[Noty & Co.] Minimum Viable Product (MVP)
I’ve heard the term Minimum Viable Product more than a few times these past weeks, and that’s what we’re going to do too with our startup. In this post I’ll explain what it is and why to do it.
The Purpose of the Minimum Viable Product Process
The purpose of creating a minimum viable product is to put your products in front of your customers and test if your assumptions of the market demographics and products are correct or not.
When you’ve done this you’ll hopefully get good feedback or be able to analyse things to improve and change about the product so that you can iterate based on your new knowledge. Maybe a few times over.
The value of doing this is that you can avoid spending months of your time and dollars on working on a product that isn’t what the market wants or need. With this method you can improve your product without risking as much.
“What is my riskiest assumption? What is the smallest experiment I can do to test this assumption?” – Yevgeniy (Jim) Brikman from this article.
Applying on Our Startup
The method we are going to do (from applying the strategy in Birkmans article):
- Design simple mockups of our products (planners, worksheet, to-do calendars)
- Go around to people in our goal demographic and ask them:
- What they would need to plan/track better
- What they would need for features in a product to help them
- Do they use similar products. Why/Why not?
- Do they understand the benefits?
- Show them the mockups and ask if they think it would be a good solution to their problems.
- If there’s interest in the demographic group we’re going to make more fidelity versions of the products and hand it to the people who expressed interest.
- See how they respond to paying for the product. How much are they willing to pay? Do they like it?
- If yes, start selling to these people. Now we have a marketing strategy that works.
- Start putting the products on Etsy and social medias (Instagram, Facebook, Pinterest) and describe our products and show them off, let potential customers give their email to get a notification when the company launches.
- Spend a little money on ads on Instagram/Facebook/Google to our page and see what happens.
- If potential customers won’t give their email adress then that’s a bad sign. They probably won’t buy either.
- If not so much success: Tweak images and copywriting.