What Must You Learn from your MVP?
When launching a new app-based product, many businesses will begin with a ‘minimum viable product’ in order to quickly enter the market, while gauging the demand for the product. But to make your app product a success, what important lessons do you need to be looking out for? We have discussed before the details about how to create your Minimum Viable Product, but in simple terms, the idea behind creating an MVP is to develop your digital product using only the essentials you need to get it off the ground and to be able to test your USP on your target audience. So creating an MVP is a very lean way to create a product that is both cost-effective and enables you to learn from it as your customers use your product. Essentially, you need your MVP to be functional enough to test it to see if it will be profitable and scalable. Yet at the same time, you need to include selected features that provide value to your initial users while providing you with a valuable learning experience. Development speed vs. features You may believe you have the most brilliant product idea in your head, but it will be complete folly to spend a lot of time and effort building your app only to realise that your target audience doesn’t want it. There will always be a trade-off between speed and number of features, so it makes sense to spend as little time and effort as possible building a product that is really simple and limited in number of features, so you can get it in front of your intended users. By getting your product concept in front of your target audience, you can test your idea to make sure it is worth pursuing and that you are taking it in the right direction. You need constructive feedback from your users to allow you to assess its viability. If the user feedback is positive, then you can see investing your time into tweaking and refining your product further will be time and money well spent. It can be so tempting to spend time creating a beautiful user interface and adding lots of features. However, the more you add the more complex you will make your product and the UI. Overcomplicating your prototype MVP can turn off your users so the lesson here is to keep it simple. If your initial user tests were met with confusion or frustration, then strip-back your idea to simplify your MVP and try again. Understanding your customer perception It can be very difficult to understand how your customers will perceive your product. Without any user feedback, how are you supposed to further develop your product? Unfortunately, not every customer will love your product. Generally, customers come in four different types: The happy customer: These are users that will love your product as it is and will be happy to buy and use it right away. It is the happy customers that you want to target first. If you know of a core group of customers or any influencers in your market that would be interested in your product, it will be worth reaching out to them because they will be keen to test your product and give you constructive feedback. The undecided customer: This is a user that is attracted to your product idea, but decides that your product lacks some features or needs adjusting before they would consider buying it. » Read More
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