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Hi folks,
I tend to type a lot because I'm excessively detail oriented, so I'll break down this post into the following sections so that the TL;DR; folks can still jump in and hopefully respond where they seem most interested.
-My Product
-My Roadblock
-Potential Courses Of Action
-What I've Learned
My Product:
As eluded to in my intro post, this post is about my MVP product (and a roadblock I've encountered with it) that I've created to address a need I saw going unaddressed. My product is essentially an online market survey tool. Parties join the app, then can see each other's market data. This eliminates the need for their employees to play phone and email tag with multiple market participants every week. This process as it stands now (if they're not using my competitor's product; more on that shortly) wastes about an average of half a day if not more of an associate's time. My app will drastically reduce that. But in order for the product to be valuable, I need to get users on it first. Anyway, I built this product after collaborating with one of these market participants (seeing them as a likely customer) that I saw was using a very subpar solution. But when I first started out, insofar as I could tell, I had no competition. Unfortunately, after 1.5 years of work or so (I could've done this admittedly much faster had I buckled down and focused harder; blasting through the desert of desertion) and having the MVP ready and deploying it to production a couple months ago, I discovered that I do indeed have an entrenched competitor who makes a pretty solid and more mature product (though not perfect from what I've been able to gather).
My Roadblock:
And to make things even better, my market participant partner who helped me with the design of my product, is now using my competitor's product. I've spoken to four other market participants in the area, and at least two are using this competitor's product as well (despite me thinking I was going to have an initial immediate market size of about 25 participants judging by the subpar solution I saw folks using (total addressable market however is probably somewhere in the order of 50,000+)). Anyway I'm not mad at the partner participant -- I understand it's just business, although I will say I'm pretty annoyed with the situation and am feeling pretty despondent/demotivated over continuing this thing; not sure if I can compete at this point. Turns out, I should've gone after this market participant's ownership instead of just the participant themselves, because that way, the ownership (the people who'd have the power to actually pay me and the ones dictating that the participant use this competing product) would've at least been aware of me and what I was working on, so that'd at least give them pause before deciding to go with the competitor's product.
The major roadblock I now see with my product, is that if I were to somehow push this product and somehow get some folks signed up on it, if they encounter another market participant with the competing product, whose product wins out in that transaction? Both products allow market participants to share their market data, but if my client sends a share request out to a non-client, or vice-versa, I'm afraid that my product will lose its value proposition because with two competing products, people may well be back to playing phone tag and email tag like they were already doing with this subpar solution (a shared Excel spreadsheet that anyone can edit).
Potential Courses Of Action:
1) Should I even bother trying to push the product still? I've only spoken with five market participants so I imagine a lot of folks will say "that's not nearly enough data to get a market sentiment". Out of the five I've spoken to, I had one participant who wanted a demo but then had to cancel and we have yet to reschedule. Three are using my competitor's product. Another expressed some initial interest but was going to forward my outreach to her boss and they'd let me know if they were interested in a demo. I have yet to hear back. Also, these people are end-users, but they're not the ideal customer because they don't have authority to pay me. I'd have to find some way up their chain of command so I can speak with someone who actually has the power of the purse. I'm not really sure how to do that.
a) A friend of mine who owns his own successful business said I should compile a list of 1000 small to medium sized market participants, and start going through the list to try and demo my product to them and get folks on it as he said small and medium size businesses have a different mindset when it comes to increasing their more entry-level employee's efficiency than big companies. I'm open to the idea but I'm concerned about The Roadblock.
b) An additional value-add to my product that my competitor doesn't have that I've been tinkering with, is essentially creating a targeted web crawler (which is how search engines like Google work; a program that crawls through websites following all links and indexing the information) to aggregate market information from available sources to use as an integrity check against what people were reporting in my system. My competitor doesn't have this. Also, if I were to do a good job of this, if my product doesn't sell -- this specific value-add feature/benefit web crawler may well be able to stand on its own, and be of value to my competitor. In other words, I could potentially sell it to them if I could find my way in the door to do so.
2) Find a completely different business idea to pursue. A cousin of mine mentioned to me some serious issues she has at her medical employer who got acquired by someone else -- sounded like there were several business opportunities there.
