Keep your target market narrow

Excerpt from Michael Skok:

I find too many entrepreneurs who follow the lean methodology stuck in a product spin, and consumed with their Minimum Viable Product. And it’s ironic, because while I often hear about the importance of product market fit, not enough consideration is given to the designation of the market side of this equation. Yet we all know your product isn’t going to fit the entire market from day one! So while the MVP is critical, it’s missing its dance partner, what I call the Minimum Viable Segment (MVS).

MVS is about focusing on a market segment of potential customers that have the same needs to which you can align. Defining and focusing on your MVS is vital because without it, potential users who have divergent needs will quickly pull your MVP in many different directions. This in turn will bloat rather than minimize your product requirements and drain your limited startup resources. And that sucking sound won’t just be felt in product development but also in any Go To Market (GTM) activities, and then later on in service and support, potentially paralyzing your Business Model.

2 thoughts on “Keep your target market narrow

  1. This was an excellent post! Too many entrepreneurs in the early stages focus on potentially huge markets — either because of their ambitious nature or because they feel pressured by VCs to “think big” and to emphasize “the size of the opportunity.” Dreaming about addressing a huge market is important and can be a great motivator. But from an executional standpoint a start-up in it’s early stages needs to be able to concentrate its limited resources on a very focused opportunity that is commensurate to its very small operating structure at that phase in its development.

  2. Pingback: What’s the best way to do a new product launch? | BrainQuilt

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