Oct 17 - 3min readThursday Thoughts: How Relevant Is Market Research And User Segmentation For An MVP?By Jennifer Green
Constantly Changing Markets
The period over which a market research data is relevant may be limited because market parameters keep changing. Data collected for launching a new product may be outdated by the time the product is ready for a market launch. To ensure that your research stays relevant, you need to constantly monitor changing market conditions and update your data accordingly. An MVP approach allows you to remain in control of your product throughout and make changes according to the natural ebbs and flows of user feedback and market trends.
The MVP is that it does not reflect the prototype of your product nor the final product that will be released. The creation of an MVP is the fastest method in which to ensure that precious time and resources are not wasted in developing the product. One of the biggest mistakes that are made by start-ups and larger businesses are not taking the leap and spending months, if not years, developing a product that they base predominantly on user-feedback and target audience research. By larger businesses following suit and facilitating an MVP model wherein they could save valuable resources and time, they can find themselves having a faster churn of products that can be developed by nurturing ideas and making the necessary changes to the product after reliable feedback from launch feedback.
Once the product has been launched, feedback received will be expected. This can be both a negative and a positive. From experience, these same users will dislike the product and the start-up will understand that the resources that have been invested into the production of the final product would have been a waste. What an MVP allows you to do, it allows for product feedback over a shorter period thus significantly reduces costs. Development of an MVP could take anywhere between a month to a month and a half at a smaller budget. Overall, the MVP approach to product development will reduce risk of long-term failure and discovering at an earlier stage what is needed to make your product work and thrive.
To sum up the argument by choosing to go with an MVP, you can:
• Find out in the earlier stages if your product is worth investing resources in
• Research and validate your target audience and find out if they are fully invested and interested in what you are trying to achieve
• Discover and create your customer base beforehand
• Save your resources and time to collaborate in the production of the final version of your product as you will not need to invest large amounts in market research.
• Lastly, you can invest time in seeking out investors in creating interest for your product before product launch.
What You Need To Know Before Your MVP Is Created
Because the MVP does not need to be ‘beautified’ or contain the burdens of various functions that would only be present in the final production of your product, you can observe the product and its fundamentals. This is what you would want to present and test in your user-research.
By developing a thorough MVP, it is important to strike the right balance between minimum design and maximum value. Creating an MVP that benefits both the client and the potential user allows us to focus solely on the simplest design because it may be difficult to have a direct line of communication between the user and ourselves to demonstrate the value of your product. We recommend that the first version of your MVP contains the bare essential functions and that the other functions are added over the course of QA and testing as you receive user feedback. This ensures that your product and its’ features correlate with the expectations and needs that your users are looking for in the product.