How To Develop A Product To Fill A Marketplace Void
When Lioness began as a concept in 2011, very few people were talking about female entrepreneurs. In fact, I could probably name on one hand the organizations who were buzzing about them at all. And even then, they were focused on female founders in tech. It seemed I had found a marketplace void. There was no media outlet solely dedicated to women launching and scaling startups. Journalism – at that point – was recovering from the 2009 recession where reporters were being laid off left and right. Daily newspapers were thinning, and their print editions were competing with their own online platforms. Starting a media company seemed like a risk. The hole I discovered in the digital media market was ripe for the taking, and I felt like we had a unique opportunity to build something special. You see, women are the fastest growing population in the small business community. According to the National Women's Business Council, we open more than 1,288 new businesses per day and last year generated more than $1.6 trillion. However, most mainstream media outlets for entrepreneurs focus on white males. Our mission is to elevate, educate and support female entrepreneurs. We do that by publishing 12 digital editions per year, including daily news at LionessMagazine.com and by helping women entrepreneurs with their unique needs by offering live and virtual events, personal development and business coaching as well as technical assistance.
We produced more than 24 prototypes of the magazine between 2011 and early 2014. We kept improving the layout and brand, and each month we honed our articles and related editorial content until we found our voice. It was important to me as a publisher that we utilize standard Associated Press guidelines for our newsroom. We are not a blog, but a media organization and so we strive to deliver excellence. We've interviewed and have spoken with nearly 10,000 women entrepreneurs. We also have hosted private customer development interviews so we could have candid conversations with our target audience about their needs and their wants.
So, you've found an untapped market. Now what? You still have to validate that it's a void people want to be filled.
How we got started
When we were finally ready, we launched in April 2014. Here are five things that helped me launch my startup and enter the market:
I zeroed in on my customer
Lioness magazine was created to serve women just like me, so that's where I put my focus. What kind of articles would I want to read? What would inspire me? What are my digital media peers not doing? The sooner I was sure who I was serving, the sooner I could focus on their needs.
I launched the freaking thing
I didn't sit around and perfect my idea. I wanted to get my product in front of my target market to test it and validate that women even wanted it. When we started scoring quality interviews and gaining readership, we paused and went on a month hiatus, then came back ready to serve.
I got help
Even though I initially launched as a solopreneur, there was no way I could pump out a digital magazine on my own. People have been quite generous to me – offering discounts, giving me extensions to pay invoices and providing guidance when I need it. None would have been possible if I didn't ask and remain honest about what I needed. When I knew I had gotten as far as I could within my skillset, I accepted that I needed to bring on a CEO that could drive the vision of Lioness, create an infrastructure and lead us as we transition from startup to a sustainable business. Relinquishing myself from that role allows me to focus on what I do best – being a publisher. Enter Dawn Leaks. A certified life coach with a master's degree in communications and an MBA in entrepreneurial thinking and innovative ideas, she had already been working with several women entrepreneurs through her company Woman of Confidence Coaching. Leaks merged our companies under the Lioness banner and cofounded a new Lioness – one that now aims to be the premiere resource for female entrepreneurs.
I wrote out my vision and mission
Putting down the purpose of my startup on paper helped me stay on course when crafting the Lioness brand. Of course, there were pivots we made along the way, but the essence of the company has not changed one iota.
I put myself out there
No one wants to fail, let alone publicly. However, we need to be the face of our brand and get the word out about what we are doing. In the beginning, I was relentless. I emailed universities, entrepreneurs, PR companies, conferences – ANYONE who had contact with my target audience. Out of 100 emails, I would receive 20 responses, sometimes five and other days NONE. The next day, I would get up and send out 100 more. When it comes to entering your market, you must be two things – persistent and consistent. The road will get bumpy; you'll make some bad calls and celebrate some amazing wins. Staying the course will put the odds in your favor.