ku-xlargeIs it a medicine, a vitamin or laughing gas? How do you convey the value of a feature or product concept to your team or get them to discuss it based on market value? One way is labeling.

As an entrepreneur, there always is another shiny object to chase. With a talented development team at your disposal, you can very easily chase any of these flashy baubles. The secret is for you and your team to stay focused on those few that your target customer needs.

If you discuss your product features or product as whether it is a medicine, a vitamin or laughing gas, it helps your team focus on the value the market will place on it.

Medicine: A feature or set of features with this label should solve a clear and immediate need. The customer takes the medicine; uses the product/feature, and, bang, ailment cured.

Vitamin: A feature or product with this label does not directly address an immediate need. Like most vitamins, the impact is longer term and not all too clear. In other words, it is a nice to have but not necessary in the short-term.

Laughing Gas: A feature or product with this label is a exciting way-out idea. It may have a direct market impact or not, but no one knows.

All products have a mixture of medicines, vitamins and laughing gas. However, in version 1.0 of any new product, make sure your service or product contains mostly medicines. It makes it easier for your prospects to recognize the ailments it cures and easier for you or your sales team to sell your new product.

Advertisements