How the Minimum Viable Product helps you in your business idea

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Hasn't it happened to you that at the beginning of developing a product, you lack a little more clarity? This is where the Minimum Viable Product can be very useful.

What is the Minimum Viable roduct?

 

The Minimum Viable Product (PMV acronym), allows you to take your essence or better known your Unique Sales Proposal and receive feedback from the market.

Based on this feedback, you get an interesting learning and implement it in your MVP. This process is in constant execution, thus establishing a strong foundation for a successful product.

The Minimum Viable Product, as defined by Lean Startup author Eric Ries, says it is constant learning. Since it allows you to test an idea, thus exposing an early version of your product to customers, thus obtaining relevant data that can help you define your final product.

Many of the companies that have been successful implement various MVP techniques in their businesses, Drop box and Airbnb came to the market thanks to this methodology.

How does implementing the Minimum Viable Product help?

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When working with a PMV with a small group of clients, it helps you to know accurate information about your real clients; helping you build and have an accurate understanding of your product.

Analyze the problem and be the solution

Before doing anything else, you need to initially analyze the market demand and how you can show yourself as a possible solution. You even have to discover what possible unique approach you will take to it, to solve that problem in your sector.

Here customer feedback, during your development stage, can be useful to you.

The PMV is your tool for this step, since when you have correctly identified that the problem exists and you have feedback from your customers, during your development stage.

Now the next step is to test your problem-solving hypothesis in a certain time, so that you learn what your customers expect of you and how you can empathize.

You manage to find your own value as a product or service

Implementing a minimum viable product gives you a deep and broad vision of how with your product or service you can precisely help your client.

It even allows you to set clear goals, such as possible price, acquisition, point of sale, etc. In itself, it helps you see where you have to invest time and money, efficiently.

Reduce rework

A PMV helps you build additional features on your main product, however it helps you analyze that purchase process that you must do from the beginning, thus making an easy acquisition process for your customer.

Now, try at the beginning that both the design and acquisition, is easy and minimal and already when your numbers increase, invest in an effective design that helps you be a benchmark in your sector.

How to run a Minimum Viable Product in your business

When running PMV it's important to focus on the overall customer experience alongside the core functionality of your product or service. Since the end goal is to help the customer, rather than to build any particular feature.

A well-executed development procedure will design and test different features taking into account general customer feedback, rather than testing customer behavior on a particular feature.

Run a survey to receive feedback

A survey will give you different points to take into account, before the first interactions and feedback that little by little connects with more and more prospects.

Of course, the people who respond 100% positively to the survey will be your first target group. Ideally, however, you should be able to decide on one or two characteristics that will let you quickly know which group of people you shouldn't target, which can go a long way toward tracking down the right customers.

Take into account the contributions of your prospects

Write down all the feedback from your prospect and based on it create a sales argument that highlights the needs of your potential client and how you can be their solution.

This can be very useful throughout the entire life cycle of the product.

Build relationships with your customers

During your questioning of prospects, some will turn out to be a clear contender among the first customers of your product. These people are essential for your company to take off.

So be sure to involve them in your product design process, as a sign of gratitude for their thoughtfulness in giving you feedback, beforehand. Even make sure you let them know that your goal is to help them and how important they are to you and convey that they are key to product development.

Create your minimum viable product right now

The Minimum Viable Product is a universal concept, which many new companies are currently implementing, in order to give a profitable approach and solutions to a specific sector.

This not only helps you grow as a business, but also involves customers who are the ones who thank you for taking them into account, thus creating strong loyalty and relationships that last over time.

 

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