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.
Creating A MVP Guide Let's Chat About Marketing & Revenue Operations
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.
Let's Chat About Marketing & Revenue OperationsMarketing 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.
Resources & Next Steps To Leaning More
How Aware Are Your Prospects
August 28, 2024 6 Minute Read
When it comes to marketing and advertising, understanding which level of awareness your prospect is can not only help with marketing but also be the difference between the success and failure of your organization.
What Are The Customer Lifecycle Stages
August 28, 2024 4 Minute Read
The lifecycle stages of the buyer's journey are important to understand if you want to improve your marketing strategy. Each stage requires different types of activities and are key to creating a great buying experience and gaining more customers.
Content Marketing vs Copywriting
August 28, 2024 3 Minute Read
They say content is king, right? But is all content the same? Some people say content marketing and others say copywriting, what is the difference?
HubSpot vs SalesForce
August 28, 2024 4 Minute Read
These two platforms seem to be the top options when it comes to Customer Relationship Management (CRM). But knowing which one will be best for you depends a lot on where you are in the lifecycle of your business, just starting out or predictable ARR.
Creating Platform Service Descriptions
August 28, 2024 7 Minute Read
Creating platform descriptions for your software sounds easy, but it's a bit more complicated than you think if you want to connect, engage, and have potential buyers understand what you're offering and then subscribe to your platform.
The Echo Effect
August 28, 2024 4 Minute Read
Repeating people's words can be very important in building likability, comfort, social connectedness, and building trust. Psychologists call this the echo effect.
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.
Grammarly
Writing Assistant
Compose bold, clear, mistake-free writing with Grammarly's AI-powered writing assistant.
Pitch
Sales Deck
Pitch puts everything you need to make a great deck - from advanced design options to data integrations - right at your fingertips. It's never been easier to create work you're proud of.
Canva
Photoshop Alternative
Canva makes graphic design amazingly simple for everyone, by bringing together a drag-and-drop design tool with a library of more than 1 million stock photographs, graphic elements and fonts.
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.
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.
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.
SaaS Stages Of Growth
Understand each stage of the journey and what it takes to reach the next level.