Kilo Health, Europe’s second-fastest-growing company, shares important strategies for startups to assess product market fit in the competitive digital health industry. By identifying market needs and measuring pre-launch key performance indicators, startups can optimize their products and increase their chances of success.
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Kilo Health, the second fastest-growing company in Europe, has unveiled key insights to help startups navigate the competitive digital health market.
“This is especially beneficial for those operating in the ever-growing digital health industry, which is predicted to reach a market volume of $275 billion by 2028,” says Juste Kulikauskaite in a press interview.
The digital health and well-being company has provided two key strategies for assessing product-market fit during the crucial idea development stage.
#1 Find a Problem That Needs Solving – And Solve It
Meeting consumers’ needs is a significant factor in product success, shares Juste, who emphasizes the importance of identifying market gaps or unmet consumer needs. To determine demand, startups should invest time in understanding their target audience’s pain points.
Methods such as developing prototypes, conducting surveys, testing social media engagement, and encouraging newsletter sign-ups can provide valuable feedback. Based on this information, startups can optimize product features, design, and usability to meet consumer needs effectively.
#2 Measure Pre-Launch KPIs
Before launching a product, Juste says it’s crucial to gauge consumer interest. Pre-orders and crowdfunding campaigns are effective strategies to generate early financial commitments from the target audience.
“This approach is particularly useful in the digital health industry, where new technologies such as AI and virtual reality are constantly emerging,” shares Juste. Pre-sales provide an opportunity to gather quantitative feedback through key performance indicators (KPIs). This shows whether their product could be a hit within the target market and gives creators plenty of time before launch day to make changes to the product’s features or pricing.
For example, Juste says businesses may track conversion rates right through the sales funnel, starting from their website or landing page to that final purchase. They could also measure lead conversion time, profit margins, customer acquisition cost, and revenues per customer.
#3 Understand That Things May Not Go As Planned
Meanwhile, Kilo Health also highlights the evolving nature of product development. Due to consumer feedback and further research, the final product often differs from the initial concept.
“By gaining feedback from consumers, conducting further research, and fine-tuning features, the product is likely to evolve as you go. With 95% of new launches failing, taking a good amount of time to complete this process is essential for testing your ideas early on and ensuring that they become the best fit possible for your target market,” says Juste.
Those who want to know whether their business idea will be a hit or a flop may check out how Kilo Health’s innovative Co-found Program helps budding entrepreneurs predict product success on the Kilo Health website.
About Kilo Health:
Kilo Health is a leading digital health and well-being company based in Vilnius, Lithuania. Recognized as the second fastest-growing company in Europe, Kilo Health is dedicated to developing innovative solutions that enhance health and wellness.
Contact Info:
Name: Juste
Email: Send Email
Organization: Kilo Health
Website: https://kilo.health/
Release ID: 89135045
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