So you are nearing the completion of your first MVP or subsequent Product release.
You’re feeling fairly pleased with yourself because your product is technically excellent AND it solves a real problems which the industry has been grappling with for some time. You know this because you are a domain expert.
It feels like you have an open goal ahead of you, you just need to ship the product to customers and then money will start to stream into your bank account.
It would be nice if it was that simple, but unfortunately unless you are fully prepared and avoid a myriad of misconceptions, your product might get some Early Market success but has a remote chance of establishing a sustainable market for itself. Taking Products to market needs to be a very deliberate process!
It’s can be very difficult switch focus from a Product focus to a Market focus. Very few people are good at both. Indeed most founders haven’t fully though through their all of the aspects of their Go-To-Market strategy, which will put a lot of undue risk on the success of their product.
With this in mind, I thought it would be helpful to provide a list of some of the questions I ask my clients, when I am helping them with defining their Go-To-Market Strategy.
I think it will make intuitive sense, why I am asking such questions. Bearing in mind that most products can serve multiple market segments
1. Which of these market segments should I target first? Which one do I select as my initial target market?
2. Which one gives me the greatest chance to gain a sustainable market position in a short timeframe?
3. Do customers in this target segment have a compelling reason to buy my product in its current form?
4. What existing market forces can I leverage to drive the product into the market?
5. What market & sales channels do I need to use to, throughout the product adoption lifecycle?
6. Can I access these channels?
7. What assumptions am I making with the Go-to-Market strategy I have in my head?
8. How am I going to test each of these assumptions before scaling the business?
9. What partnerships will I need to form to get the product to market in a meaningful way?
10. How do I position my product with respect to a sea of other products & services in the ecosystem before taking my Product to Market?
All very poignant questions. Unfortunately, they are just the tip of the iceberg, in total there are probably more than 100 additional questions founders need answers to before getting to the crux of what an appropriate go-to-market strategy looks like.
If you have a project you’d like to discuss and have analysed, drop me a line email@example.com. Happy to do a 1 hour free consult to fully understand and relate to your circumstances.
We specialise in Software-as-a-Service (SaaS), Mobile Apps but can do other types of product as well including Digital Marketplaces.