How do you test your MVP in different markets?

Start with testing your product/service in different markets where you already have some familiarity by offering it to a few users there and take their feedback. Soon you will start to see a pattern of where its most used and what the common feedback is. It is also good to test beyond familar markets. Look into partnerships as well. Market access can quite subjective depending on the type of business.

To test your MVP in different markets, first understand each market's specifics. For instance, in information security, know the decision-making process for purchases, and for a dating app, assess cultural attitudes towards dating. Before developing further, research the market, communicate with potential customers, and create hypotheses about the market to test later. This approach ensures a more targeted and effective market testing strategy for your MVP.

Focus on Markets where the business will be relevant to the overall scale. Dont fall for small markets as it will consume a lot of time but not relevant.

Tricky question but an easy one. Here is how you can approach - Identify target markets: Research and select markets that align with your product or service's USP Adapt your MVP for local nuances: Tailor your MVP to address specific regional preferences, cultural norms, and language requirements. Conduct localized user testing: Engage potential buyers in each market to gather feedback on the functionality, usability, and relevance of your MVP. Analyze market-specific data: Collect and analyze usage data, customer feedback, and market trends to identify areas for improvement and adaptation. Iterate and refine based on market insights: Continuously refine your MVP based on the unique needs and preferences of each target market.

Adapting your MVP for different markets is crucial for a meaningful test. Tailor your product's features, design, and language to resonate with local preferences. Pricing and distribution channels may also need tweaking to align with market norms. Use surveys, interviews, or focus groups to gather localized insights. Tools like Google Translate can help with quick language localization, while platforms like WordPress or Shopify can expedite the creation of market-specific versions of your product. The goal is to make your MVP feel native to each market, increasing the likelihood of traction and providing valuable, market-specific feedback.

Stay focused to the Purpose and core… Opportunity doesn’t mean one creates different Products and solutions for each market. Its crucial to understand the market but extremely important to create your own niche and path. Copying someone else is never a good idea.

A better way to think about this is adapting your MVP towards an evolving ICP. You can either build horizontally or vertically - and with how saturated most popular markets are today (AI), it makes more sense to build horizontally and dominate a market rather than trying to spread too thin. Figure out your ideal ICP, and squeeze the juice before you move towards another demographic.

PRETOTYPE AND TEST LIKE TESLA As innovation facilitator I like to share how Tesla interested buyers for their first car. In 2003, the founders of Tesla had an ambitious idea (an all-electric 2-door sports car). In order to convince potential buyers to order its car, Tesla created a pretotype of what the car would look like. Lotus supplied Tesla with a ‘glider’ Elise - which was filled with models of key components. This was not a prototype, because the vehicle didn’t function. Tesla was able to show buyers a close proxy for the final design. Tesla asked “Will you put down a $5,000 deposit to have it built to order?” From this test Tesla secured several hundred deposits, a non-trivial result to reassure their Investors.

No intentes usar el mismo MVP para todos los mercados como si fuera una talla única. Cada mercado tiene sus propios gustos y comportamientos. Adapta tu MVP para resonar con cada audiencia específica: desde el dise?o y el idioma, hasta los canales de distribución y el pricing. No querrás que te vean como un extra?o en un mercado nuevo. ?Alguna vez has tenido que adaptar un producto a diferentes mercados? ?Comparte tu experiencia en los comentarios!

Setting clear goals and metrics is foundational for testing your MVP in different markets. Use the SMART framework to set objectives that are both ambitious and attainable. Whether it's a target number of sign-ups within a week or a specific retention rate within a month, these goals will serve as your performance benchmarks. Key metrics to track include acquisition, activation, retention, revenue, and referral. These give you a comprehensive view of how your MVP is performing in each market, from initial discovery to ongoing engagement and financial impact. This data-driven approach ensures you're not flying blind and allows you to make informed decisions for each market you're testing in.

If your new MVP is digital, the recommendations shown do make sense; however, if your MVP is a real product, you should know before launching in which market segement you have the best chances to succeed, at an economical cost of delivering it; as a startup, you cannot afford to take a shotgun approach addressing different markets and hoping one of them will pan out; you normally do not have the human and financial resources to do so

Again, it's very important. Not only for an MVP but for any size of business. You need to Set Clear Objectives. Define what you aim to achieve by testing your MVP in different markets, such as validating demand or understanding user behavior. Well defined KPIs Identify specific metrics to track success, such as user acquisition, engagement, retention, and conversion rates.

