Congrats on the launch of your MVP!
This is the first step of the journey that might go a thousand miles or just around the block. One of the most important things when launching MVP is feedback and insight gathering. Sure, you get to enjoy the benefits of it as you have seen from this article or done the homework with 5 Questions To Ask Before Launching an MVP. Remember that your MVP is a slimmed down version ready to be spruced up. Sprucing it up with what will depend on the data you will gather from the base product. If your MVP was developed in a no-code platform, these changes can be made faster than regular coding.
In today’s article, it’s the after-party of the launch. What should you be looking for and how to find that data from your MVP. This is rooted from figuring out the product-market fit at this stage of the launch.
Product-market fit is that sweet spot where a business has identified a need in the market and able to create a solution that customers want to buy. Marc Andreesen, who is credited to developing the concept, defined it as finding a good market with a product capable of satisfying that market.
This is one of the things that venture capitalists ask startup businesses before partnering with them. This verifies that the product you are building has enough market to attain return on investment and gain more profit. Achieving this should be the top objective when planning and executing your MVP.
Determining your product-market fit has been discussed in our previous article, 5 Questions To Ask Before Launching an MVP. In here, you will learn how to focus your research and what should come of it.
After everything has been said, done, reworked and approved, it’s time to release your product into the wild.
Then what happens?
It’s time to check if your assumptions correlate to your research. Measuring product-market fit is a vital step after launching since this will validate performance and customer acceptance. Here are some basic information that will guide you for your MVP. These are just suggestions and you can add more depending on your service
This measures how long before a lead becomes a sale. Try to measure if customer will also switch from using competitor’s product to yours. This can give you an idea if the problem lies in the product or competitor landscape.
Welcome all feedbacks with a warm embrace. Whether they’re positive, negative, or neutral, this can lead to some insights to improve or retain features. Positive feedback can help you gauge what works and negative feedback can show what is lacking or has a problem. Make sure you have setup a proper feedback system within your MVP to ensure data gathering.
Also note customer advocacy of the product if they are sharing your MVP to their circle. Word of mouth has been an objective for most brands since peer referral is one of the most powerful marketing tools.
After purchasing the product, measure frequency of use and essentially uninstall rate. This can give you a sense of the product’s life cycle in the customer’s lifestyle. There can be different factors affecting it like system errors, bugs, or they just don’t need it.
Is the target market responding to your marketing efforts both online and offline? With social media, it has now become very easy to analyze and track customer behavior for digital ads. This gives an opportunity to review what messaging, visual, and tone of voice works for the customer. Make sure to do AB testing for ads and improve in every run.
Is your unique selling point clear to the audience? Do they know what you can do better than the others or why they should use your MVP? This has to be clearly mapped out since this is from your research and all features have been geared towards that item.
Systematically gathering data isone of the key factors before launching your MVP. You can gather data by the following ways:
There are other ways to gather data and it all depends what kind you will need to make the right decisions. This comes back to the objectives you have set during the planning stage. These things are important so make sure whether you’re using no-code platforms or traditional coding that these can be executed. Otherwise, you’re just blindly going into experimentation.
Peter Drucker, Austrian-American management consultant whose research contributed to the to the creation of modern business corporation, said that “If you can't measure it, you can't improve it”. This holds true across all industries when performance Is being discussed.
Launching your MVP is not end but the beginning of your development phase. Gathering what you can and analyzing them is the best way to make this happen. Remember that not all MVPs get it the first time around so you need to continually develop and improve to get that winning product. With the popularity nd versatility of n
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