“A smart man makes a mistake, learns from it, and never makes that mistake again. But a wise man finds a smart man and learns from him how to avoid the mistake altogether.” Roy H. Williams Author, Marketing Consultant, Founder Of The Wizard Academy institute While your grit and hard w
What is MVP?
Why to prepare MVP
- If a product should be built in the first place? Do consumers really need it?
- Is it solving a problem that people will find worth paying for?
- Will it be sustainable in long run?
- How much iteration does it need before it can be finally launched?
- Is the price point apt or does it need to be re-evaluated?
- What are the learnings from the launch and the actionable metrics thereof to make it a grand success?
- Another great benefit is that by the time you launch the product; it shall already be widely popular in the marketplace and will have an existing user-base.
Points to consider while designing MVP
- Feature Selection:Select limited but most appropriate features after a thorough feedback from the clients on their actual needs and their future goals.
- Client Feedback: Pay utmost attention to client feedback as it is the most crucial instrument in helping you design an acceptable product.
- Deliver Value:Right from the first product release, deliver substantial value to your consumers so that they are willing to buy it in the initial stage. Keeping you customer happy since the 1st stage works wonder in retention through the reiteration cycles.
- Choose your method correctly:Carefully evaluate the methodology that will work better in developing your MVP- Agile or Waterfall method.
- Prototype Stage:Don’t skip the prototype stages as it shall help you reduce risk and increase viability.
How to asses MVP
Got another minute? Check out:
Okay, so you are stuck with a business idea. Or you may prefer to call it ‘enlightenment’ as no one before you came up with it or at least applied it to create an empire. This brilliant idea seems viable in every aspect and is ready to build upon to help you earn your golden fortune.Wait, hold On….W
Way back in 1957, Ford Motors faced one if its toughest product failures when new model “Edsel” was released at a premium price. The Americans at that point were looking for small-sized and economic models instead, which caused ‘Edsel’ to exit from the market in 1960. HP touchpad is another fine exa
Hey There… Let’s start our talk by understanding Customer Segment first.. than we can better understand it’s impact of business strategy…What is customer segmentation: Customer segmentation is dividing a big group of consumers with varying needs into smaller groups of consumers with same needs.To un
As per common belief, the term “design” is associated with a products’ aesthetics appearance. However, in modern times, the main objective of design meant encouraging the well-being in people’s lives. From an organizational perspective, Design Thinking went on to mean ways to resolve problems in m
Do we need to discuss why competition analysis is important?I think answer is a clear “NO”. If you are reading this article that proves you understand the need of the topic. If you don’t analyse your competition, that can be the last mistake you can do as an entrepreneur. “But” (it’s the favourite w
The more important question to ask is “Why do you need digital marketing”. Let us answer that, as per an article published in PC Mag magazine (link), an average adult spends 5.9 hours per day with digital media. Which means 25 % of a day 0r 37% of uptime when not sleeping. Woo.. Doesn’t that answe
While your grit and hard work may seem to be sufficient in order to drive the success of your start-up, one can’t short sell the importance of experiential knowledge. And this is where a mentor steps in. Surrounding yourself with people who have been there and done that can be instrumental in your g
Although many entrepreneurs wouldn’t like to admit it, there’s a lot of ego involved in a successful startup. To invest in a business idea requires a high level of confidence – a belief that things can be achieved based off the knowledge and passion of what is usually just a single person.In some ca