Category: Marketing Blogs

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Launching a new product can be tricky, and you want to get it right first. That’s where a minimum viable product (MVP) comes in. 

It’s the simplest version of your product that still delivers value to users. By starting with just the essential features, you can test your idea in the real world, gather feedback, and improve without wasting resources.

A minimum viable product (MVP) is an initial version of a product that includes only its essential features, allowing it to meet the needs of early users. Let’s explore what an MVP is, its benefits, and how it fits within modern business strategies.

Understanding Minimum Viable Product (MVP) Meaning

A minimum viable product refers to the most basic product version that allows a company to gather maximum validated learning about customers with the least effort. In essence, it is a simplified prototype that serves the primary function but lacks all the bells and whistles of the final product.

The minimum viable product meaning is best understood as creating enough value to satisfy early adopters while providing a feedback loop for future product iterations.

Example: Imagine a startup developing a new mobile app. Rather than waiting months to release a polished version, they create an MVP with core features and release it to a small group of users. Based on the feedback from this version, they can iterate, improve, and release an enhanced version that meets the market’s demand.

What are the benefits of a minimum viable product (MVP)?

Launching an MVP offers several advantages, especially in the startup ecosystem and product management. 

Here are some key benefits:

• Market Validation: An MVP helps businesses test whether their idea has demand without investing heavily.
• Cost Efficiency: Businesses save time and money by focusing only on core features.
• Early Customer Engagement: Companies can involve customers in product development, ensuring the final product meets their needs.
• Quick to Market: MVPs speed up getting a product to customers.
• Flexibility: The feedback loop lets businesses quickly pivot or refine their product strategy.

Examples of Minimum Viable Products

Many companies started with a minimum viable product before scaling to what they are today. 

Let’s explore a few minimum viable product examples in business:

• Dropbox: Initially launched with a simple video explaining how the product works, Dropbox gathered feedback and gauged interest before developing the actual product.
• Airbnb: The company’s MVP was an essential website offering a simple room rental service. It expanded its platform to become a global phenomenon based on user feedback.
• Uber: Uber initially launched as a basic MVP, focusing solely on ride booking. Lacking many features we now take for granted, such as fare estimates and in-app tracking, the app prioritised collecting feedback from drivers and passengers. This valuable input allowed Uber to refine its services, ultimately growing its monthly active base to 131 million users.

These minimum viable product examples highlight how companies test assumptions before investing in agile product development.

Building an MVP: Key Steps

Let’s break down the process of creating a successful minimum-viable product:

STEPS   DESCRIPTIONS
Identify Market Needs	Conduct research to identify the primary problem your product aims to solve.
Define Core Features	Focus on the essential features for your product to function and deliver customer value.
Build the MVP	Develop a basic version with only the core functionalities.
Launch & Gather Feedback	Release the MVP to a select group of users and gather.
Iterate & Improve	Based on user feedback, make adjustments and improve the product for the next iteration.

Following these steps ensures that the MVP meets the market’s expectations and helps businesses avoid costly mistakes.

Common Pitfalls in Developing an MVP

While the MVP approach offers many advantages, companies can still make mistakes. Some common pitfalls to avoid include:

• Over-complicating the MVP: Remember, simplicity is key. Avoid the temptation to add too many features.
• Ignoring Customer Feedback: The whole purpose of an MVP is to gather feedback and refine the product. Ignoring this step can result in a failed product launch.

How MVP Fits into Product Management?

The MVP concept is integral to modern product management courses, and mastering this strategy is essential for product managers. It is about building a basic version, understanding market needs, and refining products iteratively.

Product management courses often include modules that focus on MVPs, teaching students how to:

• Define the core features for early versions.
• Develop customer feedback mechanisms.
• Implement data-driven decisions for product evolution.

Conclusion: Kickstart Your Career with the Professional Certificate in Product Management

Understanding the meaning of minimum viable products is crucial for anyone involved in product development or management. By focusing on creating an MVP, companies can validate ideas, minimise risks, and engage customers early in the process. 

The Professional Certificate in Product Management by Imarticus Learning, in collaboration with CEC and IIT Roorkee, is for young professionals eager to kickstart their careers in product management.

This comprehensive 5-month live course covers the entire product lifecycle—from development to positioning, pricing, and deployment. With IIT Roorkee’s esteemed faculty and cutting-edge curriculum, learners will gain essential skills in product roadmap creation.

Enrol today and start building your future in product management!

