How do you validate your product vision with MVPs?

1 What are MVPs?

MVPs, or minimum viable products, are the simplest versions of your product that can deliver value to your customers and validate your product vision. They are not meant to be perfect, polished, or feature-rich, but rather to test the core value proposition and the most critical assumptions of your product. MVPs help you learn from your customers' feedback, behavior, and satisfaction, and iterate on your product vision accordingly.

2 Why are MVPs important?

MVPs are important because they help you avoid building something that nobody wants, needs, or likes. They help you reduce the risk of failure, waste, and disappointment by allowing you to experiment and learn quickly and cheaply. They also help you align your product vision with your customers' problems, goals, and desires, and build trust and loyalty with them. MVPs are essential for creating products that are customer-centric, market-driven, and value-oriented.

3 How do you create MVPs?

Creating MVPs is a flexible and iterative process that depends on your product vision, target market, value proposition, and assumptions. Generally, it involves defining your product vision, identifying your assumptions, prioritizing features, building the MVP, launching it to collect feedback, learning from the data and insights gathered, and iterating on the MVP. To define your product vision, think about what problem you are solving, for whom, and why. What is your unique value proposition? Identify the key hypotheses you need to validate to prove that your product vision is viable. Prioritize features by categorizing them into must-have, should-have, and nice-to-have. Then build the simplest version of your product that meets the minimum requirements. To launch your MVP, use channels and platforms to reach customers and collect their feedback. Analyze the data to learn what worked and what didn't. Finally, use your learnings to improve your product vision and MVP by adding or removing features or modifying them to increase value and validation.

5 How do you measure the success of your MVPs?

The success of your MVPs is not determined by features, users, or revenue, but rather by how much they validate or invalidate your product vision and assumptions. As such, you need to define clear and relevant metrics that can help you evaluate the results of your MVPs and glean valuable insights. Conversion rates, engagement rates, retention rates, and feedback scores are all common metrics that can be used to measure demand, interest, usability, functionality, desirability, satisfaction, loyalty, value, quality, reliability and performance. Through a lean and iterative process of building, launching, learning and iterating on your MVPs you can improve your product vision to create products that customers love.