Setting defined goals and KPIs is critical for MVP success in a variety of marketplaces. Use the SMART framework to create goals that are specific, measurable, achievable, relevant, and time bound. For example, a social media startup may aim to reach a certain number of daily sign-ups within a month. To evaluate performance, track indicators such as acquisition, activation, retention, revenue, and referrals. By connecting goals with market realities, entrepreneurs can efficiently change tactics and generate long-term growth.

Before launching your MVP in new markets, define specific goals and metrics using the SMART framework: Specific, Measurable, Achievable, Relevant, and Time-bound. For example, aim for a set number of sign-ups or downloads within a specified timeframe, or achieve targeted retention and engagement rates. Key metrics to track include acquisition (new users), activation (first-time users), retention (repeat users), revenue, and referral rates (user recommendations). These metrics will help measure performance and identify strengths and weaknesses in each market.

Launching your MVP in a new market is where the rubber meets the road. Online platforms like social media and blogs can be powerful channels to generate buzz and attract early adopters. Don't underestimate the value of face-to-face interactions at offline events like meetups or trade shows, where you can get immediate feedback and build relationships. Strategic partnerships can amplify your reach; team up with businesses or influencers who cater to your target audience but aren't direct competitors. If you've got the budget, paid advertising like Google or Facebook Ads can give you that initial push to drive traffic and conversions. The key is to use a mix of channels to maximize your reach and impact.

MVPs are meant to gather data so don’t be alarmed if the user base is small once you launch. Although we launched physical products, we tested the MVP (our spectacles) with customers in just one practice. We then directed customers via digital marketing to that practice and saw that the response was amazing. We refined our products and manufacturing methods to get ready for scale. Soon after, we agreed a national distribution deal and have gone on to now expand our range of products and add a line of healthcare services. All this started from an MVP.

Lanzar tu MVP no es solo ponerlo ahí y esperar. Es crear ruido, conectar con tu audiencia y aprovechar cada oportunidad. Usa plataformas en línea para crear contenido que enganche y muestre el valor de tu producto. No te quedes en lo digital; asiste a eventos, haz networking y crea alianzas estratégicas. Y si tienes presupuesto, invierte en publicidad pagada para maximizar el alcance. ?Cómo has lanzado tu MVP al mercado? ?Qué estrategias te han funcionado? ?Comparte tu experiencia en los comentarios!

Leveraging both online and offline channels is necessary for a good MVP launch. Reach out to potential clients using social media, blogs, and podcasts. Attend events such as conferences and trade exhibitions to promote your goods. Collaborate with businesses or influencers to broaden your audience. Paid advertising can increase traffic and conversions. For example, a travel app collaborates with travel bloggers to market their MVP, resulting in increased downloads and user engagement. This multi-channel strategy increases visibility and user acquisition, resulting in a successful MVP launch.

Once your MVP is ready and your goals and metrics are set, it's time to launch. Utilize online platforms like social media, blogs, podcasts, forums, and online communities to spread the word about your product. Offline, attend events like meetups, workshops, conferences, and trade shows to showcase your product and connect with your target audience. Collaborate with other businesses, influencers, or organizations that share your target market or offer complementary products. Finally, consider using paid advertising on platforms like Google, Facebook, and Instagram to drive traffic and boost conversions.

Using analytics tools like Google Analytics or Mixpanel gives you a quantitative lens to evaluate your MVP's performance. They help you understand user behavior, traffic sources, and engagement levels, allowing you to see if you're hitting your predefined goals. On the qualitative side, SurveyMonkey or Intercom can capture the voice of the customer, providing context to the numbers. These insights can reveal what's resonating with users and what's falling flat. By combining both quantitative and qualitative data, you get a 360-degree view of your MVP's impact. This enables you to make data-backed decisions, fine-tune your product, and tailor your strategies for each market, ultimately increasing your chances of success.

