Entering a new market can be difficult for any business. With poor execution, success is unlikely to be obtained so its important to make sure that the steps taken count.

The framework we typically recommend helps to market and sell technical software products by focusing on the value provided.

Value can certainly be expressed through a simple product announcement, but this approach rarely works. The best way to demonstrate value is by providing a tangible product that your users can begin using immediately. The shortest way to reach this point is through the utilization of a MVP (Minimally Viable Product).

Some businesses fall victim to the belief that the only way to be successful and attract visitors that convert into customers is by delivering a product with every bell and whistle available. It would be hard to argue that features don’t make or break a product, but you’d be surprised at the amount of features needed to provide value.

This is where the MVP excels. A MVP is able to being immediately providing value to your customers by meeting a specific need that they may have. By focusing on a limited set of features, the development team can ensure that tasks are executed more accurately with the biggest return provided.

The key steps to executing a successful MVP are:

1. Research – Identify the trends, needs, and direction of the market that you’re trying to enter.
2. Listen – Interview prospective users to uncover what need they are trying to satisfy the most for the respective market.
3. Translate – Map the product features that are able to deliver the highest ROI with the lowest LOE.
4. Execute – Implement the functionality that delivers the optimal value derived from step 3 above.

Nothing can be more disheartening than sinking a ton of time, money, and energy into a product that ends up going nowhere. By focusing on delivering a MVP first, you can help avoid this pitfall, or at least greatly minimize its likelihood of occurring, by testing the waters first. Let the response of your users determine the direction that your product roadmap goes.

Do you have an idea for a product that you would like to review? We’d love to discuss your idea and determine how we can craft a MVP that aligns with your vision.