Wise Words: “The big question of our time is not can it be built? But should it be built?”
-Eric Ries
What is an MVP
An MVP is a minimum viable product. It is the most basic version of the offer you make to your customers.
An MVP takes less time and money for you to see what your customers like and dislike about your product. It helps you achieve product-market fit where you sell a product customers are actually willing to pay for.
My Definition of an MVP:
An MVP is a continuous cycle of building, measuring, and learning. You build a new feature, measure its success, and learn what your customer wants.
MVP Creation (In 6 Steps)
Step 1: Identify niche problem
Solve one niche problem. That’s it.
Then focus your unique selling point (USP) on solving that one problem faster, cheaper, more personalized, and better quality.
Step 2: Market research + audience
Narrow down on your target market and focus on the people you solve their problem best. Find what platforms they use and understand their pains, fears. and desires.
For a more in-depth guide on market research check out this article.
Step 3: Select core features
Now that you have figured out the problem you are solving and who your audience is, focus on the core features you need to build your MVP.
Stick to a few essential features add create a list of additional features for future testing.
Step 4: Product development
Build out your features according to how important they are. Don’t spend too much time or money on the development process.
Create a basic website with your call-to-action in the center and a basic payment processor like stripe.
For my guide on how to design a professional website look at this article
Step 5: Marketing + data analysis
When you finish developing the basic version, market it through organic content and low-cost targeted ads. Redirect your content to your landing page with your offer.
Measure the data that matters such as the number of signups and people you get buying.
Step 6: Develop, pivot, or discard
Use the data and look at what went well and what you might need to change. Here is an aid for choosing whether to develop, pivot, or discard your MVP.
If your product gets a lot of sales:
Develop your product and add any additional features
If your product gets a few sales:
Pivot to another core feature and change your product offer
If your product gets no sales:
Discard and create a new offer or move to another business
Recourse Spotlight
TinyPNG - Image compression tool to increase the speed of your website
The Saturday Sites - A free privacy-focused newsletter that shares recommendations on tools that help readers protect their data and stay secure online."
Book Recommendation: The Lean Startup by Eric Ries. An advanced guide on MVP creation and how to batch, test, and iterate your products. I rate it a 9/10 and recommend for people interested in Saas and product businesses.
Until next Saturday,
Warren