Reading Time: 7 minutesThe step-by-step and elaborate action plans in which an organisation launches a unique product or service in an otherwise existing market is known as GTM or go-to-market strategy. The go-to-market strategy is an important and integral part of the total business plan which also includes other functions like operation details, resources, finances, statutory obligations etc. A go-to-market strategy is utilised by start-ups and established organisations alike.

This strategy minimises the risk of introducing a new product or service and maximises profit by reducing substantial advertisement and marketing expenditure. The strategy is based on extensive market research on existing products or services, customer feedback and expectations. The success of these new products or services is achieved since these are created keeping in mind customer pain areas and concerns.

The scope of the go-to-market strategy includes market research of the existing market, identification of new products or services for the target market, and making them readily available by creating efficient distribution channels and marketing awareness campaigns. 

Steps in Go-to-Market Strategy

Go-to-market strategy can be achieved by following a few significant step-by-step actions. If these steps are diligently followed, then the organisation will surely taste success in due course. The processes are as follows –

• Problem Identification 

The first step is the identification of the problems faced by the client. Innovation is inspired by necessity or additional demand creation. Organisations need to comprehend what difficulties customers face with the existing product or service. 

The new / to-be-launched product or service must have that unique value proposition to solve the previous problems and add more features to surpass customer expectations.

• Set the Target Audience 

Extensive research should be done on the target customers, who are experiencing the problems. It needs to be ascertained how much those customers shall be willing to pay for products or services which solve their problems. An ideal customer profile has experienced the problems and is ready to shell out a premium for a unique product or service.

There are several points to ponder when organisations profile their target customers. Depending on the market they cater to, customer types vary in industry, geography, age group, budget, decision-making factors, and information intake channels.

• Survey for Sustainability 

Demand and competition are the two factors associated with any product or service. Thus, before engaging in actual business, organisations must assess the following points –

1. The companies who offer similar or existing products.
2. Consistency of demand for such products or services.
3. Value addition against each similar product or service that claims to eradicate the existing problems.
4. A comparison statement should be prepared that clarifies the key points of the existing and the proposed products or services, not only in terms of value proposition but also availability, price, durability etc. A SWOT analysis can also be performed.

5. Message to Target Customers 

Based on the type and buying habits of customers, organisations must send personified messages to address their concerns.

• Buyer’s Choice Mapping 

After organisations gather quality customer data, it is their responsibility to map them. Some customers may be readily interested in the new products or services while others may not be convinced soon and may compare the new offerings with the ones in terms of price vis-à-vis their efficiency. 

• Create Dedicated Marketing and Supply Channels 

Now, when all calculations are in place, then organisations must focus on creating an efficient supply chain to fulfil the marketing commitment.

• Sales Plan Creation 

The go-to-market strategy is incomplete without a sales plan in place. The sales plan must be chosen as per the nature of the industry or customer. E-commerce platforms adopt a self-service model. Giant retailers rely on the inside sales model. 

Corporates often utilise field sales model which relatively involves more investment, have longer sales cycles but pay off reasonably well. Some companies outsource the sales activity to a channel partner by exercising the channel plan. 

• Create Achievable Goals 

The go-to-market strategy is associated with tangible goals. Nowadays organisations speak about SMART goals, i.e. the goals that are specific, measurable, achievable, realistic and time-bound. Key performance indicators (KPIs) are quantitative measures of the goals or objectives.

• Specify Processes 

The above-mentioned points in a go-to-market strategy will be successful only when they are executed through smooth processes. Thus, there is a need to specify processes. Some of the processes are as follows – 

1. Collaboration with inter and intra-departmental teams.
2. Sharing relevant information to teams effectively.
3. Track objectives and course-correct, as required.
4. Optimisation of customer experience.
5. Track profit and return on investment. 

Benefits of Go-to-Market Strategy

This strategy is designed to match the organisation’s budget goal with its sales objectives. The benefits of this strategy are as follows – 

• Alignment Creation

With detailed prior documentation, this strategy creates alignment in all processes the business stakeholders need to follow.

• Competitive Advantage 

The strategy is based on competition research and hence provides salient inputs to the organisation to stay well ahead of it. It helps both in terms of value creation and product or service availability.

• Cost Reduction 

Go-to-market strategy saves cost by eliminating unwarranted processes and marketing activities since this strategy is developed after researching the mistakes of the competitors. Thus, a moderate budget can go a long way.

