Reading Reserve Unit 3 Reflection

Continuing off what happened in the last article, much has changed in our business since then. Reading Reserve has created an outline of what to work on and improve in these upcoming weeks. To validate our business concept, we planned out our path and started with the creation of our website this semester.

MVP Design & Pitch

Our primary goal is to ensure that there is enough of a market to ensure the growth and need of our product. During our MVP pitch, the team had prepared multiple times to ensure that the presentation would go smoothly. We were able to demonstrate the market that currently exists and the type of customer we would sell to. We also explained our team's unique value proposition.

One aspect of our MVP pitch that we wanted to incorporate was the feedback we received from the panel of judges. We received a lot of helpful feedback and wanted to change that in our new prototype. One of the pieces of feedback we received was making the bookmarking bigger, so that more personalization could be included on the bookmark. Another part of the feedback we received was marketing to bookstores and bookfairs so that it could be almost like a deal package at these places.

MVP Building Time

During the MVP build time, our team dedicated itself to making new prototypes and creating a website. This iterative process of making new prototypes allowed us to gather valuable information that helps our business. We also worked on creating a website. The website was built with Wix and allows us to showcase who we are as a business and the problem that we are trying to solve. Something our team did well during this process was that we were able to work collaboratively and each input on both the prototype and the website. Looking back something I would have done differently is making a website on a different site maker. Wix was a little hard to use inputting pictures and video, however for the layout and the look of the website it works well.

During the MVP Build time one of the things we created to test out MVP was the website. It will show us if people care about our product and are staying on our page. Another thing was doing more testing with the prototype and seeing what works well and what doesn't. Something I would have done differently is adding more analytics to our page. We will be able to see more specifics on what people do on our website if I add this. When I update the website I will change and add this.

Some of the Key metrics we are looking to gather to confirm the validity of our business is:

Does our website convince people to buy our product? We would consider this successful if around 25% of people who view the website buy our product(We may change this number later looking at a few other metrics)

Will people buy our product a number of times? If we see people buy the product again around 5-10% of the time then we will be successful in this metric

Do people who buy this product refer people? We will be looking at if the people who bought the product are referring people. I think the target for referring will be around 40% of people who buy our product.

Moving on, we are looking into designing more prototypes of our product and creating social media pages. We also plan to update our website as we change our product around. The last thing we wanted to include was creating designs and color patterns.

Sincerely,

Sujit Vellanki