As a young entrepreneur with a rudimentary design for your product, you may be wondering if it’s necessary to build a product demo at such an early stage. Should you approach potential customers with just a basic prototype or wait until you have a more sophisticated design
According to Prasanna Krishnamoorthy, Partner at Value SaaS Catalyst firm Upekkha, a product demo is essential at an early stage of your company. It showcases the value your product brings to the market and helps potential customers make informed decisions.
You don’t necessarily need a fully built product for a product demo. Instead, focus on demonstrating a few key features that customers would be willing to buy. This is the essence of a minimum viable product (MVP), which is a basic prototype with enough features to satisfy early adopters.
A product demo and an MVP go hand in hand. The demo showcases the MVP’s features and highlights the problem it solves. By using customer feedback from the demo, you can refine and improve your MVP.
In addition to potential customers, a product demo is also critical when pitching to investors. It’s essential to give a breakthrough demo that showcases your product’s unique value proposition and potential market demand. Investors want to see evidence of customer interest and feedback before committing their resources.
In summary, building a product demo is crucial at an early stage of your company. It helps you showcase your product’s value proposition to potential customers and investors, refine your MVP, and make informed decisions about your product’s development. Also watch Importance of building Lean features.