Product Development Priorities
There are many features to add to a product and never enough resources to do all of them.
Consider these points in prioritizing your product development:
Look for lost sales to find high-priority features to work on.
Focus product development on customer requests.
Look at how the customer is solving their problem now with your product for potential features that would be helpful.
Test the customer’s desire for a feature by charging for it and then see who actually pays for it.
Investigate customer complaints about a missing feature before committing resources to it.
Not every new feature will turn into a big jump in revenue, but collectively they can give the startup a competitive edge.
Avoid copying competitors and stay focused on your customer audience.
Don’t bet the entire startup on a single product launch.
Instead, roll out the features serially and test the customer’s response.
In product development start with small steps and build out the product incrementally.
It’s best to underpromise and overdeliver.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.