Health Tech Melinda Nicci, Senior Adviser, Ariadne Capital
The Good Tech Entrepreneur: Knowing the Customer Perspective
S
o, you have really cool technology, but how is your technology going to be used, and how will you make money? Here, I highlight four essential questions
(there are more, but that is for another time) that you should start to think about if you are going to connect with your customers and make your product work…
How are customers, consumers or medical professionals using your technology?
There are two key questions here which you should think about as an early stage: Who is the user, and who is the buyer? You need to absolutely know who you are targeting, and model your technology accordingly. Obvious, I know, but all too often overlooked. Also, consider that the user isn’t always the buyer. Who is going to actually pay for your product, and why? Are you sure? Be specific!
Where, when and how will your product be bought?
It’s a good idea to think about your customer, and how they will find and engage with your product. Think about the trigger that will be the key motivator behind the purchase. Consumer needs should be at the heart of your product and you need to put yourself in the position of the customer, as all your potential customers have varied hopes, fears, aspirations and doubts. Put yourself in their shoes for a day and figure out what your technology would mean for them.
How will it be used?
Is your product one that will be used as a one-off? Or are you seeking continued engagement? If so, how will it keep people engaged? Have you thought this through? You need to figure out what the motivation to keep using it is, and think about addressing this within your proposition. What kinds of personalities and psychologies are you likely to be dealing with?
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Does this fit with your business model?
You’ve worked out how your technology works and how people are going to use it, but how are you going to make money from it? Even if you don’t have the facts yet, make it clear that you are looking to test them as a matter of urgency. Make sure that your business model is relevant to your customers, and fits in with the way your proposition is being used. Don’t assume that you have full knowledge of your customers’ interests and needs. You run the risk of losing them even before they have bought your product.
These days, people have such short attention spans and you only have a minute to engage with them, if you’re lucky! Therefore you need to make sure that your design is not only functional and easy to use, but looks good.
Finally, don’t be afraid to test at the earliest opportunity, and keep testing! Initially, test with a trusted group of early stage users (eg. your LinkedIn contacts), letting them know that they are early users and that you need their help. Make iterations, pivot, change, develop and learn as you go. I have been around enough start-ups to see that burying your head in the technology and what you believe the market wants is a clear sign of a lack of vision - be open to change and listen to your customer. After all, when you are the customer- you always believe you are right!
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