Sep 03, 2018

Now that we have really dived into the product features and interact in a real way with the market with our minimum product that can fully the buying objective for our target customer. We have found the following; we found that failing is a good thing and that it is through small failure sometimes daily we really build and develop the product to the target customer specification; We found that getting started now with  testing and experimentation is a good thing, as we will never want to waste precious time building the perfect product we think; And we found that getting out there as early as possible  to start building invaluable experience in the marketplace is very important. 

After all the great data have been collected, it is time for us to go back to our canvasses and review our product offering and making all the necessary change quickly. Let us just say here, that while we are doing all this testing and experimentation with the MVP, it is a real product and is making some revenue. The issue here is that it is not a structured approach just yet, and this is where we shall talk about building the all-important structure around the product. This will not only make this an early success with a few key customers but a marketing success for years to come. 

Now it is time for us to build a struct the or a set of process and specific resources around the product. Since the product will never stand on its own we must support it with a model - A BUSINESS MODEL. This business model will provide the following for the fledgling product:  

1. A set of processes that are needed to continue developing the product to the customer specification.
2. Identify the resources needed to keep the processes alive. 
3. Any partners that will be needed.
4. Channels - How will we get to the customer and build relationships. 
5. Value Network -  What value is created through the processes, resources, partner, and channels that are key to success?
6. Revenue - How will we make money from the product to keep the entire business running so we can keep solving the customer needs. 

After all this is done we will have a clear idea of how much all we need with cost, then comes the task of sourcing all the funding need to get the business running in a way that will ensure in success. On this, we shall talk in a future article. 

© Orlando O Spencer I, Inc.

Go to: All articles