• Product-Market Fit 

Several GTM strategy examples have proven that this strategy has the capability of fitting the product in the researched market.

• General Trouble-Shooter 

There is no such strategy that can stop failures forever. However, this strategy has the potential to locate gaps and enrich both customer experience and the organisation’s profitability.

• Faster Success Rate 

No worldly success may be achieved instantaneously. However, careful planning and meticulous execution in the go-to-market strategy help organisations reach their goals faster compared to other business plans. 

GTM Strategy Examples

Many successful organisations have applied go-to-market strategy and their GTM strategy examples shall keep on inspiring the business world for a long time. Some of the best example stories are as follows – 

• Apple 

It has demonstrated the GTM strategy examples of superior lifestyles. The organisation has always believed in and utilised advanced technology as its main weapon and innovative products with a classy, unique and rich customer experience, which is the focal point of its go-to-market strategy. 

Apple uses the powerful Golden Circle policy to establish their philosophy of business. Instead of starting with open-ended questions like what or how they preferred to start with why. Their answer to this question was that Apple wants to make products which shall have the capability to challenge the existing ones at their very core. 

To respond to how they should do it, they were clear in their mind that beautiful design and user-friendliness would be their mantra. And finally, they mentioned what they wish to come up with i.e. their great products (i-pads, iPhones, smart watches, MacBook i-pods etc.). 

• Tesla 

It has demonstrated the GTM strategy examples of selling a vision. The organisation was neither the flag bearer of electric automobiles nor industrial batteries. However, they utilised the go-to-market strategy of combining the two concepts and evolving a saleable vision out of the same. 

They came up with electric cars that were superior to their bio-fuelled peers. Tesla focused on customer experience right from the very beginning. This includes booking a car, its customisation, digital upgradation, superior implementation controls and robust performance. 

The removal of middlemen or dealers enabled the organisation to cut costs and save customers money. In-house production of most components including batteries also added to their quality control and superiority of products. Using this strategy, Tesla has dwarfed top automobile companies in the US like Toyota, Volkswagen, Daimler, BMW, Honda etc. 

• Huawei 

It has demonstrated the GTM strategy examples of creating a local community impact in India. Though being one of the largest brands in its own country, China, Huawei faced a sense of business insecurity in India. The perception here was that Chinese brands sell low-quality products, that can only address lower market segments.

Huawei addressed this issue by opening a research and development wing in India and went on to hire top Indian executives. This served their dual purpose of understanding the Indian market and making their customers in India feel that Huawei is working in the interest of the Indian community. They also supported the Indian Government initiative of “Make in India”.With this go-to-market strategy, Huawei could challenge the likes of Apple and Samsung in India.

• Slack 

It has demonstrated the GTM strategy examples of taking customer experience to the next level. It has used a cloud-based software as a revolutionary internal communication tool which was convenient, omni-available, fast and expressive. They competed with a well-known and established product called email and emerged victorious in a few geographies of the world.

It targeted the inconvenience the users faced with long email threads and came up with straightforward solutions. It also supported efficient communication with a greater number of team members, unlike emails. The result was the meteoric rise of slack. 

• Microsoft 

It has demonstrated the GTM strategy examples of embracing change and transformation. Whenever we speak of go-to-market strategy, the name of Microsoft comes as a front runner.

The key focus of Microsoft is understanding customer needs and responding accordingly. Hence, they felt that adaptation to constant change should be the only mantra to stay relevant. The wide range of software, services and solutions they offer and the reputation they command is a proven testimony to the philosophy that they believe in.

All these stellar achievements come from the brilliant individuals that these organisations employ. These leaders have mastered the art of go-to-market strategy to the core. To scale similar heights, aspiring business houses can enrol their senior business team for the CMO Program organised by reputed 

GTM vs. Marketing Strategy

The following are the key points in GTM vs. Marketing Strategy – 

• GTM is product or service driven whereas marketing strategy is organisation driven.
• Marketing strategy focuses on how an organisation can capture an addressed market and deliver an overall value proposition. GTM, on the other hand, focuses on bringing new products or services to the market.
• Elements like finance, legal matters, statutory compliances etc. are also considered in a marketing strategy. GTM covers subjects up to a new product or service launch.

Conclusion 

Go-to-market strategies have already traversed a long way and have been a proven success. Nowadays, organisations recruit smart individuals with institutional knowledge on the subject. Potential job aspirants, on the other hand, have already started working in the same direction. They are aware that the marketing career is challenging and rewarding. 

