Author Eric Ries wrote a book called "The Lean Startup", and in it he reveals a new mindset of approaching startup projects. Historically, the project process is to create a minimum viable product and test it against a minimum viable market. But in the Lean Process validation is done by creating and offering pre-sales before anything tangible is even built.
In today’s world of social media, a Lean test-marketing process is available at a really low cost and it can provide very fast results.
Simply outline the offering on a landing page and then see if potential customers respond in a positive or negative way. Negative input can also be used to refine the offering to make it more appealing. This process allows the vendor to test market and possibly pivot very cheaply. Plus, cost of failure is massively decreased.
However, this approach also has hazards. It can actually deceive unless skillful analysis of the result is done. For example, maybe Ford could tease an electric and gas model Mustang. The response might be hugely tilted toward the electric. Nevertheless, when the production model comes out, the cost difference may prove the gas model is much more popular.
Furthermore, it can also give competitors a clue of where you are heading and take away the element of surprise and “early bird gets the worm” sales.
This Lean method could be workable to an actual start-up company, or for a product for an existing company looking to improve a product or start a new line.
This is a good thing to discuss with your SCORE mentor. Click here to schedule a free mentoring session…