In an ideal world, every product development project would be equipped with ample resources – a dedicated team, a generous budget, and all the tools and technologies needed. However, the reality in our space is that teams are feeling a lot of constraints. Budget. Time. People. Here are some ways that can help you make the most of what you have:
1. Plan ruthlessly on the product features. With limited resources, it is crucial to focus on what matters most. What features and functionalities most closely align with the core value proposition of your product? What elements must be in a minimally viable product for the “other” features that aren’t aligned to your core value prop? Use market research to gather what’s nice to have and what’s essential.
2. Plan effectively on market development. The Abraham Lincoln quote here is especially apt here, “Give me six hours to chop down a tree and I will spend the first four sharpening the ax.” With limited budget and limited people on the team you simply cannot do everything. What types of activities most move the needle for adoptions? Which activities does your market have the most interest in participating in? (We can share this information with you). That’s how you get your market research funds to go as far as possible; you’re strategic in how you plan.
3. Embrace simplicity. More complex means more expensive in terms of development and maintenance. Strip down to the core of what’s needed from a product development, marketing, and market development standpoint. A lean market development plan can still lead to big adoptions.
4. Partner with an expert. Many teams are just too thin to be able to do all the work that comes with effective market development outreach for their key programs, or for their long list of titles that also need to hit their goals. Partner with a trusted expert that can take this off your plate, and give you the peace of mind that you need while you focus on other areas.
In the face of resource scarcity, strategic planning becomes paramount. By meticulously prioritizing critical features, simplifying your processes, and leveraging expert partnerships, you can navigate these challenges effectively. Remember, constraints can be the catalyst for innovation. Embrace the challenge, stay focused, and let your creativity and determination help you stretch your resources further to achieve significant results.