MVP (Minimum Viable Product) is known as a prototype that can be used to test certain hypotheses, including feasibility analysis related to production, on the journey to develop a product. However, if we look at it from a different angle, it can also become a valuable tool to find answers to potential questions such as whether the product technically can be made, whether it solves a problem, or whether people would be willing to pay for it.
Putting forth a good MVP will also be a significant milestone for the continuation of the product development process; because we can foresee many potential obstacles we might encounter in the future through the MVP and prevent them from turning into crises.
How Should One Approach to Achieve a Good MVP?
1) Customer Interviews
Interviews with customers or potential customers can be organized not just for the purpose of sales development but to gain information about the problem the product is trying to solve and to test the functionality of the product from a different perspective.
The experiences you gain from customer interviews are golden data that prompt you to take action on certain issues. Even some minor problems that emerge may not be significant for other people, but at the end of the day, you might have realized new opportunities to improve your project.
2) Landing Pages
The landing page you prepare for your website is a marketing tool that can not only explain the features of your product but also help you gain potential customers. Landing pages are often confused with famous lead capture pages and used for the wrong purpose. We know that they produce better results when used to test the impact of a product or idea on customers.
Remember that your primary goal when using your landing page should be to ‘’gain accurate information’’. Collecting visitors' analyses with tools like Google Analytics, KISSmetrics, CrazyEgg, Hotjar is the most crucial part; because when it comes to improving the product, you can take action focused on reality rather than assumptions.
For more advanced learning, you can also conduct A/B tests.
3) A/B Tests
A/B Tests are tools that can test the effectiveness of all aspects of your product or marketing method. An A/B test helps you find out which version of a webpage (or marketing material) performs best by testing two different versions.
In A/B tests, some of your visitors see version A, while the rest see version B; then, you can test the overall performance of these two versions, including bounce and conversion rates, using data collected by analysis tools like Optimizely, Unbounce, and Google Analytics.
4) Your Advertising Campaigns
Digital advertising campaigns are a great way to test your product. Google and especially Facebook are platforms that successfully show your ads to the demographic audience you are trying to reach. By using several ad setups that highlight different headlines at the same time, you can discover which features of your product affect people more.
Another thing you might realize through ads is how people react to the prices you set for your products. Click-through rates and conversions provide valuable statistics that can be decisive on the price level you are at and the decisions you might consider in the future.
5) Fundraising / Investment
If you are starting your project as a StartUp, you can try your luck on forums like Kickstarter and Indiegogo. These websites, which are home to a large number of entrepreneurs, investors, technology, and innovation enthusiasts with different interests, offer an excellent opportunity to measure the market's reaction.
A group of people who are extremely interested in new ideas, enjoy giving feedback, and actively participate in processes will definitely help you test your MVP.
6) Blog
Blogs are another way to test ideas in the target market with minimal effort. Additionally, blogs can also be used as prototypes for some products. Eric Ries, the author of The Lean Startup, started his book as a blog and gained a following before signing any publishing deal. Similarly, the Fifty Shades of Grey phenomenon also started as a blog.
7) Prototypes
Mockups, wireframes, cardboard sketches, or advanced prototypes can be used to demonstrate how a product works, mimicking real usage. When we think of prototype testing, usually a copy of the final product comes to mind. However, any intermediate product that allows you to observe the user experience, from low-quality sketches to screenshot previews, can be considered a prototype.
During the testing of prototypes, you may encounter many situations that you had not previously considered. Realizing these before your product takes its final form will allow you to make more creative touches in the development process.
8) Pre-Order Setups
Similar to the fundraising and investment tactic, you can test your MVP with pre-order pages. Even before your product is complete, you have the opportunity to identify potential customers who are willing to pay the value you set. These people can help you quickly reach the point you want to achieve with your product.
The virtual reality game kit Oculus Rift had prepared a pre-order page for its development kit before starting production. When you look at it, many projects that emerged from Kickstarter began their story by taking pre-orders.
Pre-order events show the extent of demand for the product you are trying to build and can give you an idea of whether to continue with the project. The general problem with pre-orders is that customers may be hesitant, thinking you might not deliver the promised product. Therefore, it is beneficial to use methods that establish trust!
The truth is, without a real and useful product; a solid and innovative idea, discussing these is meaningless. It's 2017, and no one uses coal irons anymore.
Conclusion
Creating an MVP creates additional workload; therefore, it is essential to focus on the benefit in MVPs and not get bogged down in unnecessary details. The primary expectation from an MVP is to decide whether the product is worth the effort you are putting in or to determine if users find the product useful. Spending time on something that people are not willing to pay for benefits no one.
While testing your hypotheses, you might consider using multiple MVP test techniques according to your business model and market, or combining them.
“Writing is seeing the future.” Paul Valéry