Can Building an Audience First and a Product Later Work for Startups?

Typically, startups kick off with an idea, develop the product, and then strategize their go-to-market plan (the "what" of the business). The conventional product development process is often based on assumptions, with users left out of the equation initially. It's common for startups to seek user feedback only after launching the product.

Achieving product-market fit is essential for success, but it's improbable that it will happen on the first attempt. Identifying the right problem for the right customers is challenging and often requires a team to rely on experimentation to find the ideal product-market fit. Marketing can be expensive if not executed correctly. Spending a disproportionate amount of money on user acquisition can drain your resources and jeopardize your entire business. So, what's the solution?

One approach is to focus on building an audience before embarking on full-fledged product development. For example, the popular game Pokémon Go released a viral video before launching the app. As your audience connects with you, not just your product, they are more likely to embrace an early-stage product.

This approach provides room to iterate your product and receive real-time feedback from the audience. It's an effective and leaner way to find the product-market fit without making substantial upfront investments. After all, every business needs a loyal audience (users, consumers, or clients) to thrive, whether before or after launching a product. So why not try building an audience first and a product later?