This might seem straightforward, but when starting in the competitive tech industry one of the first things to keep in mind is to build a solid MVP. In the long term, building the product will take up to 30% of the total work. Also, start developing your product from the customer’s perspective. Your product should be a solution to enhance people’s lives and not another extra feature that can be used. Once your product is stable, you can devote your focus on the other 70% which will include marketing, sales, support and service.
This brings us to the validation of your product. The quality and effectiveness of your MVP will determine the value of it. During the initial phase of building your product, you want to make sure that the teething problems are out of the way. There are several ways to validate your product as mentioned. You ensure that your product is valid if it solves a problem and if it improves someone’s life.
Therefore, it is recommended to validate and test your product with early adopters so you’re able to get answers on questions such as:
- Are companies and people willing to pay?
- Are investors willing to invest in this product?
- How big is your profitability in the future?
- What is the competitive advantage and the competition in this market?
Once you’ve validated your product and answered the questions above, you’ve made the first step in researching the market and your potential customers. Now you’re ready to determine the type of clients you want to target and research in which markets they are located. It is crucial to know which customers to sell and market to. You might focus on customers based on their business size, or based on the sector where you’ve already gained recognition.
When you’ve established where your potential customers are and where you want to start, you’re also able to look into the competing businesses. By doing a competitive analysis you’re able to identify who your competitors are, the services they offer and how much they charge. This will help you to learn more about your competitive advantage and what separates you from the rest.
To be able to compete in the market, you have to have the best talent that your budget allows. And hiring in the tech industry is tough. The enormous shortage in developers aside, the salaries for the ones you can find might not be in your budget and will cause a risk in sustaining your business. We at Typeqast are here to help you. We serve the most innovative tech companies by providing agile, affordable and highly-qualified software development teams as a service.
No need for you to take weeks in order to recruit a complete team. The perfect team consists of different roles that are needed at different moments. At the start of a project you’d be more likely to need a UX designer, but at the end you might need more DevOps-like profiles. With the aid of Typeqast you will be able to have an entire remote software development team including all these different roles, which can also be rotated within the team whenever necessary. And all of this within one to two weeks with a starting price of 1 FTE!
As a partner to international clients, we help businesses develop new products and improve existing ones as a response to growing opportunities and ever-evolving market needs. We're highly skilled in a range of technologies regarding software development, infrastructure and support. We bring uniqueness to projects, so our clients stand out from the crowd. No project is the same, we challenge ourselves to be different.
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