First, you should have answers for the following10 questions …
1. Whom are we targeting?2. What are our customers’ current needs and wants?3. What are our customers’ current pains? (frustrations, obstacles and risks facing customers to obtain their needs and wants)4. What attitudes do our customers have about similar products/services?5. What are our value propositions?6. What are our full product features set (on the long-term)?7. What are our Unique Selling Points ?8. What are the key activities we need to develop our full-featured product/service (on the long-term)?9. What the key resources from what we need to make a full-featured product/service are currently available (on the short-term)?10. Who from our key partners, those we need to make a full-featured product/service, are currently with us (on the short-term)?
We need to analyze, find, and try to align between the 2 parameters of each pointbelow to bridge the gaps as much as possible. Then, we align between thecustomer-wise and the organization-wise MVPs:1. Needs and wants, pain and attitude AND value 1. Resources AND MVP. propositions(s). AND2. Needs and wants, pain and 2. Key partners AND MVP. attitude AND features. 3. Key Activities AND MVP.3. Needs and wants, pain and attitude AND USPs. = Organization-Wise = Minimum Viable Product Customer-Wise Minimum Viable Product.
Our MVP - opportunity =- If (+), then it’s more than enough for your current market! Go for it!- If (≈ 0), then it’s almost perfect for your current market with a competitive advantage.- If (-), then does it worth the market entry with that MVP? Do we need to revise the MVP that we’ve planned?
Based on the answers from the questions below, we’ll get a comprehensive idea ofour market and our competitors, which we can use to fine tune (reflect upon) ourprevious organization-customer aligned results:- Competitive Analysis: - Who are our current competitors with similar offers to our MVP? - What do they offer (product & services)? - Description. - Features - USP. - Pricing. - How much is their market share? - Who are their current customers? - Who are their key partners, alliances and distributors? - What are their promotion and positioning strategies? - What is their recent news? - SWOT Analysis. - Who are our potential competitors?- What are the current market trends?- How much is our potential market share with our planned MVP?- How much is our potential growth rate?
After all of that, it’s always good to develop youproduct(s)/Service(s) road map at this stage.