The fintech sector continues to develop rapidly, which is why more and more entrepreneurs want to implement high-quality projects in this direction. However, how to succeed in this sector? To do this, you need to know some secrets, which we will talk about in more detail in this article.
Due to the active development of fintech, there are a huge number of competitors in the market. Therefore, it is not so easy to implement a good project that will really be successful. But how do you know how relevant and in demand your startup is? That’s what the MVP is for.
What is MVP?
Minimal Viable Product (minimum viable product) – a test version of a product, service, or service with a minimum set of functions (sometimes even one) that is of value to the end user. Therefore, in order to test your project, it is not necessary to release it to the market with all the functions. You can release a small layout that will help you understand the relevance of your fintech development. To learn more click here.
What should be the minimum viable product?
Your minimum viable product doesn’t have to be a finished product. Making shallow foods is not the same as making bad foods. Creating an MVP is not about creating a finished product but creating a development that will allow you to quickly and cheaply check the relevance of the project.
The most common problem among entrepreneurs occurs when, in the process of researching and understanding their potential customers, they try to accommodate the needs of everyone in the MVP. Start with one problem at a time, and don’t give in to redemption.
Remember that in order for your minimum product version to have value, it must be something that your users can use (something purely technical, it is not an MVP).
As a result, a startup spends too much time and money building an MVP that will satisfy everyone, but 70% of which will end up untapped. In the process of creating an MVP, you don’t have to satisfy all of your potential customers. Find “that” problem that you are going to solve for users and strive to solve it. Ask yourself why your users will buy your product and what is the minimum value it should have for them compared to other products on the market. If you have competitors, use them as allies in your investigation.
Analysis of responses from the first customers
Find hundreds of potential customers and present your product to everyone, focusing on the essence of your value proposition.
A lot of people will tell you no, and that’s okay. Their answer is just an indication that they won’t be the first customers. At this point, it’s best not to waste time trying to turn them into their first customers because they don’t understand the essence of your value proposition. In the future, at a more advanced stage of your startup, you can turn them into your audience with a product with all the features they need.
You will be left with a few people who will be the first followers. They will feel the problem most strongly and will be ready to accept an unfinished and even a bad product. For this reason, they will want to work with you until your minimum viable product becomes a real product. Once you find them, test your MVP with a few and analyze the results.
Determine the main priorities for subsequent implementation
In product management, improving your MVP depends on your customer feedback and your understanding of the product. However, including too many of these inputs will not necessarily lead to better results, and you run the risk of wasting too much time and resources on something no one wants.
First, asking for feedback is not as easy as asking active users. The way you ask questions will have a direct impact on the feedback you receive. Know how to correctly formulate questions in order to get the most valuable response.
On the other hand, it is necessary to understand which features pay off and which do not. You might be thinking that building a very complex review system will generate referrals in your ecommerce business. Forward. Test your intuition quickly and cheaply with MVP.