Coral’s Market Services include, but are not limited to the following:
A document that examines market needs and aligns product requirements to features that represent greatest value. Market requirements help developers set targets for Minimum Viable Product (MVP), General Availability and Product Roadmap.
Who are your competitors in the market today and what are they offering that meets or exceeds the value of your product? How is your product differentiated? Will it take share from existing products, or is it new? Competitive analysis helps Partner companies position against others in the market and protect against threat.
Lead Customer Validation
A lead customer is essential to prove a company’s value proposition. It validates both the functional value and the pricing strategy necessary for growth. Coral helps companies identify, pitch and prototype their product innovation in order to obtain valuable feedback and reference.
Total Cost of Ownership
Often a product is positioned in the market against other offerings that have hidden or indirect costs. Once identified over product lifecycles, value may become more apparent to target customers. TCO Analysis may be a valuable tool to unlock hidden opportunity and accelerate revenue.
Direct sales is difficult to scale for new products. There is only so much time in the day to build relationships with potential customers and provide necessary information to aid in their buying decision. Indirect Sales, or Channels help companies scale more effectively. How is the Channel incented to sell your product? What collateral and messaging is needed? How is support provided post-sale? Channel Agreements can be as difficult as first customers, but do not have to be – if the Partner company is willing to share return.
No one ever was fired for buying the market leader. Often potential buyers will look at post-sales support as a key risk mitigation strategy internally. What happens if the product fails? How quickly can the company respond? Do they have the necessary resources? A good support plan may tip the scale in favour of assuming innovation risk for your customer.