- Viable: When we say ‘viable’ this means that you need to identify what part of your entire product you believe can best target your early adopters. They will understand you are a start-up and will deal with you patiently. But again, as proverbs go, “first impression is the last impression.” You need to figure out the best bait that will strike with your early adopters to act as leaders and pass the message ahead.
For example: In Rihana’s case, she needs to start-up with the single most important feature that will differentiate her e-learning venture from the rest. Her history class session where monuments tell their own story is interesting. This is her ‘Viable’ feature in her product.
- Validated learning: When you are a start-up rolling out a product or service in the market, understand that you are not your best judge. It is your customers who will validate your hypothesis, and only then can your idea propel forward. You need to find out the most important feature that will best attract your target audience and compel them to take a step forward to use your product in its nascent stage.
For example: For Rihana, once she has decided to make the historic monuments relate their own story, she needs to develop this feature, partnering with her tech team and rolling it out for validation among a group of students and professors to see how acceptable it really is.
- Remember ‘customer is the king’: By taking the MVP route, you ensure that you are building an application that has customer acceptance and not something which you believe will stand true!
Benefit: You save money and expertise after validating the demand for the product.
- Avoid mistakes: If you just keep developing a product and do not test it among your customers to validate your research, chances are high that you might have a big surprise ahead. Your reputation takes a toll, which take a lot of time to rebuild. So build a part of your app, validate among your target audience, and if it sounds good among all, take the initiative to go ahead and partner up for the development of the rest of the product.
Benefit: Launching part by part saves time, money, and REPUTATION above all!
- Refine and Redefine: Experts say the more you filter the more refined your product becomes. The MVP mode of development gives you this advantage to filter your product, validate and verify your idea numerous times within the shortest time frame.
Benefit: You minimize the chances of your product to lose its market value.
- Planning helps: Launching a product in stages can build anticipation. Make sure your product is not just viable but also appeals to your target audience and ensures they look out for more. Why do people watch soap operas? The reason is they build interaction and interest strategically episode after episode. And this keeps their target audience glued to their sets!
Benefit: Your target audience will always increase and your early adopters will keep boasting about you.