Discovering the fitting product market match on your startup or small enterprise typically appears like attempting to find the holy grail. However I’ve realized that market match is much less of a magical second and extra a few journey of readability.
Life After Me is a brand new Dutch startup that I launched in September 2020. We’ve got the mission to allow folks to depart behind all that issues. A couple of years in the past, I attended my uncle’s funeral which was not on par with the persona of my uncle who abruptly handed away.
The wake after the funeral was very unhappy and quick and I’m certain he wouldn’t have wished it. Whereas talking about my wrestle, I discovered that many individuals have skilled related moments and actually like the thought of a protected and intuitive digital resolution 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 necessary paperwork and create notes that shall be shareable with their family members (so-called Buddies) once they go away. We raised cash from family and friends and launched the service in September 2021 with a social media marketing campaign that received a variety of likes and followers.
Why Our Product Didn’t Match
Guess what? No one subscribed.
We thought that it couldn’t be can’t be the product (naively), so it should absolutely be the market that doesn’t perceive the worth but. Subsequently, we intensified our advertising marketing campaign and made modifications based mostly on the learnings from social media. Personas have been created from intel derived from digital campaigns and advertising brainstorm classes. 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 getting old and longevity vertical, led by Dirk Schyvink, the questions requested made us lastly return to the drafting board. Additionally, did we not study sufficient from Eric Ries (The Lean Startup)—the market tells you whether or not your product is true.
Discovering a Marketplace for Our Product
We labored relentlessly to finetune the service and made the pivot to deal with B2B2C partnerships. We method life Insurance coverage firms, funeral providers, and healthcare organizations as a substitute of a common shopper.
Our mission stayed the identical, however the product and advertising method modified. Our finances, 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. Fortuitously, extra capital was raised from angel buyers, which additionally enabled us to extend the workforce and conduct market analysis.
Our analysis confirmed that there’s a wholesome urge for food for the Life After Me resolution, however there are issues surrounding belief, safety, and the assumption that individuals will reasonably manually accumulate their autopsy treasures reasonably than pay for an app. Subsequently, cooperation with trusted companions equivalent to banks and insurance coverage firms was the fitting course to comply with. Monetary providers suppliers are on the lookout for digital innovation and enhancing their prospects’ 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 through Plant-for-the-Planet, a United Nations initiative.
We as a workforce genuinely wish to do good for society and nature, however this additionally works within the enterprise’ favor when it comes to including extra trustworthiness. With these partnerships and extra artistic advertising the social media technique, subscriptions are considerably rising and sources for advertising, gross sales, and IT are growing.
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, consider in your mission and imaginative and prescient and work relentlessly to make it occur. Most significantly, nonetheless, keep agile and study 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 grow to be a part of your journey and ask them for assist the place wanted. Numerous persons are prepared to assist new entrepreneurs with revolutionary 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 could find one thing even better—a product that makes a distinction.