The Global Senior Leadership Programme Specialisation: Chief Marketing Officer by Imarticus will give prospective candidates a perfect start at the beginning of their careers. The duration of the course is 6 months. 

Visit the official website of Imarticus for more details. 

FAQs

What is the triangle of go-to-market strategy?

Three inter-dependant factors, namely, consumer, business and competition form the core components of the strategy. 

What are the risks of go-to-market strategy?

Negative reactions by certain customers regarding products, services or pricing create a risk to the go-to-market strategy. This risk may be perceived through revenue drop, decrease in existing customers or deceleration in new customer conversion. 

Are sales a part of the go-to-market strategy?

This strategy includes product design and cost analysis, customer base creation along sales and marketing activities.

What is an important point of difference in GTM vs. Marketing Strategy?

GTM is product or service driven whereas marketing strategy is organisation driven.

Reading Time: 6 minutesIn the modern business landscape, product management is essential for delivering products that meet customer expectations and align with organisational objectives. 

what is product management?

Product management is the strategic process that guides a product from conception through development, launch, and beyond. It involves understanding customer needs, setting a product vision, and collaborating across teams to ensure the product meets market demands and business goals.

As markets become increasingly competitive and customer demands more complex, having a deep understanding of product management is crucial. It allows businesses to innovate, stay relevant, and achieve sustainable growth.

With the rising importance of customer-centric products and the rapid pace of technological advancements, the demand for skilled product managers has surged. They act as the bridge between different teams, ensuring that the product vision is realised effectively. 

Now, what it takes to be a product manager? Proper knowledge! 

Learn everything about product management and the various product management tools required to make yourself indispensable. 

What Encompasses the Product Management Process?

The approach to product management is not fixed or universally standardised. Instead, it adapts to the specific needs of an organisation, the current stage of the product lifecycle, and the preferences of both team members and executives.

Although there isn’t a one-size-fits-all framework, here is a brief overview of the product management process:

Step 1: Identifying the Problem 

The process begins with defining the problem. This involves pinpointing a significant customer pain point and understanding the needs and desires of the target market. Once the problem is clear, the product manager can start formulating a solution.

Step 2: Assessing the Opportunity 

Next, the product manager evaluates the opportunity. This step involves analysing market size, revenue potential, and the competitive environment to assess the viability of the product.

Step 3: Exploring Potential Solutions 

With the opportunity assessed, the product manager explores possible solutions. This includes brainstorming product strategies and planning, conducting user research, and collecting feedback from stakeholders.

Step 4: Develop an MVP 

Following the research, the product manager creates a Minimum Viable Product (MVP). The MVP is a basic version of the product designed for testing the markets and gathering feedback from initial users.

Step 5: Establishing a Feedback Loop 

After introducing the MVP, it’s essential to set up a feedback loop. This involves collecting customer feedback, analysing user data, and refining the product to enhance its functionality and usability.

Step 6: Crafting the Strategy 

With feedback in hand, the product manager can now move to product strategy and planning. This includes defining the product roadmap, prioritising features, and ensuring alignment with the company’s strategic goals.

Step 7: Driving Execution 

Finally, the product manager oversees the execution phase. This involves managing the development process, coordinating with cross-functional teams, and ensuring the product is delivered on schedule and within budget.

Overview of the Product Lifecycle: From Ideation to Retirement.

Understanding the product lifecycle is essential for effective product strategy and planning. It provides a framework to manage a product from its initial concept through to its retirement. Here’s a comprehensive overview of each stage:

Ideation 

This is the inception phase where ideas are born. It involves a combination of brainstorming sessions, conducting market research, and identifying customer needs. The objective is to develop a product concept that fills a market gap or seizes a new opportunity. Effective product management tools can kickstart this phase by organising ideas and insights.

Development

Once an idea is validated, it progresses to development. This stage focuses on designing the product, creating prototypes, and testing them rigorously. It’s crucial for assessing the product’s feasibility and refining its design. This phase ensures that the product is practical and meets initial expectations before moving forward.

Introduction

During this phase, the product is officially launched into the market. Marketing campaigns play a critical role in building product awareness and attracting early adopters. Sales may be slow at first as the product establishes itself and its value proposition is communicated to potential customers.

Growth

If the product proves successful, it enters the growth stage. Sales start to increase rapidly, and the product gains more market acceptance. Companies often focus on expanding distribution channels, enhancing product features, and incorporating customer feedback to meet rising demand and establish a strong market presence.

