This week has been about trying to work out milestones along the way in order for us to always have an accomplishment celebrated at the end of the weeks. This will help in the boosting of team morale and it’ll also certainly help dramatically increase productivity.
The biggest step towards product improvement and (more specifically) the improvement of our marketing strategies was the emphasis of not only identifiying a niche market but realizing the importance of having a niche market for us to focus our beta testing and customer relations on.
The change should have been a no-brainer really… If you want to get investors interested in your product, you need to make sure that it has proven Market value. In other words (quite simply): do the people want your product? Only then can the questions about investments arise.
In a world where society develops a need every 3-months, you need to categorize what your product is- to the lives of your “consumers”. Is it used for enjoyment? Are you planning to improve your customer’s quality of life by instilling more fun into their day? If this is what your product is built to do then your priorities lie on delivery and coolness. Is your product easy to use? Can you deliver quick and valuable uprades? Is your product of high quality? Is your product cool ?
On the other hand if your product is like ZooLoo, your product is built to assist/aid the customer in doing something that they consider more of a need than just something they’ll use in their spare time. Our product is built to satisfy a need, make it easier for people to achieve that need and offer the best experience for the client to do so. In this case, our main focus is then: making sure that the service works and making sure that the product is easy to use- for the specific target market (the niche).
The beauty in focusing all of your efforts into a particular target market is that you are then able to build the product primarily and essentially for that niche. Meaning that you forget and abandon any other perspective other than that of your niche user. Making your job a hell of a lot easier, because you begin to understand that that is the only perspective that really matters (Digg is the perfect example of how it could go wrong if you think otherwise.) . It is the perspective of who you are building the product for. So instead of focusing a lot of effort; time and funding into making your product universal, you simply make a product that works and can be used by your niche market. This makes it so much easier when it comes to satisfying your customers. The comments, the suggestions and the overall feedback is coming from a set niche of people making it easier to understand and easier to satisfy their concerns and product needs.
Having 1000 very satisfied and loyal customers is better than having 10 000 unnsatisfied customers who are only using your product because they have no other choice- this type of customer is of little value. This customer won’t be prepared to give -up 10-minutes of their lives to give you valuable feedback, this customer won’t be willin to tolerate a 3-minute upgrade download and even more importantly- this customer won’t be willin to start payin for your “premium” version nor will they be willin to tolerate the ads on your site. Making it uber hard for you to monetize.
Investors know this and they appreciate this.
Focus on finding and satisfying that niche market.
They’re the only people that matter.