The wrong value proposition
It’s surprisingly common that startups don’t carry out enough research to back up the hypothesis around their idea. At times, they completely misunderstand the value proposition on which they build their product. In simple terms, they try to solve a problem which doesn’t exist or can easily be solved with alternative solutions.
So, startups need to focus on clarifying what value their product creates by asking themselves these basic questions which should then be tested, initially, by a survey of the target market audience:
- What is the problem?
- Whose problem is it?
- How big is the problem?
- What value are we creating?
- Who would benefit from this value?
- Who would pay for this value?
- How much would they pay?
Innovify is an end to end digital product management company with a focus on startups. To learn more tips about avoiding the mistakes that startups make, read here.