Who are you selling to?
This component provides you with an in-depth understanding of your target customers and their specific needs.
It is important to conduct market research and segment your customers into smaller groups based on their common characteristics, like similar needs, interests, lifestyles, or demographic profiles, in order to be more specific about your target audience. This is the first step for how to achieve product-market fit. You define "buyer personas" so you know exactly who you are designing and building your product for.
1. Who will benefit from this product? Either consumers or companies.
2. What are the attributes of these people?
3. What challenges do the target customers face? Identify Underserved Customer Needs
What problems are your customers facing?
Once you know who your target customers are, you can move on to identifying the problems they have which your product can solve. If an existing product is already tending to their needs, creating a similar product would make no sense.
Similarly, if an existing product is falling short of satisfying a customer need, you have a golden opportunity to fulfil this need and gain a competitive advantage. Know what you offer as a Value Proposition
How will you do things differently?
A value proposition is your plan for exactly how the product you are offering will meet customer needs better than its competitors.
It's important to know precisely how your product will outperform the others and what unique features it has that will delight and entice customers. This is the essence of product strategy. Define the MVP Feature Set
What are the must-have features you can't skip on?
The MVP should support all the product's must-have features.
Refer to the MosCow method for feature prioritization. This method involves specifying requirements based on:
Must-have Features — essential for the MVP
Should-have Features — essential for the MVP
Could-have Features — can be saved for later
Won't-have Features — need to be dropped off
Why is including a full feature set in an MVP a bad idea? Find out the answer in this article: "MVP or why you shouldn't create a "perfect" product right away" Create an MVP Prototype
What will the UI/UX of the product look like?
This section focuses on validating the UI/UX design of the product. The emphasis should be on usability, findability, and discoverability — the three elements of good UI/UX design. Test MVP
At this stage initial feedback is gathered from customers.
Give free access to your design prototype to anyone who you want to test it with, like potential users and people likely to buy the product when it's eventually ready.
Throughout any kind of interaction with potential users, be sure to observe whatever they say or do while using the prototype. Ask questions to clarify things for you so you can get as much insight as possible. Don't ask closed questions that involve simple Yes or No answers, instead, encourage participation, brainstorming, and idea generation to find ways you can improve the product. Iterate, iterate, iterate
You will almost certainly end up revising your MVP prototype at each iteration of the process, hoping to see an increase in positive customer feedback and a decrease in negative feedback. If you aren't seeing much progress despite trying several iterations, it's a good idea to take a step back and revise your initial hypotheses. Sometimes you need to pivot (change strategy without a vision change) to achieve higher levels of product-market fit.
Let's take a look at several types of pivots
The product should be easy to use and navigate through Findability:
It should be easy to locate and use the product features the customers know aboutDiscoverability:
It should be easy to identify and use new product features that the customers don't have knowledge about initiallyZoom-In:
A single feature becomes the whole product Zoom-Out:
The entire initial product becomes a feature of a new product Customer segment:
Good product, bad customer segmentCustomer need:
Repositioning, designing a completely new product while still sticking to the original visionPlatform:
Changing from an application to a platform, or vice versa.