Written by: Kadena Tate, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
When I started my business, I made several huge mistakes that lowered my self-confidence and cost huge amounts time, money, energy, and resources. The biggest mistake was creating a course that no one wanted. I spent months working on this new course and when I finally launched it, no one was even mildly interested.
At the time, I didn't realize that I had made a lot of assumptions that ushered me straight into failure.
My first mistake was not even considering the answer to four critical questions: (1) What is keeping my ideal client up at night filled with worry? (2) What are they currently doing to try and solve their problem? (3) What is the real reason they haven't been able to fix it on their own until now? (4) What solution would they willingly invest in?
If I had known the answers to those questions, I would have realized that my solution didn't match their problem. For this reason, it's so important to make sure that you're creating something that people actually want. If you create something that nobody wants, then you're going to have a hard time making any money – and you might even go out of business. So before you create a new product, service or program for your association, membership program, or mastermind, make sure to do some research and find out what people are actually looking for.
In today's article, I'd like to offer a solution. It's called the minimum viable product, or MVP. The MVP is a product with just enough features to satisfy early customers and provide feedback for further development. The MVP approach allows startups to validate their business idea quickly and cheaply without expending too much time or money on developing a full-fledged product.
Building an MVP doesn't have to be complicated. In fact, there are several simple ways you can get started. Here are nine of them:
1. Identify the core feature of your product.
This is the one thing that your product must do in order for it to be considered successful. For example, the core feature of Kajabi is helping you turn your knowledge into an online course or membership program. The core feature of Stripe is providing a platform for people to accept payments online. The core feature of WhatsApp is messaging, and the core feature of Instagram is photo sharing. Figure out what the one thing is that your product must do in order for it to be successful.
2. Identify your target market.
This is the group of people who are most likely to use and benefit from your product. For example, the target market for Kajabi is online entrepreneurs who want to create and sell courses or membership programs. The target market for Stripe is businesses of all sizes that need to accept payments online. The target market for WhatsApp is anyone who needs to communicate with others via text message. And the target market for Instagram is people who enjoy taking and sharing photos.
3. Identify your early adopters.
These are the people who are most likely to try out your product in its early stages. Early adopters are usually willing to take on more risk than the average person, and they're also more likely to give you feedback that you can use to improve your product. For example, the early adopters for Kajabi were online entrepreneurs who were looking for a better way to create and sell courses or membership programs. The early adopters for Stripe were businesses of all sizes that needed a better way to accept payments online. The early adopters for WhatsApp were people who needed a better way to communicate with others via text message. And the early adopters for Instagram were people who enjoyed taking and sharing photos.
4. Identify your minimum viable product.
This is the simplest version of your product that you can create that will still allow you to achieve your core feature. For example, the MVP for Kajabi was an online platform that allowed users to create and sell courses or membership programs. The MVP for Stripe was a simple payment processing system that allowed businesses to accept payments online. The MVP for WhatsApp was a messaging app that allowed users to communicate with each other via text message. And the MVP for Instagram was a photo-sharing app that allowed users to share photos with each other.
5. Create your MVP.
This is the fun part! Once you've identified the core feature of your product and the minimum viable product, it's time to start building a prototype. A prototype is a basic version of your product that you can use to test your assumptions and get feedback from potential customers. You can create a prototype with just a few hours of work using tools like Sketch, Adobe XD, or InVision. Don't try to make your MVP look perfect. Remember, the goal is to get feedback from users, not impress them with your design skills. A basic design will suffice.
6. Test your MVP.
Once you've built your MVP, it's time to put it to the test. Send it out to your early adopters and get their feedback. See if they can use it to achieve the core feature of your product. If not, figure out what needs to be tweaked or changed.
7. Launch as quickly as possible.
The sooner you launch, the sooner you'll start receiving feedback. Try to launch in less than two months if possible.
8. Use existing platforms and tools.
Unless your MVP requires a new platform or tool, there's no need to reinvent the wheel—just use what's already out there. For example, you can use Google Forms or SurveyMonkey to create surveys and collect user feedback easily and quickly.
9. Create a landing page.
A landing page is a single web page that describes your product and includes a sign-up form for interested users. Creating a landing page is a quick and easy way to gauge user interest in your MVP without actually having to build anything.
10. Offer a free trial or discount.
This will help you attract users and encourage them to sign up for your MVP.
11. Get feedback from potential customers.
Once you have a prototype, it's time to get feedback from potential customers. Show them your prototype and see if they're actually interested in using your product. You can do this by conducting customer interviews, surveys, or demonstrate via webinar.
12. Keep it small and focused.
An MVP should not be complex—it should be focused on one core feature only. Trying to do too much will only slow down your development process and hinder your ability to get user feedback effectively.
As you can see, building an MVP is a great way to validate your business idea quickly and economically. By launching in less than two months with a focus on one core feature, you can get feedback from potential customers and make sure you're on the right track. So don't wait—get started on your MVP today!
Do you have any other tips for building an MVP? Share them in the comments below!
Kadena Tate, Executive Contributor Brainz Magazine
Kadena Tate is the author of “Cultivating Courage: The Path to Reclaiming Your Power” and contributing author of the NY Times Bestseller “Business Model You,” published by Wiley Press. In addition to writing books, Kadena also works as a revenue strategist and business model designed for authors, coaches, and speakers who want to create movements, masterminds, and membership programs.
