How to Guarantee an 80% Success Rate with Every Product Launch with Narek Vardanyan from prelaunch.com
Firing The Man · with Narek Vardanyan · May 23, 2023 · 37 min
Summary
This episode offers crucial insights for ecommerce entrepreneurs on de-risking new product development. Narek Vardanyan, CEO of Prelaunch.com, explains how to validate product ideas with an 80% success rate by securing early customer commitment, preventing founders from investing heavily in unproven concepts. This approach saves significant time and capital, transforming how businesses approach innovation and market entry.
Key takeaways
Implement a 'reservation model' to gauge genuine customer commitment for new products, even with a small upfront deposit, instead of relying on surveys or anecdotal feedback.
Avoid founder bias by objectively testing product viability; many entrepreneurs mistakenly invest based on personal attachment rather than market demand.
Recognize that approximately 50% of initial product ideas are likely to fail validation, requiring a continuous iteration process to refine concepts based on early market feedback.
Focus on solving problems that customers are not only experiencing but are also willing to pay to resolve. A common pitfall is addressing unique problems without broad market demand.
Utilize pre-launch validation platforms to identify product weaknesses early, allowing for iterative improvements before full-scale production and significant investment.
On today’s episode we are joined by Narek Vardanyan, the founder and CEO at Prelaunch.com and TCF. At Prelaunch, Narek helps creators and businessmen understand whether their product will have success in the market or not before actually producing it. They have been doing this for more than 5 years and helped over 1000 creators validate their ideas at 80%+ accuracy rate. Narek has recently been featured in popular media outlets such as EOFire, $100 MBA Show, and Bloomberg GETIDA Amazon Ow...
What does this episode say about product & merchandising?
Implement a 'reservation model' to gauge genuine customer commitment for new products, even with a small upfront deposit, instead of relying on surveys or anecdotal feedback.
What does this episode say about founder & leadership?
Avoid founder bias by objectively testing product viability; many entrepreneurs mistakenly invest based on personal attachment rather than market demand.
What does this episode say about conversion & cro?
Recognize that approximately 50% of initial product ideas are likely to fail validation, requiring a continuous iteration process to refine concepts based on early market feedback.
What does this episode say about product & merchandising?
Focus on solving problems that customers are not only experiencing but are also willing to pay to resolve. A common pitfall is addressing unique problems without broad market demand.
What does this episode say about product & merchandising?
Utilize pre-launch validation platforms to identify product weaknesses early, allowing for iterative improvements before full-scale production and significant investment.
