Guest post by Michael McPherson, IASRP.org
The secret to developing software and tech products that have phenomenal growth and fanatical customer loyalty
Research conducted over 30 years by software association IASRP.org, discovered there is a common method to products that end up experiencing phenomenal growth and a passionate mass of customers.
Products as diverse as tax preparation software (Intuit TurboTax), file sharing (Dropbox) and image capture (GoPro) were found to share the same systematic approach which led them to amass a collective audience of over 350 million passionate users.
That method is documented in an online lecture called QPI Mapping. QPI Mapping is a scientific method for validating which product requirements, feature sets, customer segments, minimum viable product, and value propositions will yield the greatest competitive advantage and also greatest risk of failure.
QPI Mapping is based on a simple mathematical expression: S1 P1 (I) [MR-CR1)][ Dx ]= QPI. A QPI score ranks a product’s perceived quality (advantages or disadvantages) in specific target markets based on data surveyed from customers and prospects.
QPI scores are then used to create QPI Maps. Your QPI Map can be used as a predictor of win/loss probability and to validate product development strategies, value propositions, messaging and go-to market plans. It identifies gaps that confer disadvantages, features sets that provide irrelevant advantages and specific requirements needed to gain advantage in multiple and diverse customer segments.
The lecture teaches this method to individuals in product management, product marketing and development in startup companies who need to create requirements, produce value propositions, assess market opportunities and determine product strategies. Case studies of TurboTax, Dropbox and GoPro are included in the lecture.
About three-quarters of venture-backed firms in the U.S. don't return investors' capital, according to research by Shikhar Ghosh , a senior lecturer at Harvard Business School. His findings are based on data from more than 2,000 companies that received venture funding, generally at least $1 million, from 2004 through 2010. And the National Venture Capital Association also estimates that 25% to 30% of venture-backed businesses fail.
With tech startups still experiencing significant failure rates, this lecture just may be the key to your success.
You can register for the lecture at www.iasrp.org. It is on demand so you can download it at any time.