As a product builder, I build things full-time, whether it’s a venture newsletter, micro-products or coaching founders to build tech products using my . rapid MVP technique This post is one of my series covering topics such as: Startup Framework, Idea Validation, Minimum Viable Products & No-Code MVP. Multi-Part Product Guide Many startups fail because they don't recognize the signs that their product isn't working and . You can avoid building something that no one wants if you recognize the . In this post, I'll explain how to tell if it's time to pivot or kill a product idea. continue adding more features warning signs early on Factor 1: Invalidated Riskiest Assumptions Jumping into building an MVP without assumption testing can lead to missing crucial signs. The riskiest assumptions are critical factors that , so they must be tested during the ideation and pre-product stages. can kill your startup By conducting pre-product experiments, you can identify if customers care about the problem you're solving or if it's worth solving at all. If experiments reveal that customers don't care about the problem you're solving, or the problem isn't worth solving—or the problem isn’t valid, it's time to kill the idea. Example: There is a lack of variety in natural product options. 🤔 Problem assumption: Lack of affordable options is a bigger issue for customers than lack of variety. 🙊 User feedback: Focus on solving the bigger problem of affordability. If the assumption regarding affordability is validated, build upon this direction. 🎯 What to do next: Factor 2: Can’t deliver great values to users Differentiation becomes important in such as farm produce, e-commerce, Fast Moving Consumer Goods and transportation services. competitive markets The of a product, the more likely it is that you will be able to differentiate, monetize and build a profitable business. higher the value Customers for your solution if it provides values. Here are different ways to create values for your users: will only pay —How well a product solves a user's problem, i.e. by considering product features, benefits and performance. Functional value —How this product can help people save money. For example, lowering cost and expenses, getting more quality for less money, and so on. Monetary value —How does this product make you feel after you use it? Emotional value —How does this product fulfil a person’s social status or influence within their social circle or community? Social value Example: You have free users for your no-code mobile app but struggle to monetize due to the need to expand the product features and create paid offerings. 📲 Situation: Expectations rise as software becomes more widely available. Customers will only pay more for a product if it provides in comparison to competitors’ solution. 😲 Why it won’t work: better value Consider seeking additional resources (technical, capital or expertise) to develop products that can deliver significant value to users. If your goal is to become a solo/lifestyle business, consider working on viable ideas that you can monetize while still providing great value to users. 🔥 What to do next: Factor 3: Lack of product/market fit When there is a lack of product-market fit, it is unlikely that the product will become sustainable in the long-term. This is because… There buying the product in the intended target market aren’t enough customers There aren’t enough about your product, thus increases the need for paid marketing and customer acquisition cost customers raving —marketing channels are ineffective because the product does not resonate with the target market. Insufficient channel/market fit There aren’t due to a lack of satisfied customers, which leads to low sales and revenue. enough repeat customers Example: You have built an online marketplace for buying and selling used sneakers, with initial paid users in a small target market. However, you're struggling to expand to a larger market size. 🏀👟Situation: The product is not performing well in other areas, regions or countries, limiting potential sales and revenue. Slow growth and low retention rates also indicate a lack of product-market fit. 🗺️ Why it won't work: Pivot the business to focus on a different product or market. For example, explore other categories of products with and target a broader audience to achieve greater revenue and growth potential. 📍 What to do next: higher resale potential 🚀 Takeaway To pivot a product means to better cater to the market's needs, while killing an idea means stopping its development and completely switching to a new idea. changing its direction feedback, analyzing data and to shape the direction of your product. Listening to customer mastering market needs You’re to a product idea. In fact, great founders change their idea when needed without abandoning their vision. E.g. Slack was originally developed as a gaming platform that failed to take off. not married Observe when certain product features don't resonate with the target customers, identify customer dissatisfaction, and recognize obstacles to gaining traction. Rapid experimentation is key. Don’t shy away from building new products in . Lyft and Uber competes for ride-sharing services but have differentiated themselves with various . competitive markets business moats Also published . here

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To Continue or Not To Continue? Here's How to Tell Whether You Need to Pivot or Kill Your Idea

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