10 steps to Product-Market Launch

I like steps and process - only as much as they  can help you, which in this case with a goal of determining a viable market and launching a new product, would qualify as such.

New Market Viability  

10 step process to evaluating a new market or industry. 

1.       Identify Pockets of Obsession

a.       What is the most pervasive and obstructive pain or challenge that is facing a market?

b.      Who is pissed off or scared silly?

2.       Measure Relevance

a.       Determine if the obsession is related to your Core Value Proposition

b.      Is this technically even feasible?

c.       If this is possible, how hard would it be (prelim scope)

3.       Determine Macro-Market

a.       Baseline assumptions of what this looks like post launch

b.      What is the Revenue outlook (short and long range, firm and loose models)

4.       Determine Viability

a.       Can we do this with the Resource, Headcount and expertise we have now?

b.      Are there already mature players in this space?  Competitive make-up?

c.       Is this project worth the effort (more narrow LOE)

5.       Sketch it Out

a.       SOW and Market-driven Development. 

b.      Pick three to five customers and allies to co-develop and crerate a cross-functional team

6.       Test First Version, pre-Beta

a.       Perform Market Analysis and more thorough forecast

b.      Re-iterate based upon ongoing closed-loop feedback from all angles

7.       Recruit Early Adopters

a.       Strategy for capturing early market adopters – discounts and locked-in pricing

b.      Expand preliminary trial users to their operations

8.       Build Excitement and Version 2

a.       Build Momentum. 

b.      Start talking about what we’ve got and what the value is to the buyers

c.       Invest in Marketing

9.       Build final Iteration (or next one)

10.   Go To Market & Launch

Now, Go. Make Something Happen.