Why You Want To Validate Your Niche With an MVP [+ 7 Hidden Benefits]

Product Launch Seed

 

Before you put a ton of time and money into building out a new product to launch, you have to be sure that there are buyers out there prepared to part with some hard earned cash. One way of doing this is to become an affiliate for a similar product in your niche. Another is simply to put up a squeeze page and drive some PPC traffic at it. Your CTR will tell you pretty quickly the level of interest in your core concept.

 

This, if you like, is stage one but there is no substitute for having the peace of mind of knowing that people have actually bought your concept.

 

That’s where the MVP comes in

 

A Minimum Viable Product is a product that you can launch really quickly. It is the seed from which a giant oak tree will grow. It has the fewest number of features/advantages  needed to achieve a sale in relation to the time/money needed to make it viable.

 

That’s when you want to do a ‘Seed’ Product Launch

 

You don’t even need a finished product to start but you do want to have a clear idea of your target market and your core concept. With these in hand and some pre-content planning, the next step in your marketing strategy is to put together a series of teleseminars – you can do these solo or invite known authorities in your niche to be interviewed by you – This way you create the product as you go using the edited transcripts and the recordings as mp3s.

 

Offer them as downloads for speed of execution or make a physical product by burning the recordings onto CDs and printing copies of the associated e-book using a fulfillment house like disk.com

 

There are 7 huge benefits to this strategy

  • You build a list of prospects
  • Make the replay an evergreen teleseminar to grow your list
  • Interviewing known authorities ensures that some of their status rubs off on you
  • If you attract a big audience, you can use it as social proof
  • The product almost builds itself
  • Questions asked will give you insights you haven’t thought of
  • Did I say that you it’s super quick to action too ?

 

Questions are objections in disguise

 

Now you have your MVP complete with feedback from your audience telling you the crucial elements your new digital product must contain. You will have tested your assumptions and found that some are right on the money whilst others are irrelevant – Getting additional feedback in the form or a survey to prioritize product elements is a smart move too – the next step in your strategy is to do a beta product launch to your newly acquired list by putting together a sequence of emails.

 

Putting money in the bank is hard evidence that you have found a viable niche. Now it’s time to build out a fully functioning gratification engine by stripping out the excess, adding the crucial elements that your audience wants and boosting perceived value.

 

If it didn’t work out, remind yourself that your customer centric strategy is right out of the Steve Jobs product development playbook and that you found out quickly with minimum expense so you can move on to doing another seed launch for a new concept. Rinse and repeat until you hit pay dirt.

 

If you have not done a launch before or even if you have and now realize that hiring a launch manager would be a smart thing to do, you may be wondering how much hiring a product launch manager will cost. The quick answer is not as much as you might expect. Our aim is to structure a win-win sort of a deal with clients. We get paid when you get paid. That is we work on a percentage of the ‘pre-return’s gross’ revenue that your product launch makes. Naturally, you have to pay a fee to get on our calendar. We can only take on 2 or 3 clients per year so our time is valuable and we must know what our schedule is well in advance. It would be unfair on our other clients if we didn’t insist on this. Find out more by booking a free consultation with me now

 

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Rory Ramsden