In order to design and setup the correct product strategy, it is crucial to define the so called MVP (Minimum Viable Product), choose the target market and the target group, known as the „early adopters“.
Minimum Viable Product (MVP)
MVP (Minimum Viable Product) defines the product in a stage of development where it has sufficient features and functionality to be introduced to the group of people known as "early adopters". This means that the product is already of value to its first users.
The term "early adopters" describes individuals that are keen on trying new technologies before the majority of other users on the market. More often than not, these are tech savvy people seeking innovations that lead to improvements and changes in many areas.