also keep in mind that there are folks without vision- keep a healthy skepticism

Ask for help

• Don't be shy about asking for what you need & dig in. There are people always willing to help!

Big Companies are not Always Better

• They can get into analysis paralysis

• In this day and age consumers are far more suspect of the big companies

• Consumer want to support small businesses - social media helps build trust and support

Quotes

“People don't buy what you do they buy why you do it.”

“You've got 4 seconds to grab someone's attention! You want to make sure that you stand out in that sea of products literally and figuratively. “

“Don't be shy about asking for what you need.There are people always willing to help!”

Action Step

Figure out what is the next best thing that can help prepare you forward - really ask your community and define what you need and ask for it.