I apologize for being all over the place here but if someone could give me advice on how I ought proceed, I'd greatly appreciate it.
What I've Learned:
1) Find the person who is authorized to pay you and keep them in the loop no matter what! Even if they're not going to be your end-users.
2) Selling is really effing hard. Even when you're selling something "for free", a lot of people have inertia due to change aversion or whatever, and are thus slow to change their ways even if their existing ways suck.
3) Always assume you have a competitor even if you haven't identified one! Turns out I did have an established competitor but I couldn't find them via a web search because instead of "market survey" they fell under "business intelligence" for my target industry.
4) I've learned a lot of specifics about how to deploy an application to Azure (Microsoft's cloud platform). I've worked with Azure before but not from the ground-up on a new app. Most brownfield development already has the foundation (such as cloud platform) established, and thus a brownfield developer often doesn't have to provision new cloud resources. So this undertaking has been hugely beneficial to my career even if I never succeed in any of my personal business endeavors.
5) I also learned how to create a proof-of-concept/MVP application significantly faster than how I did with this project. Granted, I kind-of learned this from my new day job that I started a few months ago after FTE #6 as detailed in my intro post. I wish I'd been exposed to this knowledge earlier as it might've saved me a lot of time, but c'est la vie. For the technically-inclined, basically, if developing a web application, go about creating your UI first and use a minimal API to return hard-coded JSON data from your API endpoints. Don't waste your time developing a full-blown web API and underlying SQL database until you've got a few potential clients interested. This will help you knock out a prototype VERY quickly that you can get in front of potential clients to gauge market interest.
6) No business person gives a shit about your code quality. As a developer, you should care as you know high-quality code is easier to maintain and change, but don't let this paralyze you and inhibit you from getting something delivered.
7) I used to think I was extremely introverted if not outright antisocial, but several people close to me who've had quite a bit of time to observe me have noted this isn't the case -- they've stated that I have the ability/desire to really understand what people do and take an interest in it from how they've seen me interact with random folks working in coffee shops, farmer's markets, etc. I'm glad these people in my life have helped me realize this as I like to think it'll help me in my business endeavors.
I tend to type a lot because I'm excessively detail oriented, so I'll break down this post into the following sections so that the TL;DR; folks can still jump in and hopefully respond where they seem most interested.
-My Product
-My Roadblock
-Potential Courses Of Action
-What I've Learned
My Product:
As eluded to in my intro post, this post is about my MVP product (and a roadblock I've encountered with it) that I've created to address a need I saw going unaddressed. My product is essentially an online market survey tool. Parties join the app, then can see each other's market data. This eliminates the need for their employees to play phone and email tag with multiple market participants every week. This process as it stands now (if they're not using my competitor's product; more on that shortly) wastes about an average of half a day if not more of an associate's time. My app will drastically reduce that. But in order for the product to be valuable, I need to get users on it first. Anyway, I built this product after collaborating with one of these market participants (seeing them as a likely customer) that I saw was using a very subpar solution. But when I first started out, insofar as I could tell, I had no competition. Unfortunately, after 1.5 years of work or so (I could've done this admittedly much faster had I buckled down and focused harder; blasting through the desert of desertion) and having the MVP ready and deploying it to production a couple months ago, I discovered that I do indeed have an entrenched competitor who makes a pretty solid and more mature product (though not perfect from what I've been able to gather).
My Roadblock:
And to make things even better, my market participant partner who helped me with the design of my product, is now using my competitor's product. I've spoken to four other market participants in the area, and at least two are using this competitor's product as well (despite me thinking I was going to have an initial immediate market size of about 25 participants judging by the subpar solution I saw folks using (total addressable market however is probably somewhere in the order of 50,000+)). Anyway I'm not mad at the partner participant -- I understand it's just business, although I will say I'm pretty annoyed with the situation and am feeling pretty despondent/demotivated over continuing this thing; not sure if I can compete at this point. Turns out, I should've gone after this market participant's ownership instead of just the participant themselves, because that way, the ownership (the people who'd have the power to actually pay me and the ones dictating that the participant use this competing product) would've at least been aware of me and what I was working on, so that'd at least give them pause before deciding to go with the competitor's product.
