Growth Experiments is a complete platform to track ideas, hypotheses and results.
Why do so many startups fail? Why do we hear the concept of the MVP so often? What is it, and is it beneficial? You might think you know the answers to all of these questions. But do you really? Here we talk about all this and even more. I’m happy to welcome product creators and curious developers into this learning journey. So, let’s start with defining the MVP (minimum viable product), one of the most overused and misunderstood concepts in the modern web. In this article, you can learn how an MVP can help you kickstart your startup. What is an MVP, indeed? First of all, a minimum viable product is not a product, it’s a process. It’s not something you have done once. An MVP is a process of testing your assumptions, continuous development, lasting market investigation, and adjusting the product for what’s found out during the tests with real users. It’s not a raw product released to the market a bit earlier than it had to. It’s not a product with half of the features. An MVP constitutes the core of your ideas. It’s the area of exploration and experimentation with these ideas, the process of defining which one is good or wrong. How it is built First, the team comes up with a product idea. Next, they implement key features into an MVP as a proof of concept. They discuss what features to include or exclude. Then, they tune an MVP over and over again. The team tests the smallest and the biggest ideas, does endless experiments, rejects/proves assumptions, and employs the results of successful experiments in further development. The benefits of having an MVP Why do startups fail? According to CB Insights, the number one reason is the mismatch of the product’s mission and the market demand. Most of the investigated startups that failed spent from several months to a few years on building the product that appeared to be useless or beyond the market demand, in other words. They pursued fancy missions and imaginative goals based solely on the creator’s vision, without relying on data and MVP tests with target users. Once again, why is an MVP so beneficial for a business? There are a few answers here. Focus on core functionalities The MVP approach helps you concentrate on the most vital for the product – its core functionality. There are no distractions related to the decorative design or extra-features. You focus only on the key-value and grow your product progressively, step by step, inch by inch. Your decisions on the core functions are based not only on your own experience and assumptions but also on the results of the product tests with a real audience. They decide what should be in the product, not you. It’s a definitive factor for startup success. The clarity of vision After a range of tests and experiments starting from the core features to the smallest experimentations, you start seeing. You gain a clearer vision than before. It is another significant reason for starting with an MVP. There is no need to guess how a certain feature will work or whether the user will like it or not. You will know the precise answer and clearly understand the whys. Early relationships with a target audience One of the most valued parts of your target audience is early adopters, those who are first to try out the product and spread the priceless feedback about it. An MVP allows building relationships with your target audience (with early adopters, first of all) even before the full-fledged product is released to the market.
Brand doesn’t just mean a name and a logo. A brand strategy involves many facets, including the brand’s purpose, values, messaging, voice, and the promotion channels. We wanted to know what marketing experts consider the most essential elements of brand strategy. Read on to find what they had to say. Do you agree?
There are many different ways to launch a new product or service, from a stealth launch, to a big product launch, to not launching at all. These are the best articles on how launch a new product or startup. From how to get pre-launch PR, to pre-launch invite and referral tactics, to how to successfully launch a new product, to the best growth hacks when launching a product, you'll find plenty ideas to help launch your product.