Singapore Tech Startups

  • Singapore Tech Startups

The Design Sprint process aims to help entrepreneurs to clearly define problems, validating assumptions and brainstorm solutions in short amount of time before starting the real product development.

What’s the biggest problem in your business right now?

What business do you think is the most promising?

Who is your specific target audience?

There are a lot of uncertainty when bringing a new product, service or a feature to the market. We identifies and tackles a challenge by going through each stage of the design process. We create a prototype and find ways to try it out and get some feedback.

When we are conducting a user interview, we want to go in with as little suggestions as possible. We don’t want to lead people to an answer. We want to ask them questions about their life and get their perspectives.

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The company who targets for the market fit is the winner. Every business can start to build a minimum viable product (MVP), a product with enough features to support the early customers of the firm. From MVP, you can start improving features to fit your audiences’ need based on the data you’ve collected.

By doing so, you will start developing strategies that are not representing the common idea used by traditional marketers; you will start to create the new direction that would be a good fit. Growth hackers understand the potential of the successful product to expand themselves; it is just their responsibility to turn this possibility for the right customers.

Unlike traditional marketing, which suggests you try different techniques to create better ads, Growth Hacking asking you to establish strategic marketing plans to set your business objectives. It is not without focus because every piece of your skill set is precious; it is the art to use the right ability for innovation.

Now, let’s learn Airbnb as a successful case study. They go beyond their initial idea to meet the needs of their customer. This technique is called pivoting. Airbnb stands for Air Bed and Breakfast, started in 2007, when two roommates couldn’t pay the rent or their San Francisco loft, they rented out space on air mattresses in their living room and provided a home-cooked breakfast. They started to solve one problem only, but continued to pivot their product and service to meet their customers’ demand. They’ve grown from rented out their apartment to other apartments in different areas, all the way to accommodating place in over 190 countries worldwide, valued over ten billion dollars.

When you are in a competitive market, it’s okay to keep a close eye on what your competitors are doing until you meet your originality. Make sure you stick with your idea and continue to pivot your product to meet the customer needs. It’s easy to duplicate what your competitors are doing, fall into the traps of traditional marketing strategy.

The winner is the one who can differentiate their brand from the market, bring their product ahead to scale rapidly.

As long as your MVP solves problem, you can improve features and test how they’re received. Conduct research, build prototypes and develop your MVP. Keep iterating on product and services based on data.

The best entrepreneurs are the one who put their ideas into their product. Don’t fall into the trap of customers-feedback by treating everyone as your target audience; pull the one that suits with your brand identity to fit the market. If you can do product-market fit well, your name will not go unnoticed.

Keep asking yourself questions, and seek out creative answers actively. Search for new channels, media, and platforms to distribute your ideas for growth. When you lack the resources, such as cost, connections, and others, find effective tactics to turn problems into opportunity and accomplish your goal with everything you have to capitalize growth.

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Date: March 6, 2019

Category: Business Innovation