Therefore I love the idea of "Build it and they will come". Which works for me to some extend (I am ramen profitable).
But often I also hear the opposite. In a recent Mixergy interview, Gabriel Weinberg suggests investing 50% of your time into marketing. And in his book "Traction", Peter Thiel is quoted with the statement, that more startups fail because lack of distribution then because lack of product.
What do you guys think? How much marketing is enough?
Trust me once you beta launch your product early adopters will give you many useful tips and most important the subscribe button and review of early adopters will give the idea that whether your product is needed in the market and upto what extent and what changes needs to be done
There review will help you to determine the direction of development and they can even help you to determine the reasonable cost of the product(if you ask them for it)
I have made this mistake so please never spent countless hours in development just because you think its needed in the market take the review and idea validation from experts.
That said, could you recommend top 3 such platforms in your experience?
Marketing is not an option - it is a NECESSITY.
Great marketing can propel a mediocre or second rate product to dominance over a demonstrably superior rival(s)- (microsoft, coke , kardashian kids, Im looking at you)... Alternatively, it can serve to unlock the potential of a truly valuable offering (Dyson,google,Star wars, I pad)
I would take your idea one step further: once you have your product up and running, ALL your time not spent on critical maintenance tasks should be spent on marketing until the product is entrenched.
I don't believe you intended to say this, but it read as such. If you think marketing is for the less talented then you've been around the wrong marketers...
* Your growth model relies on virality. (In which case, as long as you have some traffic, that should be enough to test your model and potentially start growing).
* Your growth model relies on SEO (in which case, you should spend time on that, not direct marketing)
* Your growth model relies on referrals. (Think of a contractor who does no marketing himself, he just incentivizes his clients to refer new clients)
* Your business model doesn't rely on user growth (hard to think of an example here, but I'm sure it exists).
But in most cases, you've got to market the product aggressively. Think of how many millions of sites exist (and are vying for your users' attention). Without some effort put into marketing, there's little reason to assume a user will visit your site at all.
That being said, you should do what you're good at. If you feel like the product needs to be marketed heavily (and you don't enjoy that kind of work), then maybe it's worth finding a co-founder who enjoys that part.
For example SEO takes a really long time to kick in. You do not want to build a product and work on SEO, only to realize a few years later after site has gone up in the SERPs that you built something no one wants. A better approach is to run some ads before (and during) you build your product to validate it. Even if the ads are not cost effective, initially it is worth paying for validation.
One of the most effective ways I've found to validate is to put up a landing page with a brief overview of your offering and, explain that you'll be launching soon and ask the user to enter their email address into a Mailchimp-linked signup box.
Then spend $30 on super-targeted Facebook/Google ads for your niche and make sure you ad links to the landing page.
If 25-30% of visitors enter their email address then you're onto something.
I have been part of products that were in all ways were superior to others but failed miserably either from a lack of marketing or a lack of taking care of the clients. But I have never been part of a product that had superior marketing and customer service that failed. Not that I think it is impossible, it is just that you get so much opportunity to succeed that it would take a serious effort to fail IMO.
For so many B2B products, direct sales will beat most other acquisition channels.
In my experience it is all about getting the word out and taking care of the customers you get. Doesn't mean you can ignore the product just that you have to be out focusing on clients more than product usually to get traction. As you scale then the mix gets more balanced in my experience, but still favors Marketing & Customer Service.
You can spend countless hours making improvements but without a user base, you have no idea if they are needed or wanted. Build your MVP, and whilst you're building it, shout about it. Tell everyone. Nobody is going to steal your idea.
Marketing should start from day one and in my opinion be bigger than a 50% split. More like 70% marketing. This will let you streamline your development time and only build things that will benefit your users, and ultimately your revenue stream.
Good luck with your product :)
This is on the right track and I would say that the improvements, iterations and additons to the product should be focused towards the revenue generating users.
It can be difficult to identify this segment, but it is worth the time to do so. Every user will have suggestions for improvement but if the person never intends to pay for the product or only requires the free features then you are wasting your time improving the product for them. This doesn't mean you should ignore the non-paying users, rather you should listen primarily to their suggestions for what the product requires for them to be a paying customer. If you find that a large number of non-paying users would convert to paid if you had X feature; determine the cost and potential revenue of adding the feature.
In my sphere I've seen so many companies over focus on the product and be dismissive of marketing when It's clear they can grow there business cost effectively via advertising.
I've also seen business throw money down the drain trying to buy their way to success and unreasonably overcome the product weakness.
IMO the key is measurement of success/failure with marketing. And balance in product/marketing focus. I read a great book that covers some of this call 'In Search of Stupidity: Over 20 Years of High-Tech Marketing Disasters'.
Think of marketing in terms of trying to get the word out to people who would want to know. How do you find them? What do you need to communicate?
I don't think you should worry about the percent of time spent on X. Set some goals, find some useful metrics, see what you can make happen.
You need all of them (price and place are the other two Ps) to have a successful startup company.
A lot of products fail because the entrepreneur built a product that noone wants.
You'd be better off validating your idea before you spend any time building.
Analyse any existing products in your space and contact your target market and ask them if they want your product and if not, why not. You'll learn so much more doing this than you will spending 90% of your time building. :-)
I'd also add that building a pre-launch presence is essential. The more people you can get to sign up to your email list/social media accounts, the bigger audience you will have to launch to.