Maturity

At maturity, the product reaches its peak in market penetration, and sales growth begins to slow. The focus shifts towards maintaining market share and optimising profitability. Strategies during this phase may include product differentiation, special promotions, and exploring new market segments to sustain interest and sales.

Decline

Eventually, the product faces a decline as sales begin to drop due to factors such as market saturation or technological advancements. Companies must decide whether to discontinue the product, attempt to rejuvenate it with updates or new features or phase it out gradually.

Retirement

The final stage is retirement, where the product is formally withdrawn from the market. This involves managing the remaining inventory, stopping production, and ensuring a smooth transition for customers to alternative products or services. Effective product management tools can assist in managing these final steps efficiently.

Product Management Methodologies

At its core, a product management methodology is a collection of best practices, processes, and tools that steer the decision-making and execution of tasks in product management. It provides a systematic way to manage resources, prioritise work, and maintain alignment among stakeholders throughout the entire lifecycle of the product.

Familiarising yourself with various product management methodologies allows you to select the approach that best suits your product and organisational needs. Each methodology brings its own set of strengths and insights, allowing you to adapt your strategy to optimise product development and management.

Here’s a brief overview:

Agile

Agile is a flexible and iterative approach to product development. It breaks down large projects into small, manageable tasks that teams complete in short cycles called sprints. The focus is on continuous improvement, customer feedback, and adaptability to change.

Scrum

Scrum is a popular Agile framework. It organises work into fixed-length sprints, usually 2-4 weeks. Scrum teams hold regular meetings (like daily stand-ups) to ensure everyone is aligned. There are specific roles such as Scrum Master and Product Owner, who help guide the team and prioritise work.

Kanban

Kanban is another Agile method that focuses on visualising tasks on a board to manage workflow. It limits the amount of work in progress, helping teams maintain efficiency. Tasks move across columns (like “To Do,” “In Progress,” and “Done”) to show progress.

Waterfall

Waterfall is a traditional, linear project management approach. Work is divided into sequential phases (like Requirements, Design, and Implementation), and each phase must be completed before the next begins. It’s best suited for projects with well-defined requirements that are unlikely to change.

Design Thinking

Design Thinking is a problem-solving methodology focused on understanding user needs and creating solutions. It involves five steps: Empathize (understand the user), Define (clarify the problem), Ideate (generate ideas), Prototype (build models), and Test (try out solutions). It’s highly user-centric and iterative, often used alongside Agile methodologies.

Summing Up

Having a well-organised product management strategy and planning is crucial for guiding a product from its initial concept to its final launch. This is why proper knowledge of product management is important. Product managers should have a strong understanding of the entire product development process and its methodologies. 

If you are someone looking to explore a new field of product management and be a new-age product manager, Imarticus Learning has an excellent program for you. 

In collaboration with IIT Roorkee, Imarticus offers a 5-month Product Management Course designed for aspiring professionals. The course covers the complete product lifecycle, from development to deployment, offering hands-on experience in building products. 

Taught by top faculty, this Product Management Course focuses on modern skills like product roadmap, execution, and analytics to enhance career growth.

FAQs

Why product design and development are important?

The current market is highly customer-driven. Product design and development are crucial because they directly impact how a product is experienced by customers. Good design enhances functionality, aesthetics, and user satisfaction, making products more appealing and effective. Development ensures that the product meets market demands, remains competitive, and drives business success through innovation and quality.

What are the 3 C’s of product management?

The 3 C’s of product management are:

• Clarity: Ensuring a clear understanding of product goals and objectives.
• Coordination: Managing collaboration across teams to align efforts.
• Communication: Maintaining effective communication with all stakeholders to keep everyone informed and engaged

Why is product management essential?

Product management is essential because it ensures that a product meets customer needs, aligns with business goals, and is successfully developed and launched. It involves strategic planning, market research, and coordination across teams, all of which are critical to delivering a product that provides value to both the customer and the business. 

Effective product management drives innovation, enhances customer satisfaction, and ultimately contributes to the company’s profitability and competitive advantage.

Is the Product Management Course tough?

Being a fairly new vertical, a product management course can be a bit challenging. The course often covers a wide range of skills, including strategic thinking, user experience, technology, and communication. It requires balancing diverse responsibilities and making decisions that impact the product’s success. 

Additionally, the complexity of the role makes mastering these skills demanding, but with dedication and practice, it is achievable.