Startups all around the world face a number of difficult challenges to make the journey from
idea to profits. A great deal of imagination, planning and development are key for success, and without these ingredients it is difficult for startups to get off the ground.
There are many different types of problems that can become major obstacles for startups. Here are the top issues:
- Bad timing for the product
- Inability to spare enough resources on an MVP (minimum viable product)
- Unable to find the right market fit
- Creating a product that is not user-friendly
- Do not have the right product vision
Out of the above issues, the one that comes before the others, and has the most impact on the development process, is the last one - do not have the right product vision. Creating a clear and effective product vision can help finding the right market fit for a product, which is essential for any startup looking to break into the market, solve a problem, and become a disruptor. By failing to do this, startups will end up burning money and failing to become profitable.
What is Product Vision?
A startup's Product Vision is a strong, clear, and definitive view for what your new product is trying to achieve.
It is an essential yet simple guide for everyone involved in the creation and development of the product to work towards making the product a success. A powerful product vision unifies your team and leads you in the same direction. It's a blueprint for the overarching goal you are aiming for, and your reason for creating the product.
Why is Product Vision essential for your fintech startup? The fintech industry is clustered with a huge number of startups that believe they will be the next big thing and completely change the way that people manage their money. However, only a small few can manage this, and lots of fintech startups fail to get off the ground and become successful.
All fintech startups need a strong product vision if they are going to be successful - this is non-negotiable. Here are three major reasons why:
- You will give your project a sense of purpose
- You will be able to keep your team focused on achieving its goal
- You will attract the attention of investors and customers
OmegaLab helps fintech startups to develop a clear and effective product vision with a
free advisory service via webinars or online meetings. The range of services that we offer help to give direction, motivation, and structure to fintech innovators who are at the start of their journey.
Our advisory services for fintech startups include: - Product concept development
- Product analytics
- Product vision development
- Product roadmap building
- Mock-up design
- MVP project development
... as well as any other areas that decision makers within the startup would like to tackle using OmegaLab's team of experts.
How to create a clear Product Vision No matter what the business is, there are some key factors that play a big part in the formulation of any product vision. These are:
- Being clear about what problem you are trying to solve
If your product doesn't solve a problem, then it is unlikely that there will be a big demand for it. Every good fintech startup has a product or solution that solves a complex problem in a simple way, and you need to be totally sure of what the purpose is for your product and which issue it is addressing.
- Defining who your audience is
If your product doesn't have a targeted audience, then it will struggle to connect with customers and become a profitable venture. Defining your audience includes understanding their thoughts, feelings, beliefs, habits, and behaviors, and tailoring your product vision to suit these.
- Thinking about what makes your product unique
The only way that your product will become a true industry disruptor is by having one or several unique features that aren't available anywhere else in the industry. If your product is unique, it will stand out from the crowd and create a reputation for itself.
- Anticipating any future problems or flaws
Establishing a fintech startup can feel like stepping through a minefield at certain times, and so when you create your product vision you should try and anticipate any future issues and solve them before you've even created the product.
Naturally, your product vision needs to be achievable, and so you need to be able to visualize the process of how you will achieve the final goal. Enlisting the right team of developers will help you to create a plan and workflow that you'll be able to stick to and arrive at the right destination.