Considering outcome of Market research

How to build a right product? Consider the outcome of market research before developing a product plan, it defines what to be developed. We will understand the demand and scarcity in the market, prioritization of the features and customer readiness to buy. Pricing is another important parameter which can be derived from the market research. Pricing can help budget allocations and planning the resources.

How to build a right product which will be market fit, which will have a great market share, which can have more customers? To build a deadly product below important points can’t be ignored.

The features not to be included

It is important to be aware of features which are not be included or least prioritized. Why is it important? Understanding the features which are not useful, which doesn’t add value to the product, which are not vouched by the customer would help to not to kill the time and burn the money at wrong place. Eventually, the features that are important won’t be built. I would suggest the profound RICE method for the prioritization.

Reach: If the feature is built, how many customers are ready to use.

Impact: The impact of the feature that can add number of customers and significant return on investment.

Confidence: Product Manager and the team’s gut feeling based on their functional and technical knowledge.

Effort: The time which will be taken to build the feature.

How to build MVP

Building a minimum viable product (MVP) is essential to save time and understand the market before concluding all features in the roadmap. MVP is the best way to measure customer acceptance and market need. Any business has to understand how important is to gain first customer and market need. These two factors have to be identified as soon as possible to for a successful product. How is it possible? There you go, MVP has to be launched to understand the market need well in advance and gain few customers to build the confidence before launching the product.

To me, the objective behind Agile methodology is to build MVP , building smaller pieces will find the ambiguity at the earliest possible stage to fix. If we find them in the later stages, fixing them costs much higher than early stages.

Time to market

For instance, a person is thirsty, he/she needs water to drink which can’t be delayed or postponed, eventually, he/she find a best possible way to find water or a soft drink. Similarly, customer find a best possible product available. Many businesses are in the rat race and many are getting incubated everyday. If your product is not available to fulfil the customer need at the earliest, you have to take a back seat and get ready for a low market share. Consequently, the time we take to launch the product is another deciding factor in business. Time to market is another important fact which can’t be ignored.

Constructive roadmap

• 

• 

What is a roadmap? What to be built and when not to be built? It is very important to understand the dynamics. The art of constructing a roadmap is depends on prioritization, customer need and the budget. The outcome if constructive map can define the product performance, how is it possible? you may launch a unique feature before your competitor, it could be a game changer. Leveraging the maximum resources available to introduce great features is the intelligence of constructing an effective roadmap.

Desperate about features

Sometimes desperateness would delay introducing the market. As we discussed Time to market is crucial than desperateness. Let me explain my personal experience. I used to have a food tech some time ago, I was so desperate to deliver food in a customized tray with my brand which was made with polypropylene material, it is microwave safe. It had sucked my 3 months of time to go to market, the reasons including my research and manufacturer delay. The delay caused to grab a less market share. Consequently, be wise when you are desperate about features.

Copying the competitor

As I said in my earlier articles do not waste your time to copy the competitor. you will lose yourself to inject uniqueness to the product, you will forget to think eventually, the product will fail.

Another article you may like