Understanding the Needs
I want to understand her problems first to find a suitable solution for Laura. I already have some problem hypotheses, but I want to ensure I cover more and get inspired. Although the generated problems are mostly the ones I was thinking of, ChatGPT confirmed that there are a couple of big problems to solve, such as “I believe that Laura might struggle with identifying the right target audience for her product.”
I first seek existing research data with Bing since ChatGPT3 does not provide the latest data. Bing Chat or ChatGPT4 with web access can provide up-to-date information, hence overcoming one of the main ChatGPT3’s limitations.
I ask Bing AI: “Is there any research that shows that startup founders struggle with finding the right market.”"Yes, research shows that startup founders struggle with finding the right market. According to an article on Forbes, the first and arguably most important challenge a startup founder faces is the discovery of a real market need. Building something nobody cares about is arguably the biggest mistake a startup can make. An examination of startup failures revealed two common mistakes by founders: failing to engage the right stakeholders and rushing into an opportunity without testing the waters first."
As part of my market assessment process, I wanted to ensure my hypotheses' validity, so I conducted 10 interviews with individuals who fit my target persona. I recorded video interviews with each participant to capture all the valuable insights.
To simplify the task of transcribing and organizing the data from these audio interviews, I used Whisper
, which accurately transcribes audio into text. What’s impressive about Whisper is its ability to transcribe the audio into multiple languages, making the content more accessible and widening its reach.
Once I had the transcriptions, I used ChatGPT to analyze the size of the problem. First, I store the transcript in a new chat and then start asking my questions based on the problem hypothesis."How many times did my interviewee refer to the problem hypothesis "struggle with finding the right market? On a scale from 1-10, how big is the problem for my interviewee?"
Now, I want to create some solution hypotheses to this problem.Creating Solutions
Among the problem hypotheses I validated was the belief that Laura might struggle with identifying the right target audience for her product.
Now, I want to create some solution hypotheses to this problem.
Again, I use ChatGPT as my virtual co-founder to get additional ideas. The answers are pretty much what I’m doing today, such as Data-Driven Consultancy, Workshops, Online Courses, and Mentorship Program. Although it seems evident in that case, it might help create more hidden solutions to challenging problems. I made my choice and want to test this idea:Mentorship Program: Establish a mentorship program where experienced entrepreneurs guide startup founders through the process of identifying and understanding their target audience. This could involve regular check-ins, brainstorming sessions, and practical exercises to help Laura and others like her refine their audience identification approach.A Compelling Value Proposition
The value proposition is one of the most critical elements in building a successful startup and product. It’s often the first thing potential customers see or hear about your offering, even before you have a product. If your value proposition doesn’t resonate with your target audience, they’re unlikely to become customers.
To get there, I want to understand the most attractive benefits I can provide my buyer persona to stand out from the competition.
Based on my selection “Mentorship Program,” ChatGPT defined the following benefits:
- Guidance and Support
- Personalized Attention
- Network Expansion
- Skill Development
- Risk Mitigation
- Building Confidence
Together we use the Kano Model to assess those benefits:Now, help me assess those benefits and pick the ones where I can stand out using the Kano model.
The ones that stand out the most are:
While Guidance and Support and Personalized Attention are “Must-Be” qualities — benefits I need to deliver.“We help startup founders like Laura to mitigate potential business risks and expand their professional networks by providing a personalized mentorship program enriched with unique networking opportunities and experienced guidance to avoid common pitfalls.”
- Network Expansion: The opportunity to expand her network is a potential bonus but not necessarily an expected part of a mentorship program.
- Risk Mitigation: While this is a great bonus and could help Laura avoid common pitfalls, it is not an expected outcome, making it an attractive quality.
That makes sense, right? But now very catchy, yet. So I want ChatCPT to create a compelling tagline plus three USPs based on this value proposition.
Run a Demand Test
- Tagline: “Empowering Startups: Navigate, Network, and Negate Risks.”
- USP 1: “Navigate Your Path: Personalized guidance from experienced entrepreneurs to help you steer your startup confidently, focusing on areas that matter most to you.”
- USP 2: “Network Expansion: Unique opportunities to connect with a wide range of industry professionals, helping you create valuable relationships and open up new possibilities for your business.”
- USP 3: “Negate Risks: Learn from those who’ve been there. Our mentors guide you to foresee and mitigate potential risks, saving your startup from common pitfalls and helping you make informed decisions.”
In the quest to gauge market demand, my Value Proposition served as a stellar compass to construct an engaging landing page with Mixo
. The journey was anything but arduous — with ChatGPT by my side, I managed to amplify the visual appeal and inject more punch into the copy within a mere hour.
Thanks to ChatGPT’s creative prowess, my tagline and unique selling propositions now boast a polished sheen, prompting me to integrate these improvements into my landing page.
Geared up to ignite a test and drive traffic to my landing page, I crafted riveting ads with AdCreative
. I ensured that the chosen promotional channels harmonize perfectly with my persona’s predilections, setting the stage for a highly targeted campaign.
Now, I setup up the campaign and let it run. My sights are set on two ambitious yet attainable goals: soaring beyond a 10% conversion rate, aiming for the 20% mark, and rallying a robust subscriber base of 200 during the testing period. Full steam ahead!Final Thoughts
Leveraging AI tools accelerates validating an idea, particularly when you’re a solopreneur craving a virtual co-founder. However, it’s crucial to remember that the essence of product building lies in its human element — your audience. Engaging in conversation with them is not merely a task but a necessity. This integral part of idea testing is labor-intensive and, by its very nature, remains a craft that requires diligence and patience. Even in a world that’s increasingly automated, the art of understanding human needs and preferences remains a hands-on endeavor.