Whom are you selling to?
This component provides you with an understanding of your target customers and their specific needs. Do market research and segmentation (divide customers into smaller groups based on shared characteristics (similar needs, interests, lifestyles, or demographic profiles))
to get more specific about who your target customer is. Define "buyer personas" to find out for whom you are going to design and build a product.
1. Who will benefit from this product? It can be 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 do your customers face?
Once you know who your target customers are, move on with identifying their problems that your product can solve. If an existing product is 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 an opportunity to cover up that need to 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 how your product will meet customer needs better than the competitors.
Figure out how your product will be differentiated from competitive products. How will your product outperform the others? What unique features of your product will delight customers? This is the essence of product strategy.
Define the MVP Feature Set
What are the must-have features you can't skip?
MVP should support all the product's must-have features.
Refer to the MosCow method for feature prioritization. This method works to specify requirements based on:
Why include full feature set in an MVP is a bad idea? FInd the answer it the article: "MVP or why you shouldn't create a "perfect" product right away"
Target audience research
Create an MVP Prototype
How will the UI/UX of the product look?
This part focuses on validating the UI/UX design of the product. The emphasis should be on usability, findability, and discoverability — the three elements of a good UI/UX design.
Gather initial feedback from customers.
Give free access to your design prototype to anyone who you want to test it with, for instance, potential users, people who might end up buying the product later on when it's ready.
During any kind of interaction with the potential user, make sure to observe what they say or do while using the prototype. Ask questions to clarify things for you, try to get more insights. Don't ask closed questions that involve Yes or No answers. Instead, encourage participation, brainstorming, idea generation, and find ways for improvement of the product.
Iterate, iterate, iterate
In each iteration through the process, you will end up revising your MVP prototype. From one iteration to the next, you hope to see an increase in positive feedback from customers and a decrease in negative feedback. If you don't see much progress despite trying several iterations, take a step back and revise your hypotheses. Sometimes to achieve higher levels of product-market fit you need to pivot (change strategy without a vision change).
Consider several types of pivots:
Usability: The product should be easy to use and navigate through;
Findability: It should be easy to locate and use the product features that the customers know about;
Discoverability: It should be easy to identify and use new product features that the customers have no knowledge about initially.
Zoom-In: a single feature becomes the whole product;
Zoom-Out: the whole initial product becomes a feature of a new product;
Customer segment: Good product, bad customer segment;
Customer need: Repositioning, designing a completely new product (still sticking to the vision);
Platform: Change from an application to a platform, or vice versa.
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