THE VALIDATION PROCESS OF THE MINIMUM

VIABLE PRODUCT

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VALIDATION OF THE MINIMUM VIABLEPRODUCT

You have prepared the Minimum Viable Product(MVP) of your product or service, you havereleased it to the market and it is time tovalidate it.Now we teach you how to measure the resultsyou get after the launch so that you can make acrucial decision for your startup: continue orchange.

You have probably already done a sectoranalysis, a market study and a competitionanalysis. These data, together with the results ofthe MVP launch measurements, are essential tocomplete the validation process.

As an entrepreneur you should know that even ifyou correctly address the hypotheses that youwant to validate with your Minimum ViableProduct, if you do not choose the correct resultindicators, the validation process may not becorrect.

HOW TO CHOOSE THE PROPER INDICATORSTOMEASURE?

In the event that you have a store open to thepublic, if you measure only the people who havevisited you and do not consider who has bought,you will be making the mistake of using anincorrect metric.

KPIs (Key Performance Indicators) are the key tomeasure the results of the launch of the

Minimum Viable Product. These are the metricswith which you will quantify the results of thelaunch taking into account the objectives thatyou have set and the type of business that youwant to develop.

Some KPIs that you can use are:

Number of people who have visited the landingpage and have left their data. Keep in mind thatif your landing page receives many visits, but thebounce rate (users who have reached thelanding page and leave it without interactingwith the web) is 100%, something is wrong.

Number of users who have seen thepresentation video of your MVP and have sharedit on social networks.

"Like" number received by your MVP'spublication. A "Like" on social networks doesnot mean much if it is not accompanied by anaction: visit the web, leave the data ...

People who have opened the informational mailyou have sent and who have interacted byaccessing your website. You must consider thepeople who have entered your website and whohave read the content, not just those who havevisited the website.

Each startup will have its own metrics,depending on the product or service itprovides and the business model it wants to use

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IT COMES TO THE TIME TO DECIDE: TO PIVOTOR NOT TO PIVOT

After analyzing the data obtained on theMinimum Viable Product, it is time to make adecision. Is the business idea correct or do youhave to change something?

When a startup must change something in itsbusiness idea, then we talk about pivoting.There are several ways to do it:

Zoom in: what was a characteristic of the productbecomes the product.

Zoom out - the product becomes a feature of alarger product.

Consumer segment. The consumer of ourproduct or service is not the one we thought butis another.

Channel. The channel that is used to distributethe product or service must be modified.

Technology. You discover that another muchsimpler technology can be used to achievebetter results.

In some cases, the business idea that you initiallyhad changes radically to become somethingentirely different. Pivoting is not a failure, it is anecessary learning that many successfulentrepreneurs like the creators of Groupon orAirbnb have gone through. So, follow yourprocess: create, test, measure and decide.

Once you have validated your Minimum ViableProduct it is time to fully develop it and launch itto the market in its final version. However, don'tforget that the market movement is continuousand every time you introduce a change in yourproduct or service or launch other products, youwill have to go through the entire validationprocess.

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Mínimo Viable