Small businesses when launching a new product, think of it as a brilliant idea for the business. They make a product, attach additional features, and launched it in the market, but do not get the expected result or you can say the reaction was worse than expected. Are there similar products on the market? Is the durability or performance of the product inferior to other products? Was there a problem with the design or packaging of the product? Why do their startups fail? While thinking about various things to find the cause, this post will sum up some of the root causes.
A major root that is contemplated is poor marketing. At this time, good marketing is considered to be the most important and crucial part of a business. Businesses get a Wikipedia page service to get Wikipedia pages for their business some do effective marketing to make their business a success.
Was the Product Not Required by the Market?
Why do countless B2B startups constantly fail despite having great ideas? In conclusion, it was because they were mistaken that it was a good idea. A really good idea is an ‘idea that sells’. If a customer doesn’t need a need, the total set of skills, time, effort, and ideas we’ve painstakingly built, it’s just a failed idea. Therefore, there is the concept of ‘PRETOTYPE’ introduced before to verify the success or failure of a product in an agile manner, but today we will learn about the concept of ‘MVP’, which introduces the core value of a product directly to the market!
What is the Core Value of the Product?
Commonly, when you say MVP, you will think of the player who made the most decisive contribution to winning the game because he is called the Most Valuable Player. However, MVP in business is an abbreviation of ‘Minimum Viable Product’, which means that products and services contain only ‘minimum functions (core values)’ to survive.
One thing to note here is that the concept of minimum function should be accepted as the concept of ‘core value’ rather than the concept of completion. In other words, MVP is a product process created to show the ‘core value of the product’ in its entirety, rather than a collection of completed products by attaching various functions so that the product can be operated.
Precautions to Take When Implementing MVP
When implementing MVP, the user, market, and technical implementation of each course must match. Therefore, the ‘Like this!’ The part is also not a model for a good MVP. The reason is, first of all, that the target users for skateboards and kickboards, bicycles and motorcycles, and automobiles are different. This is because skateboards and kickboards are mainly targeted at people in their 1st to 20s, while cars are mainly targeted at people in their 30s to 40s who have achieved economic independence.
In addition, it is difficult to discuss single-person skateboards and multi-person cars as MVP product processes on the same line. Finally, although the fundamental resource of having two wheels in the picture above may be consistent, technical implementation to make a car from a skateboard is relatively difficult to realize, so pay attention to the above points and create an MVP model suitable for each company.
Purpose of Minimum Viable Product
In Lean Startup, the sole purpose of an MVP is to quickly understand customers and markets. You need to know that MVP should work as ‘learning’ as ‘feedback’ to find out if our product or idea works for customers, not for sales. If your MVP is an idea that customers do not like, you need to be able to quickly change direction. Therefore, the initial MVP can be called an experiment or experience (MVE) rather than a product (product or service), and a model (MVB) to find out the actual behavior of customers. An MVP is not only a product, but also a process of validating an idea. Let’s iterate through the product, build experience, and ensure that the core values are reflected in the main release.
- To bring products and services to market in the shortest time and at the lowest cost.
- To identify critical product and service issues and reflect them in the main release.
- To discover future features of the product based on customer feedback.
- To quickly identify the company’s target customers and markets and find target users and markets.
Conclusion
MVP is not to set a business model in advance, but to flexibly modify the business model while receiving and checking customer feedback. However, just because a model can be created with minimum time and cost does not mean that the product itself should be made minimum. It is necessary to increase the minimum effort and cost consumed in the ‘verification’ stage of a product idea, but avoid creating a product that is so inaccurate that it cannot be introduced to customers. You also need a good understanding of the customer problem and market you want to solve. There is no road to complete failure as embarking on a lean methodology MVP without proper market research.
