Hi Ben, kudos for building something you believe in.
My first impression is you have to talk to customers more and use face to face interviews.
There is already a market for this kind of product so the issue might be:
- bad targeting. Are you sure you talk to the right people? Who buy this kind of product ? Is the same people buying the product than the one using it ?
- low reach. Conversions can be rare. Have you reached enough people ?
- messaging. Do people really value your differenciation ? Do they understand your message?
- price. Is it too expansive ? Not expansive enough to be credible
- bad channel. How does the other company sell their product ? B2B sales ?
It seems to be you rely extensively on digital marketing to "talk" with prospects. Most of the time, one face to face can bring 10 times more info quickly.
I would also suggest to read the "Test Mom". You may have done customers interview the wrong way
My first impression is you have to talk to customers more and use face to face interviews. There is already a market for this kind of product so the issue might be: - bad targeting. Are you sure you talk to the right people? Who buy this kind of product ? Is the same people buying the product than the one using it ? - low reach. Conversions can be rare. Have you reached enough people ? - messaging. Do people really value your differenciation ? Do they understand your message? - price. Is it too expansive ? Not expansive enough to be credible - bad channel. How does the other company sell their product ? B2B sales ?
It seems to be you rely extensively on digital marketing to "talk" with prospects. Most of the time, one face to face can bring 10 times more info quickly.
I would also suggest to read the "Test Mom". You may have done customers interview the wrong way
I hope this help and wish you good luck