Discovering the best product market match on your startup or small enterprise typically looks like attempting to find the holy grail. However I’ve realized that market match is much less of a magical second and extra a couple of journey of readability.
Life After Me is a brand new Dutch startup that I launched in September 2020. Now we have the mission to allow folks to go away behind all that issues. Just a few years in the past, I attended my uncle’s funeral which was not on par with the persona of my uncle who out of the blue handed away.
The wake after the funeral was very unhappy and brief and I’m certain he wouldn’t have needed it. Whereas talking about my battle that approach, I came upon that many individuals have skilled related moments and actually like the thought of a protected and intuitive digital answer to get ready when the time comes.
Our cofounder Vasileios Papadopoulos began sending an SMS from the airplane on a enterprise journey to his spouse when he skilled main turbulence. Ed Scutt, our chief expertise officer, witnessed an unpleasant battle in his household about who ought to get the letter from Queen Elizabeth II that his grandmother obtained when she turned 100.
The three of us began engaged on a minimal viable product (MVP) that permits folks to add essential paperwork and create notes that will likely be shareable with their family members (so-called Buddies) once they cross away. We raised cash from family and friends and launched the service in September 2021 with a social media marketing campaign that acquired loads of likes and followers.
Why Our Product Didn’t Match
Guess what? No person subscribed.
We thought that it couldn’t be the product (naively), so it should certainly be the market that doesn’t perceive the worth but. Subsequently, we intensified our advertising and marketing marketing campaign and made modifications primarily based on the learnings from social media. Personas have been created from intel derived from digital campaigns and advertising and marketing brainstorm periods. However after a brand new and improved marketing campaign, the variety of subscribers was nonetheless subsequent to zero.
Within the meantime, we joined the Birdhouse startup accelerator program in Belgium, and through our four-month intensive program with a particular growing older and longevity vertical, led by Dirk Schyvink, the questions requested made us lastly return to the drafting board. Additionally, did we not be taught sufficient from Eric Ries (The Lean Startup)—the market tells you whether or not your product is correct.
Discovering a Marketplace for Our Product
We labored relentlessly to finetune the service and made the pivot to concentrate on B2B2C partnerships. We strategy life Insurance coverage firms, funeral providers, and healthcare organizations as an alternative of a basic client.
Our mission stayed the identical, however the product and advertising and marketing strategy modified. Our price range, time, and vitality shifted to approaching organizations and displaying how we might add worth to their buyer base.
Our technique labored. We’re piloting Life After Me with life insurance coverage and healthcare insurance coverage suppliers in Belgium and The Netherlands. Luckily, extra capital was raised from angel traders, which additionally enabled us to extend the crew and conduct market analysis.
Our analysis confirmed that there’s a wholesome urge for food for the Life After Me answer, however there are issues surrounding belief, safety, and the assumption that individuals will fairly manually accumulate their autopsy treasures fairly than pay for an app. Subsequently, cooperation with trusted companions equivalent to banks and insurance coverage firms was the best route to observe. Monetary providers suppliers are on the lookout for digital innovation and enhancing their clients’ journey, making a partnership with Life After Me a win-win.
With the additional capital, we upgraded our IT safety highest ranges and certifications. We additionally approached charities like Alzheimer Netherlands, Coronary heart Basis, and Most cancers Basis and plant a tree for each new member by way of Plant-for-the-Planet, a United Nations initiative.
We as a crew genuinely need to do good for society and nature, however this additionally works within the enterprise’ favor by way of including extra trustworthiness. With these partnerships and extra inventive advertising and marketing the social media technique, subscriptions are considerably rising and assets for advertising and marketing, gross sales, and IT are growing.
Easy methods to Discover the Proper Product Market Match
The important thing lesson from Life After Me’s seek for a product market match is to take heed to the market and do your market analysis via surveys and calls/conferences along with your early adopters. Moreover, imagine in your mission and imaginative and prescient and work relentlessly to make it occur. Most significantly, nonetheless, keep agile and be taught from suggestions and innovate and enhance. Persistence is a advantage, in life and in enterprise.
Create an advisory board with seasoned professionals and dare to ask folks to develop into a part of your journey and ask them for assist the place wanted. A number of persons are keen to assist new entrepreneurs with progressive concepts that make a distinction. There’s no holy grail to discovering the proper product market match. However by listening, asking for assist, and delivering outcomes you’ll find one thing even higher—a product that makes a distinction.