The major roadblock I now see with my product, is that if I were to somehow push this product and somehow get some folks signed up on it, if they encounter another market participant with the competing product, whose product wins out in that transaction? Both products allow market participants to share their market data, but if my client sends a share request out to a non-client, or vice-versa, I'm afraid that my product will lose its value proposition because with two competing products, people may well be back to playing phone tag and email tag like they were already doing with this subpar solution (a shared Excel spreadsheet that anyone can edit).
Potential Courses Of Action:
1) Should I even bother trying to push the product still? I've only spoken with five market participants so I imagine a lot of folks will say "that's not nearly enough data to get a market sentiment". Out of the five I've spoken to, I had one participant who wanted a demo but then had to cancel and we have yet to reschedule. Three are using my competitor's product. Another expressed some initial interest but was going to forward my outreach to her boss and they'd let me know if they were interested in a demo. I have yet to hear back. Also, these people are end-users, but they're not the ideal customer because they don't have authority to pay me. I'd have to find some way up their chain of command so I can speak with someone who actually has the power of the purse. I'm not really sure how to do that.
a) A friend of mine who owns his own successful business said I should compile a list of 1000 small to medium sized market participants, and start going through the list to try and demo my product to them and get folks on it as he said small and medium size businesses have a different mindset when it comes to increasing their more entry-level employee's efficiency than big companies. I'm open to the idea but I'm concerned about The Roadblock.
b) An additional value-add to my product that my competitor doesn't have that I've been tinkering with, is essentially creating a targeted web crawler (which is how search engines like Google work; a program that crawls through websites following all links and indexing the information) to aggregate market information from available sources to use as an integrity check against what people were reporting in my system. My competitor doesn't have this. Also, if I were to do a good job of this, if my product doesn't sell -- this specific value-add feature/benefit web crawler may well be able to stand on its own, and be of value to my competitor. In other words, I could potentially sell it to them if I could find my way in the door to do so.
2) Find a completely different business idea to pursue. A cousin of mine mentioned to me some serious issues she has at her medical employer who got acquired by someone else -- sounded like there were several business opportunities there.
I apologize for being all over the place here but if someone could give me advice on how I ought proceed, I'd greatly appreciate it.
What I've Learned:
1) Find the person who is authorized to pay you and keep them in the loop no matter what! Even if they're not going to be your end-users.
2) Selling is really effing hard. Even when you're selling something "for free", a lot of people have inertia due to change aversion or whatever, and are thus slow to change their ways even if their existing ways suck.
3) Always assume you have a competitor even if you haven't identified one! Turns out I did have an established competitor but I couldn't find them via a web search because instead of "market survey" they fell under "business intelligence" for my target industry.
4) I've learned a lot of specifics about how to deploy an application to Azure (Microsoft's cloud platform). I've worked with Azure before but not from the ground-up on a new app. Most brownfield development already has the foundation (such as cloud platform) established, and thus a brownfield developer often doesn't have to provision new cloud resources. So this undertaking has been hugely beneficial to my career even if I never succeed in any of my personal business endeavors.
5) I also learned how to create a proof-of-concept/MVP application significantly faster than how I did with this project. Granted, I kind-of learned this from my new day job that I started a few months ago after FTE #6 as detailed in my intro post. I wish I'd been exposed to this knowledge earlier as it might've saved me a lot of time, but c'est la vie. For the technically-inclined, basically, if developing a web application, go about creating your UI first and use a minimal API to return hard-coded JSON data from your API endpoints. Don't waste your time developing a full-blown web API and underlying SQL database until you've got a few potential clients interested. This will help you knock out a prototype VERY quickly that you can get in front of potential clients to gauge market interest.
6) No business person gives a shit about your code quality. As a developer, you should care as you know high-quality code is easier to maintain and change, but don't let this paralyze you and inhibit you from getting something delivered.
7) I used to think I was extremely introverted if not outright antisocial, but several people close to me who've had quite a bit of time to observe me have noted this isn't the case -- they've stated that I have the ability/desire to really understand what people do and take an interest in it from how they've seen me interact with random folks working in coffee shops, farmer's markets, etc. I'm glad these people in my life have helped me realize this as I like to think it'll help me in my business endeavors.
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