Catching up with the Product Team: Failing Forward

One of the Tech Club’s three goals is to build the key skills that will make our members successful in the Tech sector.  Since many of our members are interested in Product Management and Start-Ups, we decided to start our own Product Team.  The goal?  Go through the entire product development process from identifying pain points to testing hypotheses to prototyping to launching a product.  In our last update, we had arrived at five different hypotheses to address two different pain points.  Since we don’t have the resources to build all of them, we needed to figure out how to test the concepts for user acceptance early on in the game.

The First Concept

Our first concept was a service you could check before leaving the house that would remind you of what you needed to bring with you.  It would adapt to your preferences and to current trends.  This would address the pain points of being unprepared as well as forgetting things when you come home since you could cross-reference the list to see what you brought before leaving your location.  We felt very good about the value and confident that people would be interested but wanted to make sure.

Defining Success

While we were confident that people would see value in a product like this, it would not be enough for them to be interested, we would need them to demonstrate a willingness to take meaningful action.  Ultimately, we determined that users could demonstrate this by adding their emails to the Beta list so they could be the first to try the app when it was ready.  If we could get even a few people to give their emails, we determined, that would be enough of a token of interest to be worth pursuing a minimum viable product.

Testing the Concept

In order to collect email addresses, we built a simple landing page on our website explaining that “ForgetMeNot” is an app currently under development that reminds you of what you need and learns your preferences so you never leave the house unprepared.  It contained an embedded Google form to collect emails.  While we have seen a substantial increase in web traffic, it would not provide enough organic traffic to give us a good indication of interest.  As a result, we ran a $25 Facebook ad campaign to drive young urbanites to our page.  The ad would run for five days.

ForgetMeNot

Interpreting the Results

After a little over 5000 impressions we had a click through rate of 0.55%, representing a cost per click of $0.86.  While this is not up to par for agency ads, the CTR is actually above the average for external site ads, but the CPC is more costly.  Still however, taken alone, these results seemed to suggest that ForgetMeNot had similar appeal to existing and successful applications currently on the market.  There was one more step though, would people take action by adding themselves to the Beta list?  Of the 29 people who clicked our ad, only one took this action.  That represents just 3.5% of our clicks and a miserly .02% of impressions.  Viewed in this light, the foundation for pursuing this idea further simply does not exist.

Failing Forward

While the results were disappointing to a degree, they are also extremely exciting.  For $25 and no development, we were able to get a good handle on user demand and pivot to the next idea without wasting time or money.  With 4 more ideas left to test, we will continue to move fast and fail forward!

 

David LoVerme is a 2nd Year MBA at Boston College and the President of the Grad Tech Club

 

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