When building your product, it’s important to get off the ground correctly by finding your first customers, gathering customer feedback and shipping your first minimum viable product. Once your product has launched and your market is enjoying what you have to offer, there is an important approach to take to ensure you’re staying relevant, satisfying your customers and enhancing your product to continue adding value. Today, I’ll run through the approach of what I refer to as the Lean Startup Loop.
The foundational principles of commerce have existed since a time long before any of us can most likely remember. The basic principle of “You have something I want. What would you like in exchange for it?” is one we take entirely as a given in today’s society. Spending my days focussing on eCommerce (humanity’s latest branch of commerce), I spend a significant amount of time dissecting the smaller details of this base principle. One such construct is the steps of the interaction; from desire to exchange.
Several weeks prior, I met with the head of a venture capital firm who focus largely on African markets. While discussing the differences between the various markets in central and west Africa, the concept of “buy now, pay later” was discussed. This sparked a series of thoughts on the topic and how we can leverage this principle to create a more pleasant purchasing experience for our would-be customers.