It's not always easy to develop a product. Building in public encourages creators to share their experience, including the highs and lows encountered along the road, to capitalize on their genuineness. Public product development enables entrepreneurs to connect with their community and audience in the journey.
"Building in public" is the business strategy used by entrepreneurs who want to develop a product or service before it's ready for launch but bring an audience along for the journey. The builders are constantly coming up with new ideas and incorporating helpful feedback to ensure that the final product is good. They eventually provide early drafts of their work and candid updates on their progress.
If you're new to the idea of building in public, you might be curious about who could be interested in joining you on your journey. Public buildings are two-way streets. People often fall into two categories:
First Category: Initially, there are friends and fellow entrepreneurs who study startup stories and are excited to get insights from your successes and setbacks.
Second Category: These are clients who would like to learn about any new advancements in your field.
Building in public creates a solid relationship with clients and a community that supports your commercial aspirations.
So why build in Public?
One of the main benefits of building a startup in public is greater transparency. By sharing your ideas and progress public, you expose yourself to criticism. However you may feel intimidated by this, it also makes you deliberate and more attentive in your choices. Since people can observe directly how your product is evolving, it may help in establishing trust with your audience.
Early feedback is an additional advantage. Engaging the audience in your development process allows you to obtain feedback and inspiration that you would not have otherwise thought of. Your target users should be part of your initial community, along with anyone who can assist you with strategy, execution, or any other area where you need assistance. This can assist you in seeing any problems early on and implementing solutions before it's too late. In terms of marketing and promotion, it may help you in creating a community around your product.
“Authenticity consists in having a true and lucid consciousness of the situation, in assuming the responsibilities and risks that it involves, in accepting it in pride or humiliation, sometimes in horror and hate.” — Jean Paul Sartre
5 Key Benefits of Building in Public
Building in public entails taking a risk, picking up knowledge along the road, and inspiring others to take similar risks. This exercise will assist you in gaining the support of your audience by explaining your "why," or the rationale behind your offering, before moving on to the "what." Some people may find it unpleasant to build in public, yet transparency can help you build a solid connection with your audience and turn viewers into customers and customers into fans.
1. Creates a story that an audience can follow and identify with
Who wouldn't appreciate a behind-the-scenes look like? Building in public offers your audience a preview of how to grab customers' interest and cultivate an engaged following.
2. Builds trust.
From the inside out (to an audience) as well as from the outside in. A business then looks less self-serving and more genuine as a result of this. In addition to keeping key elements of their brand hidden from clients, most organizations keep their business operations secret from rivals. The transparency and intellectual security of any new product must exist in harmony. You prove to all that you have nothing to hide when you open up to people about your successes and failures, strategies and procedures, fears, techniques, systems, and who knows what else.
3. It helps in determining the product-market fit.
You have reached product-market fit when you have produced something that a certain market is willing to pay for. In addition, until you achieve product-market fit, your firm will not be able to generate traction. The problem with product-market fit is that it's hard to find. Thankfully, it is possible to build in public. By letting everyone know about your development, you're asking people who aren't following you as well as those who are to offer their opinions, ideas, and suggestions for improving your product. This enables you to get feedback on your ideas from the people who really matter: those who might purchase your product.
You may make the required adjustments and enhancements to produce something they'll be prepared to pay for using the insights and information obtained from those conversations.
4. Develop your expertise in the field.
It strengthens your status as the expert in that field. When someone discusses your topic, they will automatically link you with it if you are the most well-known member of that community.
5. Attract investors and talented people.
People are more interested in joining or investing in your startup the more exposure it receives; transparency is something that appeals to them in both work environments and company portfolios.
Also Read: Future of Digital Product Development
Does transparency carry any risks?
Thus, when you create something in public, what stops someone from taking your concepts for their own products or services?
The truth is, nothing, really.
Developing in public may make some people uncomfortable because they fear that their ideas, if left unprotected, may be stolen. No matter whether it was created in public, imitations are common when a product or service gains popularity. Still, the way the product is executed and the audience connection the company makes are unmatched to those of any other entrepreneur. Furthermore, since competition serves as proof of the necessity for a certain service, it occasionally works in the best interests of all the businesses operating in that industry.
The successful businessman Arvind Kahl writes about his lessons in his books Embedded Entrepreneur and Zero to Sold. He believes that companies can get to a point when being transparency causes more harm than good, but it all depends on the stage at which the business is at.
However, a successful firm ultimately requires much more than just a great idea. Producing a product is one thing, but promoting it effectively and building a passionate user base are two different things. So, yes, if you're really generous about your ideas, there's a chance that someone will steal them. However, public builders should find that the benefits of audience loyalty and product enhancements greatly exceed that risk.
Examples of Successful Public Building
Growsurf
GrowSurf is a bootstrapped startup that proudly presents itself as an open startup. They support this claim with a wealth of information about their income and key performance indicators, including traffic, users, conversion rate, and revenue targets.
The tale of how they improved their product from version 1.0, a self-described flop with less than $100 MRR, is quite fascinating. It speaks candidly about their early missteps and hardships as well as how they turned the company around to become profitable.
Transistor
Transistor.fm is a podcast hosting platform that encourages public building by using Twitter and their blog to share updates, feature discussions, and customer feedback. Transparency builds trust and strengthens the bond between users and the community.
Clubhouse
Clubhouse is a social networking software that focuses on audio, and it uses social media and blog postings to actively share changes and its strategy. The community is kept interested and enthusiastic about the platform's development through conversation with users and early access features.
So what next?
Developing a startup in public can be an effective strategy to gain early input, establish credibility, and create a product community. But there are drawbacks as well, such as handling negative feedback and controlling expectations. If you are planning to take this route for an upcoming venture then,
With Sketchish as your loyal buddy, start the next phase of your business. We specialize with a wide range of digital services, including software development, branding, digital marketing, digital product design, and quality engineering. Our committed team of professionals is prepared to advance your ideas as you cross the complex terrain of the digital age. We at Sketchish are strategic partners dedicated in your success, rather than just service providers. Allow us to create innovative solutions that are specific to your needs so that your journey is not only thrilling but also characterized by unmatched success and progress. Sketchish is the starting point for your digital future, where innovation and quality meet.
