Don’t make the mistake of overlooking your Minimum Viable Segment. When it comes to developing a product or service, it's crucial to find a solvable problem in a common market. This means focusing on a niche market and iterating with a Minimum Viable Product (MVP). The idea is to create a beachhead in a specific market or user group and gain high engagement. By providing reliability and improved utility, you can expand your product from early adopters to the early majority, bridging the chasm that exists.
Hatched by Glasp
Jul 25, 2023
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Don’t make the mistake of overlooking your Minimum Viable Segment. When it comes to developing a product or service, it's crucial to find a solvable problem in a common market. This means focusing on a niche market and iterating with a Minimum Viable Product (MVP). The idea is to create a beachhead in a specific market or user group and gain high engagement. By providing reliability and improved utility, you can expand your product from early adopters to the early majority, bridging the chasm that exists.
The concept of the Minimum Viable Segment (MVS) revolves around identifying and focusing on a market segment of potential customers who have the same needs. It's important to define and concentrate on your MVS because without it, your MVP will be pulled in different directions by users with divergent needs. This not only affects product development but also amplifies the impact on Go To Market (GTM) activities, as well as service and support. In essence, failing to establish your MVS can potentially paralyze your entire business model.
To find your MVS, you need to pinpoint a set of customers who share the same or similar needs, pain points, or problems. Customers think in terms of their own business pain and needs, not just features. Your MVS may be focused on a particular vertical or may span across different verticals. The key is to keep breaking it down until you find a group of potential customers with the same need. Consider other attributes, such as the value your solution brings to each potential MVS, to prioritize your efforts.
The "minimum" aspect of the MVS refers to keeping your segment as small as possible to dominate it with your limited startup resources. Once you establish dominance within your MVS, you can claim leadership. Even if this leadership is limited to your MVS, it adds value to your positioning and credibility when targeting the next segment you want to pursue.
When it comes to writing, a valuable insight is to "write like you code." Just as good code is simple, efficient, and structured, so should good writing be. On the other hand, bad writing resembles bad code—unnecessarily complex, inefficient with the reader's memory, and structured like a bowl of spaghetti. The goal is to make your writing easily understandable, even to a junior engineer or a first-year computer science student. Remember, the best code is no code at all, and the same applies to writing. If something doesn't need to be said, don't say it.
Writing should consider the mental resources of the reader, just as coding considers CPU cycles and RAM. Attention span and memory play a crucial role in keeping the reader engaged. To combat boredom, incorporate frequent humor or provide insightful moments throughout your writing. A useful technique is to ensure that the reader has an epiphany every 250 words, as suggested by David Perell with the "Raymond Chandler rule."
In conclusion, to ensure the success of your product or service, it's essential to focus on your Minimum Viable Segment. By identifying a group of customers with the same needs, pain points, or problems, you can align your efforts and avoid being pulled in different directions. Additionally, writing in a clear and concise manner, akin to coding, enhances the reader's understanding and engagement. Remember, good writing is like good code—simple, efficient, and structured. By implementing these actionable pieces of advice, you can effectively navigate the path to success.
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