Welcome to Day 6, the Minimum Viable Product (MVP) Day! After a restful Sunday, today I’m going straight into the topic of how to launch new products and services as an entrepreneur. I’ll show you the strategy used by the most successful companies in the world.
What is an MVP?
An MVP, or Minimal Viable Product, is the simplest version of a product that has just enough features to attract early customers and gather feedback. Many think that MVPs are only relevant for product launches, but that’s a misconception. In reality, you need both a product MVP and a marketing MVP for any good business.
The Three Key Factors
In an ideal world, we would have products that are available immediately, cost nothing, and have perfect quality. But that’s impossible. As an entrepreneur, you have to make trade-offs. It’s about finding the right balance between quality, speed, and cost.
The MVP Approach in Product Management
Imagine you want to build the perfect car. The dream would be to start immediately with all the perfect components. But an MVP for a car might look like this: you start with a simple skateboard. You reduce the product to its basic elements and develop it step by step. This way, you can quickly gather feedback and iteratively improve the product.
Examples of Successful MVPs
Let’s take my company as an example. When we started five years ago, we wanted to know if people were even interested in cash flow on crypto. So, we created a simple website with a form where interested parties could sign up. Within a short time, we had a thousand sign-ups – a clear sign that we were on the right track.
Other major companies have followed similar approaches. Amazon started by selling books before it grew into the massive online marketplace it is today. Airbnb began by renting out private homes before it became a global platform for vacation rentals.
Getting the Right Feedback
A central aspect of the MVP approach is gathering feedback. When you present an MVP, you need to listen carefully to what your customers say. Constructive criticism helps you develop your product in the right direction. It’s important that the feedback doesn’t show that your product is fundamentally unnecessary, but rather that there is room for improvement in specific areas.
The MVP Approach in Marketing
The MVP approach is also valuable in marketing. Instead of launching a huge campaign right away, you can start with small tests – for example, with different Facebook ads, graphics, or logos. This way, you can quickly and cost-effectively find out what resonates with your target audience.
Conclusion
The MVP approach is a powerful tool that helps you bring products and services to market quickly and efficiently. It’s about continuously learning and adapting. In the coming days, I’ll show you how we implement this approach at Bake and in my other projects. Stay tuned, and see you tomorrow!
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Your Julian
Entrepreneur / Investor / Athlete / Father
