5 tips for marketing a minimal viable product

2 min

Consult & Connect

Consult & Connect is an IoT exploration team at grow, Bosch's start-up platform, that develops digital services for Industry 4.0.

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In one of our IoT marketing projects, we provided consultation and implemented the product launch of OEE Improve! Filter Monitoring – a cloud-based IoT solution, which includes an early-warning service to monitor the health of the entire hydraulic system. What made this project exceptional was that it involved launching an innovative cloud-based solution on a pay-per-use basis – in minimal viable product (MVP) state. Here are some key insights from this project with Consult & Connect:

Tip #1: Targeted communication is key

A MVP is not a final product, but a software package in an early stage of development. Its marketing is not about finding customers to buy an off-the-shelf product, but about finding paying pilot customers who are willing to jointly drive the development of the MVP. The right communication strategy is crucial at this development stage, to address the right users and customers for the MVP and persuade them to pay for the privilege.

Tip #2: Go for digital marketing

Marketing your MVP should rely mainly on digital channels. You need to find pilot customers with an early adopter´s attitude – digital channels are the best way to address them. Make use of the search terms they are using, optimize your content (SEO-wise) and use social listening tools. By the way, digital channels best deliver the marketing KPIs that you need, to understand what your customers are interested in.

Tip #3: Explain your MVP

If your MVP is an IoT solution or service, content marketing is likely to be your best ally. Define your strategy, decide on what content archetypes you need and use facts to support your arguments from different perspectives – the business side, the point of view of customers and users, technical advantages, and so on. What is it all about? The IoT is about new ideas based on combinations of things and markets that already exist in a not-connected form.

Tip #4: It is all about credibility

Your potential pilot customers need to trust in you as an enabling partner as well as in the MVP itself. Explain your scouting and implementation expertise and the way you work. Address the relevant business and technical challenges and questions and be open to continuous improvements.

Tip #5: Measure your success

A KPI-oriented approach makes it possible to measure and optimize your marketing success. The marketability of your MVP needs to be traceable and, ideally, deliver proven sales within three to six months. You need to know what works well and what doesn’t, and where you stand to win pilot customers quickly and move forward.

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More about this joint project with the Consult & Connect team.

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