Thomas Grasty is Co-Founder of Stroome (http://www.stroome.com/). In this video he talks about the importance of minimum product feature sets.
- Keeps your team focused
- Keeps you focused around your customer
- Keeps you on track & on time
- Keeps you on budget
It’s very important I guess when you’re setting out to create a product that is worked I would call the lowest common denominator. You’re going to be overwhelmed with all of the things you can do. You really have to hone it down to what are you going to do. There are couple of things to think about in helping you sort of come up with what that minimum product features that might be. For a couple of reasons, why you would want to do that?
I think the first is, because it really keeps your team focused. They know exactly what they’re building. And they now why they’re building it and they know what it’s going to look like at the end.
The second of all, it helps you stay focused around your customer. It helps you really define who you customer is. If you keep the features set and checked, you can keep your focus and check on your customer base.
Third, it helps you stay on time. Time is the most important thing an entrepreneur can save because time in the market, time before your customers move on. Someone else may build a product before you. But if you build a minimum feature set, you know that in the end if the day, you’re going to have something you’ve built that is going to work, that is going to get to market quickly.
And fourth, it avoids what we call budget creep. This is a little bit like the time notion but it’s more aligned wit the cost. If you start to think about building your product like your building a car and heading on, you know, a fin or an extra door or a new piece of an engine. At the end of the day, you are going to run out of money and the problem with running of money is if you run out of money half way, you don’t have anything.
So, in short, identifying a minimum product feature set. Reducing what it is that product does to its lowest common denominator id imperative. It keeps your team focused. It keeps you targeted on your customer. It keeps you on time and it keeps you on budget.