How do you Know if Your Product is Growth Ready?

Growth
Let’s say you have a great first version of a product based on an innovative solution that addresses one or more specific customer pain points. The product works, your branding and marketing strategies have helped it gather attention in the media, you have customers, and you have crossed the final hurdle, viz., the customers actually like your product. Yet, the question remains. Is your product ready for growth? Is it optimized to give you the best return on your advertising and marketing budget? Does it have the essential tools to not only attract customers, but to retain them while acquiring great reviews as well as customer shares and recommendations? If you are unsure, then we have a checklist for you.

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Is a Minimum Viable Product Enough?

Last year, Nick came to us with an idea for an app to book airport pick up and drop for the UK market. The idea represented a chunk of market with substantial untapped potential and little competition until that point. We decided to do a rapid MVP to see how it could work in real life. We planned the MVP with all the right features, which were designed and tested specifically for the target customer base. It had the right functionality, the right marketing strategy, and there was a lot of initial interest. But the interest tapered off soon, and the indications all pointed to the concept having failed.

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