Introducing an MVP is the key step in building your startup. It serves as the main tool for testing your trading ideas in the real market.
However, many founders skip both the idea validation and the prototyping phase. In most cases, this happens due to incorrect calculations of the MVP development cost.
It also happens when the founder does not have an answer to the question "What is a launch strategy for a startup?" questions. You need to set the product version first, then start the MVP version.
But how do you do it right?
The meaning of product launch is about placing your MVP in the market. This means that you allow the first customers to try your product.
The launch of the product involves several important steps. Includes idea validation, UX prototyping, UI design, coding, and marketing/sales activities.
Therefore, the definition of the product launch is based on the implementation of the concept on the platform that works well. And then it goes through the whole cycle of creating, testing, and learning business hypotheses.
There are several approaches to go-to-market strategy for an MVP release.
The meaning of soft launch refers to presenting the product to the limited half of the target audience. The main idea of soft product launch is to reduce the risks associated with product launch.
The Lean Startup methodology calls these early customers early adopters. Typically, all startups work with early adopters to test the product concept before raising funds.
Soft Lauch
The soft launch strategy relies on a few key points. They relate to the original purpose of creating MVPs:
- Get customer feedback. Collecting customer feedback helps improve the user experience and journey. It also helps to prioritize assumptions and features for further development.
- Understanding customers' willingness to pay.
- Try monetization options. Soft launch helps uncover viable monetization models where the customer would pay. Of course only if the monetization models are part of the business assumptions to be validated.
In fact, founders sometimes misunderstand the meaning of soft launch and MVP launch. There is a simple marker to distinguish these terms.
Soft launch is about the market conditions to bring the product to market. It usually refers to a narrow market niche or a very specific audience or geographic location.
An MVP launch is for the first iteration of the product. It contains the first version of the user experience and the concrete scope of the functions.
Hard Lauch
Let's be clear: a hard pitch is not the best option for an MVP pitch. Hard Launch is the launch of a ready-made product with intensive marketing efforts to attract customers. This type of product launch applies to mature products. This is a general framework for a company that has already gone through the MVP and soft-launch phases. The hard throw makes sense if:
- Their audience is large and predictable.
- They have a strong enough infrastructure.
- can successfully anticipate market reaction.
A good example of a hard launch is a software update for a desktop computer or smartphone.
Therefore, in the battle between soft ground and hard ground, there is no winner or loser. The former is a big deal for startups, while the latter is good for large, predictable companies.
Once the founder has decided to create a startup, he must follow a product planning model. It is important to keep the whole process holistic, clear and systematic.
The new product planning process focuses on an idea concept. It includes the decisions and steps needed to create a viable application. In other words, the founder, as the product planner, decides what affects the bottom line and how.
Unlike product planning, launch strategy focuses on go-to-market activities. While a product plan is about a list of features, a launch strategy is about choosing the most relevant marketing campaign to appeal to your target audience.
Many startup founders mistakenly think that product planning is a one-time activity. But it has the same iterative character as a development process.
Product planning is the downside of an MVP release. The two terms are related. For example, the prioritization of features is directly related to positioning in the market and finding its advantages over the competition.
Generate and catalog your ideas. You need the business case list to track your MVP momentum after launch. Help you make the right decision. You can configure a limited number of features for each iteration to keep the process simple and efficient. Use Lean Canvas as a starting framework.
Track rapid changes. The main idea of being a startup and launching an MVP is to get to market quickly. The start has the privilege of changing as many times as necessary. The founder must establish a flexible and innovative culture to be agile.
Set SMART goals. These goals should be specific, measurable, achievable, realistic and timely. This complex helps you move from one stage to the next without losing your concentration.
Focus on profit. A startup's name, brand, logo, or colors don't say much in the early stages of development. Profit is the only measure that shows the viability of your product in the market.
