You must have heard the saying, “The customer is always right.” Well, that’s not a fact but what is a fact is that customers are always important. To get to know their customers better, companies actually spend huge portions of their budgets. This, they term as market research but it is essentially studying the customer.Thank you for reading this post, don't forget to subscribe!
Minimum viable product template does just that. It is a technique, or a way or an activity through which the team or the workforce gathers information about the customers, involving the least amount of effort. As the name makes it clearer, the minimum viable product template is when the product is unfinished, but it is still presented to the customers and other stakeholders to know what they think. Keep in mind that this product might be basic, but it still meets the minimum standards.
If someone compares minimum viable product with market research, then that’s plain wrong.
The core aim of market research is to gather all the information they can, without worrying too much about the budget or without accounting for the effort. Managers are trying to get as much information as they can all the time, so it may take some time for the results to come up. Yes, it involves a lot of effort. That’s where minimum viable product and market research collides.
Sections of Minimum Viable Product Template
Roughly, one can divide a minimum viable product template into four sections.
The first section consists of channel. To put it simply, this is how specific target markets will be reached. The customer cannot give feedback if they haven’t received the product, right? Therefore, the channel is extremely important.
The second is customer segment. Specific target markets are designated when it comes to jobs and roles. These individuals will provide important feedback about the product.
The third is value proposition. This is the solution that the business is producing or giving. This solution should ideally make lives easier because it responds to the demands of the consumers by giving them that product.
The fourth is customer relationship. While it is extremely necessary for customers to receive products that fit their requirements, feedback is as necessary. The customer should ideally respond and tell how they liked the product and whether it helped them or not.
How to Use it
Providing the value proposition in its essence, while being in its simplest form is the idea behind minimum viable product template. However, it is true that this will change with the project and the business at work.
There are actually a lot of ways to use minimum viable product template. There’s no quick hack or sure guidelines but you get the gist of it. It’s actually very easy once the company gets the hang of it. The minimum viable product template works on a very thin scale. Businesses believe that their customers are working on a big assumption. They assume that the customer sees potential in the basic product.
Therefore, betting on the final product involves some sort of risk. But, of course, companies don’t go asking every other customer. It should only be done with customers who have won your trust. Another important thing to remember is that minimum viable product template largely depends on your team. This includes their skillset, their abilities, their experience, and their talent in vowing the customers. MVP’s can also be planned through a step-by-step process.
In an uncertain situation, almost like the one we are in, it is necessary to have a minimum viable product template working in your organization. It tests the limits of your talent and your product’s capability.
Benefits of Minimum Viable Product Template
The benefits of minimum viable product template are understated because this technique is sometimes presented as a risk. There is some risk factor involved to it, true, but the benefits may outweigh in the long-run.
Through minimum viable product template, the company can receive real-time feedback on a product that hasn’t hit the market. Think of this, the product hasn’t been made in bulk quantities yet. The customer believes that it needs improvements and some fixes. This will save a lot of trouble, budget, and time for the company. This is what real-time feedback means.
Furthermore, the product’s limits are tested by investing very little. Minimum resources are spent in trying to present the product to a trusted customer. This means that the company can save a lot and still receive a lot of resourceful information in return. Compared to a market research that may cost an arm and a leg, the minimum viable product template looks like a hero.
On another note, MVP can gather early investments from potential investors. Let’s say that the unfinished product looks promising to the investor or the customer. The company can then attract investments for their products, and to make their product in bulk and sell it out to the public. This is always a good sign for companies since they are in need of investments right at the start. They would rather want investments from the outside than spending their own money to fund their production costs.
There is great variety with MVP when it comes to ideas, and this is another great benefit.
The market has tools for minimum viable product template, and they exist to benefit teams in many ways. Through these tools, the team and organization can begin to instantly work on their web templates and input forms. Moreover, technical software can be used to further enhance this experience.
These tools, however, are not always free. Free tools can be found online but the ones that are worth their time actually cost a bit. But, yes, the investment is a good choice. Along with tools, there are many examples of MVP that help businesses all the time.
Companies are always trying to know about their products. Minimum viable product template is actually a safe way to get to know about your product from a customer. Since the customer will likely be unbiased, they are more likely to present the reality to you. People affiliated with the company may be biased, and this can totally harm the real reason why feedback is being taken. Since businesses are always worried about finance, they don’t have to invest a lot in minimum viable product template. Unlike market research, this way or technique is useful, cost-effective, safe, and innovative.