Brand building is hard. Deciding to spend the resources to rebrand pre-launch is harder.
Start your journey with an MVP.
MVP aka Minimum Viable Product. To simply put it - MVP is the first step to validate your idea for a business.
What is an MVP?
MVP is the product of the product discovery process, built through the development. It’s the beginning of giving life to the IDEA. MVP is made based on the features crucial for implementing primary business objective, as proven during the product discovery phase.
There’s no point in creating a product that no one wants. Identify the existing problem, your proposed solution or service should solve that problem for the users. Understand the target market better before development even starts.
Distinguish which features are necessary and nice to have and are essential for the MVP to fulfil its purpose. Make sure that the core functions of the product are covered. Users also pay attention to the UI design. Gathering feedback is useful to plan the next steps in product development.
Properly defined key performance indicators (KPI) will help build a strategy for experimentation with the product. Goals should be realistic and understandable. For example, think about download and launch rate, percentage of active users or customer lifetime value.
Prepare a go-to-market strategy and connect with your customers. Seeing users interact with the MVP - what works, what needs to be improved - is valuable data required to plan the next steps in line with the Lean Methodology approach. Test, change, improve - and create the best product possible.
Trust the process
Nowadays, it’s easy to come up with new business models, but it’s still necessary to check whether they are profitable and desired by the users. Failure to understand the market’s needs is the number one cause of startup bankruptcies. With an MVP, it’s possible to test the idea without straining the budget.
The sole purpose of building an MVP is to test the value proposition and how it resonates with the users. An MVP is not meant to be a perfect, finished version of the product. Thus, it’s essential to define what features are necessary for the users to grasp what the product is about.
A prototype is a clickable wireframe of the product, made with user testing in mind. Thanks to user testing, it’s possible to check whether the user understands the concept and if everything is understandable from a UX point of view. Users can also share their feedback on the business concept itself.
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