In 1989-1990, with prime tate around 12%, a startup had the idea of issuing 5 year morgages at 5%: the house buyer was committed to sell or refinance his property within 5 years, and pay the lender 20% of the increase in value at re-sell / re finance time; probably a great idea, but there was no economical way to inform builders / developers / bankers about such a deal. So sometimes, if you cannot reach your target economically, your concept is worthless

Collecting and evaluating data is critical for testing your MVP in several markets. Dropbox, for example, began by launching a minimal viable product (MVP) and tracking user engagement and feedback through data analytics. This data enabled Dropbox to identify important features that connected with consumers and iterate on its product to better fulfill customer needs. By gathering and analyzing data, companies can acquire vital insights into market demand, user behavior, and product performance, allowing them to make informed decisions and optimize their MVP for success.

Testing your MVP in different markets involves collecting and analyzing data from your launch. Tools like Google Analytics, Mixpanel, or Hotjar track metrics and goals, while SurveyMonkey, Typeform, or Intercom gather customer feedback and testimonials. Analyzing this data helps evaluate and compare performance across markets, answering questions about demand, conversion rates, revenue potential, feedback, and challenges.

Feedback is a fuel. Gather qualitative feedback through surveys, interviews, and groups. Use analytics tools to track user behavior, engagement, and other key metrics. Analyze the data to compare the performance of your MVP across different markets and identify patterns or trends.

The first iteration of your product will never be the last. We constantly improve our products and services based on customer feedback. This doesn’t always have to be a large change but just tweaks that can make your customer experience and customer journey much better than the competition. Set the trends in your industry and be both proactive and reactive to customer wants and needs.

Como mentor de emprendimiento, considero que el enfoque que describes de lanzar un MVP (producto mínimo viable) y validar hipótesis en el mercado de forma iterativa a través de ciclos de construir-medir-aprender es muy acertado. Probablemente has oído el dicho: "los clientes no siempre saben lo que quieren hasta que se lo muestras". Por eso es tan importante salir rápido al mercado para recibir feedback real de clientes potenciales. Un MVP te permite hacer eso de forma económica y ágil. Luego, en efecto, en base a los aprendizajes validados con datos reales de cada mercado objetivo, puedes ir mejorando incrementalmente el producto y estrategia. Quizás los clientes valoran más ciertas características, mientras que otros necesiten ajustes.

Your MVP will constantly change. However, your core customer base will not change so quickly. Figure out what the “magic” is that keeps them coming - and build around that. As long as you ascertain the happiness and size of your ICP, and build with their input in mind, you will be successful.

After a first launch, you may receive a lot of Feedback. Create a Pipeline of all Feedback. First List = Feedback which increase User experience 2nd LIst = Feedback which increase Revenues 3rd List = Feedback which gives benifits in lonngerterm.. Stay Agile!

This is where a/b testing comes in handy. Also don’t forget the power of gathering real life information. Have a great new idea to improve your conversion? Get a group of people from your target audience that don’t know your product yet. Ask them to come to your office to do some actual user experience testing. Find out what they (don’t) understand and what motivates them. It’s the best way to gain actual understanding of your users.

There are so many things that you can measure, but in the end it is about one thing: is a potential customer willing to pay for your product? Being popular doesn’t equal being lucrative. Make sure whatever solution you pick has proven itself to be a winner!

I would not recommend to launch MVP in different markets.As a startup your have constrained resources. Launching at the stage of MVP in various markets could become a disaster. All great products started with a very focused approach in one particular city, within certain community and after testing the demand, they started to grow city by city. It’s better to make a bet based on research and pick your specific market prior to launch.

Testing your MVP in different markets requires a strategic approach. Start by identifying target markets with diverse demographics and preferences. Adapt your messaging and positioning to resonate with each market's unique characteristics. Launch small-scale tests or pilot programs to gauge traction and gather feedback. Utilize analytics tools to track user engagement and behavior across different markets. Iterate based on insights gathered from each market to optimize performance. Stay flexible and be willing to pivot your strategy based on the results obtained. Scaling gradually based on successful market validation ensures sustainable growth and minimizes risks.

So many founders waste time building a product no one wants. Go interview 100 prospective customers, focus on them and their problems (as opposed to your solution), and then look at the data and see if your solution aligns. That + testing purchase intent is the only way to validate a problem.