Start-up companies with great thinkers come up with very good ideas for software products. These are usually based on sound principles, customer feedback, beta programs and so on and have all the ingredients of a successful product. What is missing most of the times is a clear sense of timeline for finalizing product development, testing and the full fledged launch of the product.
This could be because of a variety of reasons
– Lack of funding, so not clear how PD(product development) activities can be accelerated with external help, if needed
– Lack of conviction among core team members, that this release is just right for the market
– Lack of conviction that they will be able to handle market demand efficiently in full operations mode
Several products get significantly delayed, because the functionality definition keeps on changing continuously and thus the commercialization is delayed.
If you are one of those falling in a similar trap, kindly consider these points and try to make amends at the earliest
-In most scenarios, the product definition will never be 100% at specs phase. It is important to continue with the roll-out and monitor developments closely, so that commercialization is not delayed
– There are many ways in which commercialization can be achieved, by sub-licensing some of the technology components, selling the product as one integral whole or selling the product as a variant of its original self. Make sure that you explore and exploit all of this during your commercialization plan
– It is important to realize that the IP(Intellectual property) that you have built has a limited shelf life. If it is not commercialized in a particular time-window, then it will lose its competitive edge and will be rendered insignificant.
– For software products, the execution of your marketing strategy is more important than just defining it in the first place. Make sure that you monitor and tweak your marketing programs based on initial feedback and response that your receive.
Let me know what you think..
Atul is Founder & CEO at Xenia Consulting. He has over 22 years of experience in marketing, across corporates as well as SME,start-ups. Over the last 5 years, he has gained significant expertise and has helped several companies drive growth leveraging digital marketing