Week 5: Prototype – Finding Unique Selling Points and Creating a Product Prototype
So far we’ve mostly been concerned with research and choosing the right business strategy to adopt . These are important steps to ensure your business can actually make money!
We’ve paid very little attention to the actual products or services your company will eventually sell. What do they look like? What are their selling points? What makes these products different from the competition? Why are your customers’ going to love them?
This is where it gets really exciting because developing your product or service is where the passion lies for many entrepreneurs.
Previously, we explored the myriad of ways you could take your business to the market. This week, we’ll start to delve into the process of developing the product itself.
Content for this week is comprised of the following articles:
In this post we’ll help you to determine what your unique selling point is. Your USP is your value proposition to the customer. Knowing this will help you to build a better product, write better marketing messages and explain your business to outsiders quickly and easily.
Your unique selling proposition will become a part of your business pitch and should be easy to digest. Having easy to understand value points will help you sell your idea to investors eventually too, not just customers.
A minimum viable product is the most stripped back version of your product or service. Throughout this post we’ll explore the value of creating a minimum viable product and what your MVP should look like.
You’ll learn that building an MVP is a valuable process that allows you to learn and improve. The lessons you can learn from thinking about MVPs and the features that your products and services could have are applicable to all businesses. You can also gain some customer feedback which will allow you to understand whether customers would be willing to purchase your product at the price that your selling your product or service.
Next week we’ll be looking at your marketing and sales.