Bringing a product to market is no small feat. It involves identifying customer needs, creating a solution that addresses those needs, and executing a plan to get the product into the hands of end users. Two critical tools for streamlining this process are the market requirements document (MRD) and value-added resellers (VARs).
An MRD ensures that your product development is aligned with market needs, while VARs play a vital role in delivering tailored solutions to end customers. Together, these tools help businesses navigate the complexities of product development, customization, and distribution, ensuring a smooth journey from planning to execution.
In this article, we’ll explore the role of MRDs and VARs, their individual benefits, and how they work together to help businesses successfully launch products and expand their reach.
What is a market requirements document (MRD)?
A market requirements document is a strategic guide that outlines what your target audience wants and needs. It provides the foundation for your product development efforts by clarifying customer pain points, market opportunities, and competitive gaps.
What an MRD typically includes:
- Market overview: Insights into market size, trends, and growth opportunities.
- Customer challenges: A detailed look at the problems your target audience is facing.
- Competitive landscape: Information on what your competitors are offering and how your product will differentiate itself.
- Key product features: A prioritized list of the capabilities your product must include to meet market demand.
- Strategic goals: The measurable objectives your product should achieve, such as increased revenue or customer satisfaction.
Why an MRD matters:
- Focuses on customer needs: Ensures your product is designed to address real challenges faced by your target audience.
- Aligns teams: Keeps your product, marketing, and sales teams aligned on priorities and goals.
- Prevents wasted resources: Reduces the risk of building features that don’t resonate with customers or add value.
For instance, if your MRD highlights that customers in the retail sector struggle with inventory management, you might prioritize features like automated stock tracking and low-stock alerts in your product roadmap.
What is a value-added reseller (VAR)?
A value-added reseller is a partner that sells your product to end customers, but with additional services, expertise, or customizations that make the product even more valuable. Unlike traditional resellers, VARs go beyond simply delivering your product—they tailor it to meet specific customer requirements, ensuring a better fit and experience for end users.
How VARs add value:
- Customization: VARs often adapt your product to meet the unique needs of a specific industry or customer base.
- Expertise: Many VARs specialize in a particular sector, allowing them to offer informed recommendations and solutions.
- Broader market access: VARs have established networks and relationships, making it easier to enter niche or hard-to-reach markets.
- Bundled services: In addition to your product, VARs might provide training, technical support, or additional tools to create a complete solution.
Example of a VAR in action:
Imagine you’re a software provider offering an inventory management tool. A VAR specializing in manufacturing might bundle your software with industry-specific integrations, like compatibility with factory automation systems, along with training sessions to help customers get the most out of the product.
Why work with a VAR:
- You need to scale your sales efforts without building an in-house team.
- Your product requires customizations or additional services to better serve niche markets.
- You want to enter new industries or geographic regions where VARs already have a presence.
How MRDs and VARs work together
While MRDs and VARs have distinct roles, they complement each other in significant ways. An MRD helps you design a product that aligns with market needs, while VARs ensure that product is delivered to customers in a way that maximizes its value.
MRDs set the foundation, VARs bring customization
An MRD provides a clear roadmap for your product’s development, outlining the features and capabilities needed to solve customer challenges. However, customers often have specific use cases that go beyond the scope of a generic solution. VARs step in to bridge this gap, customizing your product for individual customer needs.
For example, if your MRD prioritizes ease of use, a VAR might add personalized training or create industry-specific templates to make your product even more accessible to end users.
VARs provide valuable feedback for MRD updates
VARs are on the front lines, interacting directly with customers and understanding their needs. This feedback is invaluable for refining your MRD and keeping your product aligned with market trends.
For instance, if VARs report that customers are consistently requesting a specific feature, you can update your MRD to prioritize its development in future iterations of your product.
Accelerated market entry
Creating a product that meets market needs is just the first step. Reaching those customers quickly and effectively requires established networks and expertise. VARs help you scale faster by leveraging their relationships and industry knowledge, allowing you to enter new markets or regions without the need to build those capabilities in-house.
For example, a VAR with experience in government contracts could help you navigate procurement processes and connect with public sector clients.
Enhanced customer satisfaction
An MRD ensures your product addresses core customer pain points, while VARs deliver added value through personalized service and support. Together, they create a seamless customer experience that drives satisfaction and loyalty.
The benefits of combining MRDs and VARs
By leveraging both MRDs and VARs, businesses can streamline the process of bringing products to market and delivering them effectively. Here’s how:
- Improved product-market fit: An MRD ensures your product is built to meet market demands, while VARs tailor it to individual customers.
- Faster go-to-market strategy: VARs help you reach customers more quickly and efficiently than building your own sales infrastructure.
- Ongoing innovation: Feedback from VARs keeps your MRD up to date, ensuring your product evolves in response to market trends.
- Stronger customer relationships: VARs’ personalized approach builds trust and loyalty, leading to long-term partnerships with customers.
Tips for success with MRDs and VARs
- Select the right VARs: Partner with VARs who understand your target market and have a proven track record of adding value to products.
- Collaborate early: Involve VARs during the development process to ensure your product aligns with customer needs and expectations.
- Keep your MRD dynamic: Update your MRD regularly to reflect feedback from VARs and changes in market conditions.
- Align incentives: Establish clear goals and incentives for your VARs to ensure their success is tied to your product’s success.
Final thoughts
Successfully bringing a product to market requires both strategic planning and effective execution. A market requirements document helps you design a product that meets the needs of your target audience, while value-added resellers ensure that product is delivered in a way that maximizes its value and impact.
By combining the strengths of MRDs and VARs, you can streamline the journey from concept to customer. This approach not only helps you address customer needs more effectively but also accelerates your go-to-market strategy, builds stronger relationships, and positions your business for long-term growth.
Whether you’re launching a new product or expanding into a new market, leveraging MRDs and VARs together is a powerful way to simplify the process and achieve your business goals.
