Market demand research doesn’t cost money, it makes money because it reduces friction to market entry. Avoid Build It And They Will Come.
If friends and family are not in the target market, you have done no market research.
Friends and family had better be telling people, who tell more – this fifteen should not be waiting around. Otherwise, your insurance policy will be revoked.
You really want to make absolutely sure you are not saying the word “brand” like you’d incant “abracadabra.” There’s a reason the Olympic uphill ice-skating team doesn’t get sponsors.
Appreciate the insight! Market research has indeed been my compass. Friends and family have been a great sounding board, but I’m keen on widening that circle. With the ‘Build It And They Will Come’ approach off the table, I’m exploring organic ways to amplify word-of-mouth.
Any advice on kickstarting that organic growth without paid ads? How would you turn those first 15 sign-ups into a snowballing waitlist?
We’re doing exactly that and friends/family love it, everyone thinks it’s a great idea, but who knows if they’re just being friendly. We haven’t been able to get any traction from unassociated people. Here’s a link to the site if you want to check it out: https://www.passthelago.com/ and I just made this survey today in hopes friends/family would feel comfortable sharing https://forms.gle/pYCQ8hZjtf8RVL3u8