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What are the best MVP development strategies for broad markets?

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If you want to launch a successful product or service, you need to test your idea with real customers as soon as possible. That's why many entrepreneurs use the MVP approach, which stands for minimum viable product. An MVP is a version of your product that has the essential features and value proposition to solve a problem for your target market. By creating and validating an MVP, you can learn from customer feedback, iterate your solution, and avoid wasting time and money on building something nobody wants. But how do you develop an MVP for a broad market, where you have to appeal to different segments, needs, and preferences? In this article, we'll share some of the best MVP development strategies for broad markets that can help you find your product-market fit.

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Prashant X

Raising Pre-Seed $500k | Building India's First Platform Connecting Founders And Investors | kagaar | Also founded…
Sachin Saxena

strategy/ analytics/ consulting/ sales / transformation proffesional with 14 years experience| Ex Samsung

1 Define your market segments

The first step in developing an MVP for a broad market is to define your market segments. A market segment is a group of customers who share similar characteristics, problems, and behaviors that make them likely to buy your product. You can use various criteria to segment your market, such as demographics, geographics, psychographics, or behaviors. The goal is to identify the most attractive and profitable segments that have a clear and urgent need for your solution. You can use tools like surveys, interviews, or online research to gather data and insights about your market segments.

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Prashant X

Raising Pre-Seed $500k | Building India's First Platform Connecting Founders And Investors | kagaar | Also founded Canvas India Magazine, Indian Startup School & The Prashant X Show
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So, how do you find your ideal segment? Surveys & interviews: Chat with potential customers to understand their needs and frustrations. Online research: Dive into industry trends and customer reports to gain insights. Demographics, geographics, etc.: Consider factors like age, location, and lifestyle to define your segment. Remember, a well-defined market segment is like a roadmap to building a successful MVP.

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2 Choose your target segment

The next step is to choose your target segment, which is the segment that you will focus on for your MVP. You can't build an MVP for everyone, because that would dilute your value proposition and make it harder to validate your assumptions. Instead, you should pick a segment that has the following characteristics: it is large enough to sustain your business, it is accessible and reachable, it is willing and able to pay for your solution, and it has a high level of pain or desire for your solution. You can use tools like the lean canvas or the value proposition canvas to evaluate and prioritize your segments based on these criteria.

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Anne Kim

Co-Founder and CEO at Array Insights
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In MVP strategies, selecting the right target segment is crucial! ?? Focus on a segment that's sizable enough to support your business, reachable, and willing to pay for your solution. ?? Ensure they have a pressing need or desire for what you offer. ?? Use tools like the Lean Canvas or Value Proposition Canvas to assess and prioritize segments based on these criteria. ?? By targeting the right segment, you maximize your MVP's chances of success! ?? This was crucial on our path from federated learning to Tallulah

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3 Build your MVP

The third step is to build your MVP, which is the simplest version of your product that can deliver the core value proposition to your target segment. You should focus on the features and benefits that are most important and relevant for your segment, and eliminate or postpone anything that is not essential or validated. You should also design your MVP with scalability and adaptability in mind, so that you can easily add or modify features later if you want to expand to other segments or markets. You can use tools like prototyping, wireframing, or mockups to create and test your MVP.

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4 Test your MVP

The fourth step is to test your MVP, which is the process of exposing your product to real customers and measuring their reactions and behaviors. You should test your MVP with a representative sample of your target segment, and use quantitative and qualitative methods to collect data and feedback. You should test your MVP on the following aspects: problem-solution fit, which is whether your product solves a real problem for your segment; product-market fit, which is whether your product satisfies the needs and expectations of your segment; and market-channel fit, which is whether you can reach and acquire your segment through effective and efficient channels. You can use tools like landing pages, surveys, interviews, or analytics to test your MVP.

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Sachin Saxena

strategy/ analytics/ consulting/ sales / transformation proffesional with 14 years experience| Ex Samsung
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First step should be to segment the market basis the profiles of potential customers of your product or similar products/propositions. Identify which segment to target based on your product & your business objectives. Select a sample of your target customer profile and do a testing of MVP on sample. make changes in your proposition basis the feedbacks of sample. Retest the product on sample-2 & repeat till you get market ready product. Draw your unit economics and design launch plan accordingly. Content of promotion needs to be good, medium of promotion can be decided basis the availability of funds as per unit economics. Remember a good promotional content can be customized for different mediums basis the need.

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5 Iterate your MVP

The fifth step is to iterate your MVP, which is the process of improving your product based on the data and feedback from your testing. You should analyze the results of your testing and identify the strengths and weaknesses of your MVP. You should also compare your results with your hypotheses and assumptions, and validate or invalidate them. You should then decide whether to pivot, persevere, or optimize your MVP. A pivot is a major change in your product, value proposition, or target segment, based on a lack of problem-solution fit or product-market fit. A persevere is a minor change or improvement in your product, based on a positive or neutral feedback. An optimize is a fine-tuning or enhancement in your product, based on a high level of product-market fit and market-channel fit. You can use tools like the build-measure-learn loop or the experiment board to iterate your MVP.

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6 Scale your MVP

The sixth step is to scale your MVP, which is the process of growing your product and reaching more customers in your segment or in other segments. You should scale your MVP only after you have validated your problem-solution fit, product-market fit, and market-channel fit, and achieved a positive unit economics and customer lifetime value. You should also consider the potential risks and challenges of scaling, such as competition, regulation, or technical issues. You should then plan and execute your scaling strategy, which may involve expanding your features, benefits, or channels, or targeting new segments, markets, or niches. You can use tools like the growth hacking funnel or the lean scale-up framework to scale your MVP.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Manoj Onkar

Organization Development Consulting & Coaching: Vision, Mission, Purpose, Strategy, Leadership, Change Management Execution & Transformation Global. Senior Consultant, Master Trainer & Coach. Ex- Landmark Forum Leader.
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Do learning journeys and sensing journeys with the target audience before and during your ideation and prototyping space. Use rapid prototyping and iteration to test out your hypothesis with the real audience. Create prototypes / experiments where people can respond with their real time actions like buying / placing an order instead of just verbal inputs and feedbacks. Thanks

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What are the best MVP development strategies for broad markets?

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1 Define your market segments

2 Choose your target segment

3 Build your MVP

4 Test your MVP

5 Iterate your MVP

6 Scale your MVP

7 Here’s what else to consider

Entrepreneurship

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What are the best MVP development strategies for broad markets?

1

2

3

4

5

6

7

1 Define your market segments

2 Choose your target segment

3 Build your MVP

4 Test your MVP

5 Iterate your MVP

6 Scale your MVP

7 Here’s what else to consider

Entrepreneurship

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