What's the Product Discovery?
It is a process that helps startups refine their ideas by deeply understanding real user problems and then landing on the best way to solve them to get the best revenue on investments ratio.
This package is best for discovering your niche and raising investments.
With our Product Discovery package, you'll be able to outsource your investment preparation to us and just get the data for the investors when it's ready.
We divided all services in this package into 6 steps so you could pay as the results unfold.
What Product Discovery package gives you?
We'll make a preliminary market size assessment to see how much you can earn with your business idea - after this you'll get a fork for how much money there is on this market you've chosen, including calculations for TAM, SAM, SOM market shares.
We'll generate hypotheses about your target audience and how your product can help them - understanding your target audience is important, because to get the revenue, you need to provide the right solution for the right people. You don't really sell heaters to African people, right? Same idea here.
We'll conduct user interviews, search for insights and make a conclusion whether your idea would bring the revenue you want or not - user interview is a powerful tool to find out what people truly think, what they want and how much they'd willing to pay for it.
User interviews include: creating a perfect client persona, searching for people that fit it the persona, creating an offer that would entice them to subscribe for the interview, conducting around 30-50 interviews, transcribing it and then searching for insights and answers "where the money at?".
We'll conduct quantitative market validation based on the user interviews to see how much money you'll really make - using the data we've got from user interviews, we'll be able to create a more realistic expectation for how many people you can expect at the beginning, what revenue levels and what the expected niche grow is.
We'll create a basic MVP so you can start pitching to investors - the next step is to validate all the data we've gathered by creating the most basic, quick and cheap MVP (minimal viable product). With the data that the MVP provides, the investors would be more keen to consider your project.
We'll help you prepare the pitch deck and send it to our group of investors - there are two ways to make a successful startup: it's either bootstrap it, when you pay for the ads, development and etc from your own pocket. Or you can find a business angel or an investor that would cover up to 100% of your expenses. Our pool of investors includes people that already invested in different dating apps and sites, including Happn, CarpeDM, Teamo, Blued and etc.
What are the downsides of the Product Discovery package?
First, within the Product Discovery package, we can't guarantee that you'll lend an investment or that your idea would work out.
According to Unreasonablegroup.com, only 6% of startups raise investments.
With Product Discovery package, we help you raise your chances of getting investments for your dating or matchmaking startup from 1% to that of 6%.Startups, at the beginning of their road, are highly mobile and lenient entities. Creating a new company basically centers on testing hypothesis about "this group of people needs specific XXX because YYY reasons". But not all ideas work out at the end, so startups usually pivot their main hypothesis to work with different group of people or offer a new service, and etc.
For example, Netflix is a great example of an online business pivot. Today it's a well-known video streaming platform, but a few years back they were renting DVDs over mail. But then DVDs became less and less popular and to avoid bankruptcy, Netflix pivoted into streaming services.Product Discovery is a lengthy process. Even with the most optimistic estimates, it takes us 200 hours or around 7 workweeks.
The package is both continuous and high-end work. To complete the entire work of 200 hours, we're charging from $ 10,000. This package entails a lot of work and the work we do in a quality manner.
To successfully raise an investment, your idea's strength plays a major part. Business angels and investors usually look for new, fresh, and disrupting ideas. We can always help you evaluate your idea, but, generally, if you aim only for revenue with your project, investors would not be interested in working with you.
What's next?
If you think we can work together or you have any questions about the Product Discovery package, schedule a call with our Product Manager Alex.
And if you aim to create a passive income revenue stream, you can choose one of our ready-made dating website and apps solutions or contact our Sales team so they could help you achieve your goal.