Techno_6 LoFi MVP Flashcards
It is a low-cost usable version of a product idea.
MINIMUM VIABLE PRODUCT
It is extremely simple, quick to build, and validates the product hypothesis.
MINIMUM VIABLE PRODUCT
CHARACTERISTICS OF AN MVP
- You should be able to build it quickly.
- Condense the functionality to what your initial user needs.
- It should provide potential customers with insight into the final product value.
- It should serve as a starting point.
What is HIGH FIDELITY MVP
- Test your value proposition
- Acquire early users to determine product demand
- Create marketing strategies for growth
What is LOWIDELITY MVP
- Provide data about how valuable the product is for customers
- Discover the most effective solution based on an understanding of customers’ needs
- Determine if the problem is worth solving
You can use it to collect data and build an audience of potential users. With this share the proposed value of the product you plan to release.
LANDING PAGES
It’s an MVP involve showing and telling your audience what your product can do using engaging visuals with a straightforward explanation.
EXPLAINER/DEMO VIDEOS
This type of MVP is very effective because it validates your idea and helps you raise capital to build your final product.
CROWDFUNDING CAMPAIGNS
This is a manually-offered service to a small group of test users to get close- range feedback and use that to refine the product and identify areas for automation.
CONCIERGE MVP
This product appears to be fully functional but has certain parts that are manual
WIZARD OF OZ
Rather than developing your product from scratch, this MVP leverages existing services such as chat, email marketing, or cloud storage tools to create a unified usable product
PIECEMEAL MVP
A systematic approach to understanding target customers helps validate problem-solution fit before developing a product, ensuring entrepreneurs are solving problems that truly exist and are worth addressing.
CUSTOMER DISCOVERY
4 PHASES OF CUSTOMER DISCOVERY
IDENTIFY
HYPOTHESIZE
TEST
LEARN
