When you’re launching a startup, one of the most important decisions you’ll make is how you’re going to bring your product to market (i.e – your go to market strategy). There are many different ways to do this, and the right approach for your company will depend on a number of factors, including your budget, your target market, and the features and functionality of your product.
One of the most common ways to bring a product to market is through a process called MVP (minimum viable product). With an MVP, you release a basic version of your product with just the essential features in order to test the waters and see if there is interest in your idea. If there is, you can then start developing the full product with the features that customers have been asking for.
What Is An MVP?
The point of an MVP is to release a product that has just enough features to satisfy early adopters, but not so many features that you’re wasting precious resources on something nobody wants. In other words, it’s better for you to find out if people like your idea, and if they do, be in a position to revise the product based on their feedback before you put in all of the effort to build it.
Depending on how early-stage your startup is, you may choose to release a full beta with a few more features in order to test these waters further. A beta version that is released to a limited audience can help you determine whether or not you’re on the right track and get some feedback from people who are actually using the product.
How Do I Know If MVP Or Beta Is Right For My Startup?
The answer to this question depends on a number of factors, including the stage of your startup, your market, the size of your team, and your budget. If you are very early-stage with a small team or not much capital to invest in developing features, an MVP is probably the best way to go. If you have a larger team and more resources to work with, you might benefit from releasing an early beta with some additional features that will make the product more appealing to users.
No matter which route you choose, it’s important to have a clear idea of your goals and what you hope to achieve with your product. Keep in mind that MVP and beta are not one-size-fits-all solutions, and you may need to adjust your strategy depending on the specific circumstances of your product.
10 Essential Parts of an MVP Go To Market Strategy
When you go with this approach to bring a product to market, there are certain things that are important for you to have in place in order to ensure success. Here are the top 10 essentials:
1) Have a Clear Purpose For Your MVP:
Your MVP should not be released without a clear purpose. You need to have a specific goal in mind, such as gathering feedback from users or validating your idea.
2) Identify Your Target Audience:
Who are you trying to reach with your product? Knowing this will help you determine which features to include in your MVP and how best to market your product to potential customers.
3) Have a Compelling Value Proposition:
Your value proposition is what sets your product apart from the competition. You need to be able to articulate this clearly in order to convince people to try your product.
4) Know Your Competition:
It’s important to know who you’re up against in the market and what they’re offering. This will help you determine how to differentiate your product and make sure that your value proposition is appealing to potential customers.
5) Have a Solid Strategy for Marketing Your MVP:
Getting people to try your MVP is essential if you want to test the waters. You need to be able to reach out and convince enough early adopters in order to get valuable feedback so that you can begin building your product properly.
6) Set a Timeline for Your MVP:
It’s important to have a realistic timeline for your MVP and to be clear about what you expect from it. This will help you make sure that you’re not putting too much pressure on yourself and that you’re taking the time to properly assess the product.
7) Know Your Key Metrics:
It’s important to keep track of the metrics that matter most for your business, such as conversion rates and retention rate. These will help you determine what works best when it comes to developing your MVP.
8) Track Your Progress:
You must be able to measure what you’re doing in order to know whether or not it’s working. This will help with future adjustments and revisions of your product.
9) Evaluate Feedback From Users:
It’s important that you determine how best to use the feedback that you get from early adopters in order to improve your MVP.
10) Be Prepared to pivot:
The circumstances of your product may change as you receive feedback from users. You need to be prepared to make changes to your MVP based on what you learn.
An MVP is a great way to test the waters when it comes to bringing a product to market. It’s important to have a clear strategy in place, and to be prepared to make changes based on feedback from users. By following these essentials, you’ll be well on your way to success. Learn more about how Fidelman & Co can help you with your go to market strategy at www.fidelmanco.com or get in touch at firstname.lastname@example.org today.