For this episode, Mike´s guest is Nick McEvily a product leader and a startup advisor who has raised over $40 million for tech ventures. They discuss why so many startups fail and how to stop that from happening. Including why so many startups inadvertently end up building a product that their customers don´t want.

Nick shares the validation methods, human-centred design, rapid product testing, de-risking and pre-sale strategies the startups he works with use to ensure that they build exactly what people need and sell it in huge numbers.

KEY TAKEAWAYS

Even good products fail if they are not a good market fit and are not tested early enough.
There is no replacement for knowing your customer. That means truly listening and never assuming you know what they want.
Invest in your research, interview your target customers and be prepared to reward them for their time. Nick explains how to find them and capture what you need to know.
Pay close attention to the language potential customers use to describe your product and mirror it.
If you can´t find people to interview about the product you are planning, you have to ask if there is really a market for your idea.
Initially, use LinkedIn for outreach and to start to get your outbound marketing language right.
You need to use pre-sales, but the people who buy then may not be fully representative of your main customer type.
The validation process should be kept going indefinitely so you continue to gain insights into what your customers truly want.
Understand your risk profile. If it is too high your product may not be viable. Nick explains how to check for this.
Mastering tech is a lifetime task.

BEST MOMENTS

00:20 "The brutal reality is that most products aren't failing because they are bad. They are failing because they weren't tested early enough"

8:38 “As a designer and a founder myself, I'll never outsource talking to my customers."

13:08 “The first litmus test for a founder is finding their product market fit."

15.35 “How will you sell it if you cannot find people to talk about what you're planning to sell?”

19:00 "Ultimately, to move this thing forward, you need compartmentalised skill sets …. departments that all have their own specialities."

33:53 "You need Google Search Console and Google Analytics plugged into your site map, your landing page."

41.51 "The market product fit analysis is never finished."

47:20 "The risk profile is too high if it takes a long time to find the talent you need."

57:35 "You got like, 10s of millions impressions on the game when it went live with your go-to-market campaign, and then you got hundreds of 1000s in the first week or so."

ABOUT THE GUEST

https://www.nickmcevily.com

https://www.linkedin.com/in/nickmcevily

ABOUT THE HOST

Meet Mike, a seasoned tech entrepreneur and visionary with over two and a half decades of invaluable experience in founding and scaling successful tech start-ups. Mike brings a wealth of firsthand knowledge, and a deep understanding of the challenges faced by entrepreneurs and tech professionals.

As a host, Mike is dedicated to sharing actionable insights, strategies, and stories gathered from conversations with industry leaders, innovators, and experts. With a remarkable ability to distil practical wisdom from guests, Mike curates engaging discussions that resonate with both aspiring entrepreneurs and seasoned professionals.

Why 1000s of Startups Fail and How to Make Sure Yours Doesn´t with Nick McEvily

Mastering Tech Growth