The Minimum Viable Product is a prototype of your product that has the minimum functionalities to be able to present it to your customers and verify if they are interested. It is a partial version of a product, aimed at quickly discovering what the customer is asking for.
The benefits of the Minimum Viable Product
If you are a novice entrepreneur, you probably do not have many resources for your business, so it is important that you verify your business idea as soon as possible. The creation of a Minimum Viable Product will help you to:
- Launch a product or service that is really necessary.
- Create something for which there are people who want to pay.
- Invest your time and money in something that you know will surely work.
- Learn from mistakes and see the successes.
How to create a Minimum Viable Product
Your goal should be to look for the product-solution fit, that is if your product solves a real problem of your potential customers. For the creation of the Minimum Viable Product you will have to follow the following steps:
- Get to know your client thoroughly: To create your Minimum Viable Product it is essential that you understand the needs of your client, the explicit ones and also the latent ones. Therefore, you should not stop at what your client says, you will have to know what he wants. To know them it is important that you perform two actions:
- Check if you really have interested customers: One of the means that can be used to collate this aspect is Google Trends, a free Google tool that provides information on the search volume of certain words associated with a product or service.
- Ask your potential clients questions through online and offline surveys, such as the following: what do you like? What are your studies? What sex and age are you? What do you need? How is your environment?
- Analyze your competitors: You will have to see what products they have and use them, at what prices they sell them, how they act on social networks, and what their assignment help customers’ opinions are about them.
- Make the Minimum Viable Product: With the data, you have obtained, develop your Minimum Viable Product taking into account that it will not have the functions of the final version, but the minimum ones to be tested by your potential customers.
For the elaboration, you can choose one of the following forms:
- Test smoke: You can use social networks; send an email (email marketing) or an advertising campaign of Google Ads or Facebook Ads so that your customers visit a landing page of your product or service. The landing page should create an expectation, inform that the product is in development and invite users to leave their names and email to know more.
- Mock: It is used when your product is too expensive to fully develop, for example, a vehicle or a building. The model must have the basic functions of the final product. It can be launched through a physical presentation attended by potential interested in the headquarters of your company, in a co-working or in the center of entrepreneurs.
- Video: It consists in the elaboration of a video in which the functions of the product or service are explained. It is also used when development is expensive. The launch of the video can be done through social networks by sharing the content and, at the same time, carrying out advertising campaigns on Facebook and Twitter, for example. This way you can attract early adopters to try your product or service.
- Customer interviews: You can write in a list all the needs that you think your product or service meets and ask your potential customers what they think in physical interviews or through email using tools such as MailChimp to analyze the results.
- A / B test: It is about raising two hypotheses from which your customers should choose. On one side you will show the “A” version and the rest on the “B” version and with tools like Google Analytics you can analyze the results obtained to see which is the preferred hypothesis and why.
- Crowdfunding: Crowdfunding platforms, in addition to being platforms to seek financing, also serve to know if your product or service is viable in the market and may be interested. You will have to present your campaign to the platform, they will upload it if it meets their requirements and, depending on the results you obtain in a certain period (raising funds for the project), and you will know if there are enough interested people.
Any small change can influence and you will have to continually test your product so that it adapts to what your customers need and look for. Your mantra will always be: create, test, learn and decide.