Found product market fit in the events industry for Reach

VENTURE DESIGN

The challenge

Two entrepreneurs with a strong network in the entertainment industry wanted to build a digital platform to add value either in the clubbing or events space. They had a general direction but did not have a target market or product.

Before investing in tech development, they wanted to understand how to minimise risk through understanding customer behaviour and identifying the largest pain points to solve for.

They also needed a product specification to test with customers and gather more feedback.

The solution

In an intense four week project, we identified a customer base in the events industry with a significant unmet need. We handed over detailed wireframes for a platform solution that we had tested and improved through multiple rounds of user testing.

The target market and prototype enabled the team to further explore the service offering and gather more feedback to use in iteration of the solution. They started operating without building a platform in order to gather more information and test the viability of the business.

Market analysis

We conducted desktop research to develop an understanding of the distribution and spend propensity of the various categories of user. This enabled us to focus on key customer groups to uncover priority pain points to solve.

Qualitative interviews

We mapped all the participants across live music events and super night clubs. We then conducted interviews with stakeholders in the night club and events industries enabling us to map detailed Customer Journeys for the participants. These allowed us to identify unmet needs, and pain points.

Ideation

With the ground work in place, we conducted a day long ideation workshop to generate an extensive list of potential solutions for the identified participant pain points. Solutions were assessed for financial viability against our map of industry profit pools. This allowed us to prioritise a short list of highly desirable and commercially viable opportunities to address.

Prototypes

We tested low fidelity prototypes of the short listed options with a range of market participants. This allowed us to quickly focus on the most compelling opportunity. We rapidly improved the fidelity of our selected prototype through an iterative process of multiple rounds of user testing and integration of lessons learned into each consecutive round of testing.