PE - Designing your MVP

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South Texas College *

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1303

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Information Systems

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May 10, 2024

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Preparation Exercise: Designing Your MVP A minimum viable product is the smallest, boiled down version of your product/service concept that allows you to test and learn whether you are on the right track. The idea of the minimum viable product (MVP) is useful because you can basically say: my vision is to build a product/service that solves this core problem for customers and that will have the following features/benefits (hygiene and motivating factors). The goal of this preparation exercise is for you to develop a prototype of your product or service that you can showcase, share with your ideal early adopters, ideal customers, and others. By creating a landing page, you are able to receive feedback about what your ideal customers and others like or not about your product/service/solution and most importantly whether they want it and/or would be willing to pay money for it. Simply asking customers what they want will not always yield you the answer because many consumers do not know consciously what it is, they desire. Your job as an entrepreneur is to show potential customers your vision of a product/service and let them provide feedback. The MVP is the tool that allows for this process to occur. So, the minimum viable product is that product/service which offers the basic definition, description, features, benefits of your product/service offering (and no more) that allows you to showcase the product/service and determine if it resonates with early adopters; some of whom will pay you money or give you feedback. Step 1: Watch the following videos and read article: Minimum Viable Products (featuring Steve Blank) Minimum Viable Product (featuring Eric Ries) http://www.startuplessonslearned.com/2009/08/minimum-viable-product-guide.html Now that you have completed your Solution Ideation exercise, it’s time to test that product/service by creating a Landing Page—a simple, single-page website that does the following: 1. Tells your customers about your product/service 2. Displays a video explaining your product/service 3. Tests whether people want your product/service It’s important to note for this exercise: Done is better than perfect. I am not seeking a perfect landing page (website), but a good enough landing page (website) that describes your Minimum Viable Product/service (MVP/S). Step 2: Creating the website where customers will learn about, and even purchase, your product/service. Here you will be responsible for the following:  marketing copy (aka words) used on the site  designing the site  integrating analytics (see Note below) Page 1 of 9

Here’s how: 1. Sign up for a free account on Wix.com . 2. Watch this video . It’ll show you exactly how to create your landing page. The user interface may be slightly different than what you see in the video, but the core will remain the same. Note: Analytics integration isn’t included in the video above. To add analytics, simply: 3. Click to open the Visitor Analytics Wix Plugin . 4. Click Add to Site in the top right corner. 5. Follow the instructions. As Wix updates its user interface, you might see differences between what’s in the video and what you see. Remember: Done is better than perfect! Step 3 - Creating a Video for your Website Here I am asking you to describe the problem you are solving and how you’re solving it . . . with a 30-second video. Here’s how: 1. Create a PowToon account here: PowToon.com. Note: Some students have reported problems using the Safari browser with PowToon. If you have problems, consider trying Chrome instead. 2. Watch this video . It’ll show you everything you need to know to create a video. 3. Here is also a video that explains the purpose/reason for developing an explainer video: What is the best explainer video for your business? Video Below you will find examples of businesses you may know that developed explainer videos and used them as their MVP to measure customer demand for their product.  Drop Box Explainer Video Dropbox.com already had 5K subscribers, all based on their video.  Dollar Shave Club Explainer Video  Groupon Explainer Video  Airbnb Explainer Video Using an explainer video as a minimum viable product has helped many startups to test their product concept. With little to no money, you can create a video that explains your product or service. Upload the video, and at the end, ask people to login to your website (landing page) to receive additional information about the product or service. This all costs you nothing except your time and can help immensely to inform you if people understand your concept and find value in it. If no one ever takes the time to sign up for more information, or “likes” your group Facebook page etc., after watching your video, then you might want to re-consider the business model. If on the other hand, folks do sign up (Yeah), you know you are on to something and the problem you have identified is real. Page 2 of 9

Have fun making this video; do not worry about the quality of the production. The key elements to include in this video, are what the product is, what problem is solves, and examples of how various consumers might benefit from this product or service. 4. If you have trouble embedding your video into Wix, make sure your Wix site is in Editor (not ADI) mode. (see screenshot in next page). NOTE: You’ll have limited time to create your video before you need to integrate it into the landing page. If you have extra time, you can always tweak your video after the first draft of the page is done. Remember: Done is better than perfect! Step 4 - Test whether people want your product/service Here you will make sure customers can pre-order your product, so you can measure how many people want it. Here’s how: 1. Decide how you want to measure pre-orders. 2. Follow the instructions in the pre-order setup video. Measuring pre-orders Since your product/service doesn’t exist yet, you’ll want to sell pre-orders for it (i.e., Accepting orders before the product is ready is a way to measure demand for a product to determine whether it’s worth producing at all.). There are two ways you can measure pre-orders: Page 3 of 9

 Email-based: Customers provide just their email address, indicating they are interested in a product.  Credit card-based: Customers provide their payment information ahead of time but will only be charged if/when the product is delivered. Email pre-orders are easier to set up, but they’re not the ideal approach because people will often provide their email address when pre-ordering even if they have no intention of buying a product. The last thing you want to do is launch something, collect email addresses, thinking that means people really want your product, and then create the product only to realize that very few people buy it. To account for this, if you decide to use email-based pre-orders, you should assume on average that you’ll need to collect 20 email addresses before you generate one (1) actual sale. The best way to tell if someone wants your product is if they take out their wallet. So, your first job is to decide what you want to measure: Email pre-orders : where 20 email addresses demonstrate one (1) sale (assuming 5% of the people who provide their email address are likely to buy) Credit card pre-orders: where one (1) credit card number demonstrates one (1) sale Your next step is to implement your pre-orders. Pre-Order Option 1: Email Pre-Orders Watch this video Page 4 of 9

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