Many potentially great businesses fail because, while they have an incredible product, they don’t know how to introduce it and scale it in a market that doesn’t currently exist. Figuring out how to reach customers and crack the product-market-fit remains one of the hardest parts of scaling a successful startup. When other similar or better products from competitors inundate the market, what determines a business’ success is a close correlation between the Product, Team and Market.
It’s critical to have a product that creates significant value for consumers, and offers real value or a new experience – sometimes even solve a problem that customers don’t know exists. This, combined with the right talent and market orientation, play a pivotal role in determining the success rate of a business. However, it’s easier said than done. Even the most iconic brands of our times have gone through this process of research, trial-and-error and several failed attempts before becoming a product that everyone admires.
Consider MakeMyTrip, India’s largest online travel company. When MakeMyTrip’s Deep Kalra decided to transform the way India travels, back in 2000, Indian consumers were not ready for ecommerce. No one was even buying a needle online. Travelers were wary of sharing their card details on a website and were heavily dependent on their neighbourhood travel agents to make the best travel decision.
What started with “letting consumers choose and make their travel choice”, soon turned into a valued product – planning trips for thousands of consumers. So, what did MakeMyTrip do to reach where it is today?
Hear Deep Kalra talk about how he created, grew and perfected a product in the market where no one bought online – only on Building It Up with Bertelsmann. From building the right product to hiring a star product manager and hacks to deal with competition, Deep has shared it all.
Building It Up with Bertelsmann is India’s first growth focused podcast. It features honest, candid and to-the-point conversations on entrepreneurship and growth-pangs of start-ups. Listen to leaders of the start-up community share what goes behind taking a company from 10 to 100 and how to solve some of the biggest growth challenges.