Resources to Help With Market Validation

Nearby Schlenker, co-founder of Ordoro Odoro is an app.  That helps merchants print shipping labels and keep their inventory in sync. Before creating Ordoro, Naruby and his co-founders spent a lot of time considering.  What pain point they would like their business to address. So when one of his clients, an online retailer specializing in child psychology toys.  Asked for help identifying the top issues affecting the success of his business.  He thought he had a winner. After the initial consultation, the Ordoro team realized that their client’s problem was due to.  Their stocking an excessive amount of inventory. This problem spilled over into other areas of the customer’s business.  Incurring unnecessary freight fees, taking up too much warehouse space.  And making it difficult to track products being shipped to customers.

“What we were originally going to do is an inventory optimization tool that.  Would tell you how much inventory to have, based on demand. With their pain solution in hand, they researched similar businesses online.  And called each one to determine if they experienced the same pain.  As the child psychologist and, if so, would consider purchasing a product that would help relieve it. They were like ‘what, no. I don’t even know how Malaysia B2B List much inventory I have on hand. What’s really painful is printing shipping labels,’” explains Naruby. The Ordoro team realized that the pain point they really needed to address was much earlier in the merchant fulfillment process, before inventory optimization could even be considered. So that’s where they started developing their product, an app that prints shipping labels, eventually creating and integrating more advanced features as their product grew.

Resources for Collecting Feedback

Resources to help with market validation Understanding what tools and tactics you should use to validate your idea can be difficult. Use the following resources to make the process a little easier: Product Design Principles: Learn Fast, Guess Less 6 ways to validate a product idea before wasting time and money A guide to validating product ideas with quick and simple experiments Product Idea Validation [YouTube Series] Make or break: Test new features and product ideas before building You may also be interested in: Product Design Principles: Learn Fast, Guess Less. 3. Comments Product Management: Feedback Ask for feedback whenever you can. The more you can collect, the stronger your final product will be. Swell is an incentive marketing platform that helps merchants run their own rewards and referral programs. Its goal is to help merchants reward their customers for whatever they care about, but that wasn’t always the case.

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Before Swell, Josh Enzer was just a finance guy who knew he wanted to own his own business, but didn’t know where to start. After years in finance and eventually management consulting, the entrepreneurial opportunity presented itself when he teamed up with his technical co-founder. Swell’s idea was simple: incentivize consumers to use Bitcoin. Bitcoin has no chargebacks or credit card fees, making it the perfect payment option for merchants looking to get their business up and running quickly. Swell’s app solution would give merchants the ability to reward customers who chose to pay with Bitcoin. “It’s really challenging as an entrepreneur because in most cases the best feedback speaks against what you’re currently doing,” explains Josh. It’s really challenging as an entrepreneur because in most cases the best feedback speaks against what you’re currently doing.

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Josh Enzer, co-founder of Swell Josh quickly discovered that neither merchants nor customers were interested in using the digital currency. But from the fires of their initial concept, Swell’s co-founders had numerous conversations with merchants and identified that incentivization was something they wanted, just not for Bitcoin. The real problem they were experiencing was building general incentive programs around whatever their customers were interested in. “There is this divergent point of view, right? Where he wants to be the one who thinks he understands what people want, and he has this great solution for it. And you go out to the market and people say, ‘uh, well, maybe.’ What about this other thing?’” That’s why it’s so important that, as a product manager or entrepreneur, you actively solicit as much constructive feedback as you can, from a diverse group representative of your target demographic.

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