Do you have a brilliant idea for a new digital product? You might be keen to launch it as quickly as possible, but often, that isn't the best strategy. First, you have to identify your target audience and establish a reputation - read on for a winning strategy for product development.
Have you heard of the "blue ocean strategy?" It's the opposite of a red ocean strategy that's full of competitors tearing each other apart. A blue ocean strategy is what you need when starting a new digital business, and here's why.
You don't have a notable brand name yet, and nobody knows your product; this has to be established in a goldfish bowl. That's where micro-niching comes in. Offer value to a narrow audience first to grow your reputation.
If you jump in at the deep end without doing your market research, there's a chance you'll do OK – you might manage to swim for a bit or and at least make it back to the shore, but you wouldn’t be nearly as effective as those who know what they're doing.
Market research is vital at this early stage. If you have a blog or newsletter that generates traffic, you need to test the waters, so to speak, find out if your audience is willing to pay for the service – if so, you may have a digital product.
Today, websites and mobile apps must be more user-friendly than ever before. In the past, users were willing to accept slower websites with loads of popups, or apps that occasionally crashed –but not anymore. Technology has improved and customer expectations have also leaped forward.
Don't cut corners with your website design; it affects the entire sales and marketing funnel for your digital product. The best strategy is to partner with a professional company that can build a website that is completely centred on user experience.
Once you have validated your idea and developed your UX website, it's time to start growing your digital business. You can do this by following the growth and traction funnel to its logical conclusion. If you follow the model, you should stay on track to a successful product.
Growth hacking is a way of growing your digital product through experimentation, marketing, product and data analysis, and engineering. All of these limbs work together to create growth; they are based on an initial process of ideating, prioritizing, and testing.
Starting your digital business in a micro-niche is an excellent way to consolidate its foundations and develop a growth strategy that allows you to scale the business further. In the early days, you want to provide value, but flexibility is also key. Adapt your brand or product based on customer feedback. When your cash flow reaches a certain level, you will be ready to "bootstrap,” that is, reinvest the money to scale the business.