Determining the feasibility of our idea can be difficult.
If we decide based on our own feelings or the opinions of our surrounding people, the results won’t be precise. As a result, when we start our business we would probably face low demands from the market, eventually ending in failure. This results in losing lots of money and time! So how does Minimum Viable Product (MVP) help us?
There are many important points to consider when making an MVP, including its goal, costs, and how it should be. More importantly, we should know how to use them in order to receive the essential information we need. Well, this step is all about them!
Plan your MVP 🚀11:00
Do we need a lot of money to build an MVP?11:00
Is it right that the MVP should be a super perfect version of our product?10:54
How to touch our customers’ hearts?
There are many factors that make customers attracted to what we provide. However, one of the main factors is the product itself! The product should be built in a way that drives lots of customers to us. It should be what people would love!
There are different types of MVP that each of which falls into two main categories, 1️⃣ low-fidelity or 2️⃣ high-fidelity MVP.
The concept of low-fidelity MVP is to find the solution to the market’s problem. It is used in the very early phase of starting a business.
On the other hand, the concept of high-fidelity MVP is to determine the feasibility of your solution to the market’s problem, that is if the customers would be paying for your products or not. In fact, it gives us the essential information to make us plan for the future and decide our strategies!