Creating A Minimum Value Product
Revenue Goal: $1M ARR • Team Size: 10
Creating A Minimum Value Product
When you first launch, don't worry about ideal customer profiles, target markets, a go-to-market strategy, or verticals. The idea here is to get your platform out into the world and see who resonates with it, is willing to purchase it, and gives feedback about how you can make it better. These people are who the SaaS world likes to call Early Adopters.
Focus On Visibility & Attention
At the beginning of your SaaS journey, it's all about viability and attention. There is a saying that goes, "First time founders focus on product, second time founders focus on distribution". What it means is, you could have the best software platform in the world that guarantees results for those who use it, but if no one knows it exists, your never going to be profitable.
When you are ready to take the next step toward growth, we're ready to chat with you.
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Key Metrics To Understand While Building Your MVP
When you first launch you MVP, keep the metrics simple.
Visibility
How many people have you shared your idea with?
Customers
How many customers do you currently have?
Revenue
How much revenue do you make per customer?
How To Measure Product Market Fit
Determining if you've found product-market fit (PMF) with your SaaS platform involves several key indicators and metrics.
- Surveys: ask users how they would feel if they could no longer use your platform. If over 40% say they would be very disappointed, suggests PMF
- Trial End Reactions: for enterprise platform, if customers are eager to continue using the platform after a free trial, indicates PMF
- Word Of Mouth: significant organic growth driven by user recommendations is a strong sign of PMF. If major brands start using and paying for your platform without heavy marketing efforts, indicates PMF
- CAC < LTV: when Customer Acquisition Cost (CAC) is consistently lower than the Lifetime Value (LTV) of customers, indicates sustainable growth and PMF
By closely monitoring these indicators and continuously adapting, you can effectively determine and maintain product-market fit with your SaaS platform.
When you are ready to take the next step toward growth, we're ready to chat with you.
Book Your Strategy CallMarketing Guides
Creating A Minimum Value Product
Starting a new SaaS business and launching a successful platform is exciting stuff. Congratulations, first and foremost, for daring to step outside your comfort zone and discovering if you got what it takes to launch a successful business.
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Tools To Help You Get Started
Marketing and sales tools marked with a are affiliates. As an affiliate I am paid to promote these products. I choose to partner with these brands because I currently or have used them personally and enjoy the experience they offer.
Later
Social Media Management
Later is a social media management platform and link in bio tool for every social network. Plan, analyze, and publish content in advance - so you can save time & grow your business.
Webflow
Website Design
Webflow is used by more than 3,500,000 designers and teams to create, collaborate on, and scale beautiful websites in a completely visual canvas - no coding needed.
Google Workspace
Productivity Tools
Google Workspace provides a custom email for your business and includes collaboration tools like Gmail, Calendar, Meet, Chat, Drive, Docs, Sheets, Slides, Forms, Sites, and more.
Survicate
Customer Surveys
Survicate makes it easy to create engaging surveys, including NPS, CSAT, and CES. With email, web, in-product, and mobile app surveys, you can collect continuous customer feedback.
Praction
Sales Management
Get an automated Chief Revenue Officer platform + consulting to accelerate your path to an exit, acquisition, or IPO. Get custom strategies to generate revenue, refine GTM operations, and increase customer value.
Slack
Team Communication
Slack is where work flows. It's where the people you need, the information you share, and the tools you use come together to get things done.
SaaS Stages Of Growth
Understand each stage of the journey and what it takes to reach the next level.