Gearing up for success: From MVP to Full-Scale Product
#1 Feed it with feedback
Remember, the main purpose of an MVP is to collect feedback from customers to incorporate into your next iteration. We need to hear back extensively from customers to know whether the core features tested in the MVP addressed their core problem. But you don’t just want to stop at a simple yes or no: quality feedback includes information about how to solve various pain points and bottlenecks, and contains clues as to how to fully optimize the user experience. In other words, the goal now is to smooth out any issues and perfect the product.
#2 Get the price right
The MVP also gives you valuable feedback about how to price your product. This will help you determine the value the users get out of your product and its functionalities. By tracking traffic and noting at what point customers are willing to pay, you can help determine your pricing strategy for a broader market. This is not the time to focus on maximum profit. You want to strike a careful balance between monetization and keeping the threshold low enough for conversions. The idea is not to grow as fast as possible, but to convince people of the value you are providing them.
#3 Put your money on marketing
Don’t hesitate to invest in marketing early to raise your chances of success. Your MVP should have given you the opportunity to test the best marketing strategy for when you go to full product. It’s also a ripe source of leads for users interested in your product once it’s ready for launch. By now you should have a good idea of what type of customer would be willing to adopt the product and be ready to decide on segmenting and targeting strategy. Once your product has been launched, you’ll want to track the performance of your campaigns and conduct A/B testing to make sure your strategy is paying off.
#4 Be ready to scale
You know how to deal with failure: learn and reiterate. But are you ready for success? If your product becomes a hit overnight, do you have the manpower and the infrastructure to deliver? This is the time to be two steps ahead at all times. That means having a plan for expanding your business by having the right team, processes and possibly external support in place. Your operational structure and internal hierarchy should be structured to grow. Make sure you’re set up with scalable cloud services, automations, and staff contingencies.
#5 Never stop testing
Your product needs to keep being regularly tested and updated as it addresses a larger market with larger expectations. The metrics you tested for your MVP will continue to be relevant as you go into the next phase: traffic, conversions, engagement, feedback on user experience and more. It’s a constant journey of improvement, because in this digital world we don’t get to rest on our laurels. Onwards and upwards!
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