Always stay customer-centric. The number one golden rule for a product launch is that your users should love your product, not you. To create a successful product, you need to work with users. Once they've paid, stick to the strategy and encourage them to get their friends to sign up as well.
Read Also : Kim Petras: How the trans artist made music history?
White Clover Markets
Introducing an MVP is the key step in building your startup. It serves as the main tool for testing your trading ideas in the real market.
However, many founders skip both the idea validation and the prototyping phase. In most cases, this happens due to incorrect calculations of the MVP development cost.
It also happens when the founder does not have an answer to the question "What is a launch strategy for a startup?" questions. You need to set the product version first, then start the MVP version.
But how do you do it right?
The meaning of product launch is about placing your MVP in the market. This means that you allow the first customers to try your product.
The launch of the product involves several important steps. Includes idea validation, UX prototyping, UI design, coding, and marketing/sales activities.
Therefore, the definition of the product launch is based on the implementation of the concept on the platform that works well. And then it goes through the whole cycle of creating, testing, and learning business hypotheses.
There are several approaches to go-to-market strategy for an MVP release.
The meaning of soft launch refers to presenting the product to the limited half of the target audience. The main idea of soft product launch is to reduce the risks associated with product launch.
The Lean Startup methodology calls these early customers early adopters. Typically, all startups work with early adopters to test the product concept before raising funds.
Soft Lauch
The soft launch strategy relies on a few key points. They relate to the original purpose of creating MVPs:
In fact, founders sometimes misunderstand the meaning of soft launch and MVP launch. There is a simple marker to distinguish these terms.
Soft launch is about the market conditions to bring the product to market. It usually refers to a narrow market niche or a very specific audience or geographic location.
An MVP launch is for the first iteration of the product. It contains the first version of the user experience and the concrete scope of the functions.
Hard Lauch
Let's be clear: a hard pitch is not the best option for an MVP pitch. Hard Launch is the launch of a ready-made product with intensive marketing efforts to attract customers. This type of product launch applies to mature products. This is a general framework for a company that has already gone through the MVP and soft-launch phases. The hard throw makes sense if:
A good example of a hard launch is a software update for a desktop computer or smartphone.
Therefore, in the battle between soft ground and hard ground, there is no winner or loser. The former is a big deal for startups, while the latter is good for large, predictable companies.
New product planning and development process
Once the founder has decided to create a startup, he must follow a product planning model. It is important to keep the whole process holistic, clear and systematic.
The new product planning process focuses on an idea concept. It includes the decisions and steps needed to create a viable application. In other words, the founder, as the product planner, decides what affects the bottom line and how.
Unlike product planning, launch strategy focuses on go-to-market activities. While a product plan is about a list of features, a launch strategy is about choosing the most relevant marketing campaign to appeal to your target audience.
Many startup founders mistakenly think that product planning is a one-time activity. But it has the same iterative character as a development process.
Product planning is the downside of an MVP release. The two terms are related. For example, the prioritization of features is directly related to positioning in the market and finding its advantages over the competition.
5-steps product launch checklist
Generate and catalog your ideas. You need the business case list to track your MVP momentum after launch. Help you make the right decision. You can configure a limited number of features for each iteration to keep the process simple and efficient. Use Lean Canvas as a starting framework.
Track rapid changes. The main idea of being a startup and launching an MVP is to get to market quickly. The start has the privilege of changing as many times as necessary. The founder must establish a flexible and innovative culture to be agile.
Set SMART goals. These goals should be specific, measurable, achievable, realistic and timely. This complex helps you move from one stage to the next without losing your concentration.
Focus on profit. A startup's name, brand, logo, or colors don't say much in the early stages of development. Profit is the only measure that shows the viability of your product in the market.
Always stay customer-centric. The number one golden rule for a product launch is that your users should love your product, not you. To create a successful product, you need to work with users. Once they've paid, stick to the strategy and encourage them to get their friends to sign up as well.
Read Also : Kim Petras: How the trans artist made music history?